Blockchain Technology Reduces Cash Reliance In The Cannabis Industry
Alo Kingsley Nov 14, 2019 02:30
Ken Ramirez, CEO of Alt Thirty Six, said that the utilization of blockchain technology helps to reduce the reliance on traditional cash as a means of payment.
In an interview with disruptordaily, Ken Ramirez, CEO of Alt Thirty Six, said that the utilization of blockchain technology helps to reduce the
reliance on traditional cash as a means of payment.
According to him, Alt Thirty Six was founded in 2015, purposely to reinvent traditional payments for cannabis businesses and merchants using blockchain technology, which has the potential of offering safe and secure purchases in-store and online. Since then, the company has been actualising its mission of making cannabis business faster, transparent, secure, and less costly for the legal US cannabis industry.
In his response of how the company has been utilizing blockchain to this effect, he said that through the means of their proprietary technology and existing banking relationships, the company allows cannabis customers to accept cryptocurrency in-store and online, while their transaction data are stored on the Dash blockchain for accountability, prevention of money laundering and other known financial frauds/crimes. He emphasized that their said digital platform, which allows merchants to carry out transactions is user-friendly and cost-effective.
He noted that control, immutability, security, and transparency are the core value points of the company. And that their use of blockchain gave them the chance to work along with financial institutions in the provision of ledgers, transparency, and real-time information on all transactions carried out in the industry which banks and financial institutions could not do with their existing technology.
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