Blockchain technology is the new public ledger. Its unique attributes have made it the backbone of the cashless and digital cryptocurrencies of the future.
“Blocks” are units of the ledger with records of transaction data which when put together with other blocks forms a permanent database aka “the Blockchain”.
In Bitoin’s case, the blockchain database updates itself roughly every ten minutes, reconciling all transactions which had been done over its network in that timeframe, each of these group of updates is what is known as a 'block'.
The blocks in a blockchain are chronologically arranged and in a linear order and independently verifiable and immutable was posted to the blockchain. Together, they form a complete documentation of all transactions.
The blockchain technology allows the distribution of information, but at the same time prevents it from being copied, which is an innovative, ingenious and absolutely smart invention.
All information in a blockchain are constantly updated.
Benefits:
• Anyone who has an Internet link can connect to the blockchain database. It is a decentralized technology and has no particular point or place for registration and/or operation.
• Since there is no singular location of the blockchain database, its contents are truly public and can easily be verified by anyone from anywhere over the world.
• It is hacker proof. This is because there is no centralized core version of the blockchain that can be infiltrated and corrupted by a hacker.
• There is not an absolute singular point of control of the blockchain. This means that no one can have the supreme control over the blockchain database to unduly influence it. Changes to the blockchain require majority consensus of all participants.
• There is no weak link or isolated point of failure in the blockchain, as the nodes of block connections are all over the world and anyone can become a node by connecting and verifying or “mining” transactions.
• It is a mechanism that entrenches accountability, having both ends of transactions open to all parties involved in a transaction at the same time and even independent parties not part of the specific transaction. While information can be publicly viewed, it provides privacy because personal details are not available.
• Altering any unit input in the network of blockchain would require an immense ability that would override the whole blockchain network which is practically non-feasible. Therefore, the blockchain is the singular cure for data manipulation.
• At the instant of joining the blockchain network, a copy of it downloads automatically.
• The average internet security uses the password and username system of security, but the blockchain security applies the principle of encryption technology. In Bitcoin’s case, SHA-256 encryption but there are tons of other algorithms available with different purposes. This means added security.
As at the time of this writing, the original creator of the blockchain technology is not known. However, the name Satoshi Nakamoto which is said to be the alias of a group or an individual has been credited to being the creator of the blockchain technology. Satoshi Nakamoto was first mentioned in 'A Peer-to-Peer Electronic Cash System' which is a white paper published in the year 2008.
This is a clever move by 'Satoshi Nakamoto', because having created a disruptive system, he/they could become targets of some people who wouldn't welcome such a disruptive invention and therefore had decided to make his or their identity hidden.
However, the blockchain creation is taking over the world's financial market, gearing towards a cashless but highly accountable electronic ledger that has started gaining relevance in diverse fields all over the world.
The Medical Marijuana (MMJ) Industry.
Recent scientific research has given cannabis the reputation of having revolutionary qualities in the health industry. This has repositioned marijuana, making it a fast-growing industry that would in no time become the mainstream solution to health, from depression, to Alzheimer's disease, to epilepsy, to cancer and a legion of diseases in-between.
In the United States, legal cannabis has been found to be the fastest growing industry with a huge market; a roughly $7-billion business at early projections is a huge market.
The blockchain technology on which bitcoin cryptocurrency is based could be the needed platform for transparency of payments in the cannabis market.
It is estimated that about 15% of cannabis businesses run on traditional bank accounts of financial institutions while most of the others run their transactions on cash.
Due to legal constrictions, access to credit cards and bank loans, financing and proper account keeping in the cannabis business has been a huge challenge to the market.
This is where the bockchain technology comes in, having the potentials of globally impacting and changing the financial market methods of the cannabis production and sales.
Another of the huge benefits that would emerge from the use of blockchain technology in the medical marijuana market is the elimination of the risk of money laundering.
Introducing Growers International (GRWI).
Growers International is a digital currency otherwise popularly known as cryptocurrency and which is similar to the bitcoin, but especially designed and developed for professional growers, vendors and investors of cannabis worldwide.
This attribute fundamentally differentiates it from other platforms which appear similar to the Growers International in the sense that they also apply the blockchain technology in their cryptocurrency.
But whereas these other platforms are designed for sales alone, Growers International has its platform tailored to favor growers of cannabis.
Growers International exits as two linked entities. The first entity which will come in the first phase would be all about the cryptocurrency market with the development and launch of the GRWI cryprocurrency on August 5, 2017. For more coin launch details, take a look here: http://growersintl.com/coin/ With the launch of this initial coin, a fully integrated seed to sale tracking system and investment platform will be developed and launched shortly after. In addition, a chain strain registration platform will be launched as well. Think of copyrighting and patenting new cannabis strains on a public ledger where the whole industry can confirm and verify new cannabis strains bred for specific purposes. While the next phase will be on developing and running a licensed grow company, which is already in the works.
Growers International already operates a platform where over 12,000 cannabis related products are for sale to assist growers. Take a look now: http://growersintl.com/
Growers International offers the solution of merging the world and market of cannabis both medical and recreational as well as other related products with cryptocurrency, providing all the efficiency, services and benefits of the blockchain technology.
Basically, a decentralized market system for the market entrepreneurs.
The services of the Growers International include a proposed Seed to Sale tracking structure which is intended to help legal growers of cannabis track their products. Users can register the strain and genomic data of their cannabis on this platform. The same platform will available to end users and give them the opportunity of accessing and verifying them for themselves. GRWI coin holders can invest in large scale legal grow operations. For more details on exactly what the GRWI team is offering, read their GreenPaper here: http://growersintl.com/Growers_International_Greenpaper_v1.pdf
Growers International will be a game changer for both the legal cannabis industry as well as those looking to become park of it. The legal cannabis market will be one of the few “blue ocean” markets in this century. It will be interesting to see how the market blossoms and how the GRWI project evolves to support it.
Growers International Website:
http://growersintl.com
Growers International Green Paper:
http://growersintl.com/Growers_International_Greenpaper_v1.pdf
Growers International Bitcointalk Forum:
https://bitcointalk.org/index.php?topic=1879760