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Aeternity Partners Uruguay Can To Track Cannabis On Blockchain

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Blockchain startup Aeternity Ventures struck a deal with Uruguay Can, South America's leading cannabis producer, to track the production and trading of cannabis on a supply chain management platform that combines blockchain technology and Internet of Things (IoT).

The platform will use the new Aeternity blockchain protocol, which is claimed to be the next-generation, open-source blockchain for building decentralized applications, to provide end-to-end supply chain solution.

The blockchain platform will register and track the entire cannabis production process and cannabis strains from the seed to full plant and throughout the entire supply chain to the final product. This will ensure consumer safety while complying with regulations.

Aeternity said the implementation of the first phase of the cannabis supply chain management platform will begin in October and is expected to be completed in January 2020, with full implementation planned for the middle of 2020.

The use of blockchain technology is expected to provide security and confidence about the quality of medical and recreational cannabis.

Uruguay became the first country in the world in December 2013 to completely legalize the production and sale of cannabis, also known as marijuana. The country has been an innovator in both recreational and medical marijuana throughout the South American region.

Uruguay was followed by Canada in October 2018 to become second country in the world and the first major world economy to legalize recreational marijuana after 95 years of prohibition.

Earlier this month, Canadian blockchain and cryptocurrency company DMG Blockchain Solutions unveiled the cannabis industry's cognitive technology platform called Wazabi, using blockchain and artificial intelligence for global supply chain optimization.

Wazabi provides a platform for global Cannabis sellers to certify full provenance & Certificate of Analysis (COA) of their products to purchasers.

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