Newport Beach, CA – Budbo, Inc., an enterprise suite of products focused on data analytics in the cannabis sector, is building a blockchain platform aimed at becoming the data backbone for the cannabis ecosystem. The Budbo solution, based on the Ethereum platform, will deliver security, transparency, and convenience for an industry desperately in need of all three.
Budbo will be the first-of-its-kind, fully integrated blockchain-based solution for standardized and regulated interaction between cannabis users, dispensaries and couriers. GPS technology will also track all cannabis movements from seed-to-sale. The Budbo Token (BUBO), enables integration of the Budbo solution to all third parties via API, allowing for a single point, data-driven cannabis environment to quickly flourish.
Blockchain technology offers a way to streamline all cannabis pursuits simultaneously as it holds an immutable ledger that leverages crypto-tokens built on smart contracts. These benefits include:
● Recording and Storing Product Life Cycle Events
● Verifying Patient Identity
● Transaction Assurance
● Equipment Ordering
● Inventory Management
● Seed to Sale Tracking
● Client Management
● Delivery Tracking and Verification
● Platform Analytics
“Imagine, if you will, the entire cannabis industry as a decentralized autonomous organization,” says Luke Patterson, President and Co-Founder of Budbo. “A patient’s identification and medication regimen will be encrypted and safely stored within the ledger of a blockchain. The smart contract enables the safe transfer of goods through verifiable proof of pick up, bill of lading, and proof of delivery. Medical testing of cannabis potency is verified and immutable as the product is moved from lab to dispensary.”
Patterson adds that the blockchain community at large is a self-governing group of activists, patients, physicians, developers, artists and enthusiasts. All these groups are working towards the common goal of improving the cannabis industry through contributing votes, engineering and knowledge of the decentralized applications and network of Budbo.
Budbo’s public-facing platform is a best-in-class mobile app already actively used by nearly 100,000 mobile users and over 2000 suppliers (dispensaries). Its “Tinder” like functionality, singular in the cannabis industry, is designed to match cannabis users’ with top picks or close matches of cannabis strains and products based on their preferences, and direct them to nearby dispensaries selling those strains and products. Budbo’s backend business intelligence dashboard empowers growers, manufacturers and dispensaries to know precisely which products to grow, market and stock. The platform also provides a delivery tracking service aimed at ensuring full visibility and legal compliance of the cannabis delivery process. Budbo has over 150 vehicles currently being tracked every day.
“It’s just like the transition from old flip phones to modern smartphones,” says Rick Burnett, CEO of Budbo, of the switch to blockchain technology. “Blockchain represents the natural evolution of data security and business management. This is the future, and we are making it a reality.”
Budbo was founded in November of 2016 with one dream. To provide the highest quality medicine to Cannabis patients by chasing the technological horizon. Every decision that we've made as a company was guided by this ethos; from launching a consumer facing mobile application, to providing logistics and tracking to growers, and now the industry wide blockchain solution. We are grateful to be able to continue to chase the technological horizon on behalf of the cannabis community.
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