Budding Technologies, Inc unveils new blockchain-based system, Budbo, to streamline the cannabis industry
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Newport Beach, Calif.–(Newsfile Corp. – Oct. 10, 2022) – Budding Technologies, INC, The company that combines cannabis and blockchain technology, has launched its new system Budbo. The US-based company has designed its Budbo platform as a means to improve the safety and efficiency of the global cannabis industry.
The recreational and medical cannabis industry is growing at an increasingly rapid pace, with reports suggesting that the global cannabis market could grow to a value of over $197 billion by 2028, after being worth $28 billion in 2021. Marijuana sales increased during the pandemic, and the fact that recreational marijuana is now legal in 19 states has helped transform this into a rapidly growing industry.
However, senior Budbo officials highlight how the industry remains relatively fragmented and piecemeal, partly as a result of laws that vary from state to state. This has led to a number of operational inefficiencies within the sector. Budbo has unveiled its blockchain-based system as a solution to this.
The purpose of the platform is to help all stakeholders in the cannabis supply chain, from growers and producers to drivers and distributors. Budbo is a comprehensive, all-encompassing platform that is linked to an accompanying app. Through the Budbo Trax aspect of the platform, sellers can check the dashboard and ensure that every aspect of the supply chain has gone according to plan, as well as verify the quality of the product. Due to Budbo operating on blockchain technology, which means that all data stored is indestructible, this validates all test results and quality checks beyond doubt.
Likewise, potential buyers can use the gamified platform to search for their next marijuana purchase by “swiping” through various offers. Budbo integrates artificial intelligence to help the app match products to the user, depending on a variety of factors such as past purchases, lab results and consumer interactions.
Currently, almost half of consumers get their cannabis products from a pharmacy. Budbo enables users to not only find their nearest dispensaries, but the technology also intelligently advises shoppers on which products best suit their needs, and in turn, where to find dispensaries that sell those specific strains and items.
By combining cannabis and blockchain technology in its new platform, Budbo sets out to capitalize on two fast-growing industries. Global spending on blockchain solutions is expected to reach just $12 billion by the end of 2022. Furthermore, spending on integrating blockchain technology into healthcare – where the medical cannabis industry is involved – will increase to $5.61 billion by 2025.
“It’s a really exciting time to be involved in both blockchain technology and the cannabis industry. Because it’s still relatively new, we’ve found that the latter still suffers from widespread supply chain and quality control issues. Through the indestructibility of Budbo’s blockchain technology, We are delighted to be able to offer a streamlined and fully transparent solution to challenges that would otherwise stifle the potential of the sector,” concludes Luke Patterson, CEO of Budbo.
Media contact
Name: Nick Heldreth
Email: [email protected]
Website: https://budbo.arcviewcapital.com/
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