The Hemp Blockchain, Inc. chooses Algorand as their blockchain platform
SALT LAKE CITY – (COMMERCIAL THREAD) – The Hemp Blockchain, Inc., the company that develops advanced cloud-based solutions to accelerate the growth of the industrial hemp industry, today announced the choice of Algorand as the blockchain platform to take supports a range of supply chain and market management solutions. -built for the industrial hemp industry. The Hemp Blockchain ™ seeks to ‘go beyond’ existing solutions in an agricultural sector with significant growth prospects that are strategically important for multiple reasons, including agricultural sustainability, carbon sequestration and the growing need for carbon offset credits.
Algorand Inc. built the first open source blockchain protocol, without authorization and pure proof of stake for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of cryptographer Silvio Micali, winner of the Turing Prize. Algorand is a leader in proof of stake consensus mechanisms used to validate transactions on blockchain networks. Among the advantages of proof of stake over proof of work, the other major consensus mechanism of blockchain, are its scalability and energy efficiency, as it does not use competing ‘miners’ with high power consumption. resources to validate transactions. As a result, Algorand is a natural fit for companies like The Hemp Blockchain who are dedicated to helping achieve a net zero carbon future.
Industrial hemp is a rapidly growing industry driven by a distinct culture from its biological parents who produce THC-based cannabis products because it contains less than 0.3% THC on a dry weight basis. Industrial hemp can be transformed into more than 50,000 uses, including fuels, plastics, graphene, solvents, building materials, foods and medicines, and is also a powerful tool in the global effort to fight climate change because an acre of hemp can potentially sequester as much or more carbon than an acre of rainforest.
Currently, the industrial hemp supply chain is in disarray. It is characterized by opacity, fragmentation, lack of reliable payment systems, inability to verify “real” buyers and sellers, and inability to reliably and consistently verify seed genetics for provenance. and product quality in accordance with federal and state regulatory requirements. Due to its relative immaturity, the industrial hemp industry is underserved by a supply chain solution targeting its needs, creating favorable conditions for market entry and long-term success of a modern solution. , industry-driven and blockchain native. Additionally, by introducing a streamlined carbon offsets marketplace that includes a reliable token to arbitrate trade, The Hemp Blockchain will deliver far greater value than traditional approaches.
“We partner with world-class technology companies and subject matter experts to help build and support our platform while giving us the ability to scale and operate on a global scale,” said Dan Higbee, president and CEO of The Hemp Blockchain, Inc. the highest goal when materially improving people’s lives. The Hemp Blockchain will provide a trusted digital infrastructure that will benefit not only those who grow and process hemp, but also the consumers of its vast array of end products, and perhaps more importantly, the planet as a whole by accelerating carbon sequestration. Industrial hemp growers can literally grow carbon credits from the earth, for the earth… ™ with The Hemp Blockchain and The Carbon Protocol ™.
“We are excited about the continued expansion of community building on Algorand and welcome The Hemp Blockchain to the Algorand ecosystem. From the start, we have focused on creating the most advanced technology that will enable organizations at the forefront of technology adoption, like The Hemp Blockchain ™, to build and deploy new blockchain-based applications that remove the friction of legacy business models, ”said David Markley, director of business solutions at Algorand.
Algorand is building the technology to power the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless and secure. Founded by Turing Prize-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides interoperability and the ability to handle the volume of transactions needed by the challenge, financial institutions and governments for a smooth transition to FutureFi . The technology of choice for more than 500 organizations worldwide, Algorand enables the simple creation of next-generation financial products, protocols and value exchanges. For more information, visit www.algorand.com.
About Hemp Blockchain, Inc.
Hemp Blockchain, Inc. develops advanced cloud-based solutions to accelerate the growth of the industrial hemp industry. With expected availability in late 2021, the Hemp Blockchain platform and applications will ‘overtake’ existing solutions in an agricultural sector with significant growth prospects that are strategically important for multiple reasons, including agricultural sustainability and carbon sequestration. and the growing need for carbon offsets / credits. For more information, please visit www.thehempblockchain.com.