Trace Receives Patent For Blockchain-Based Hemp Exchange Software

As the hemp industry continues to grow following the passage of the 2018 Farm Bill, there has been an absence of an industry-wide system to ensure regulatory compliance and product quality.

In June, Vermont-based cannabis tracking and verification company Trace announced the launch of Trace Exchange, the nation’s first blockchain-based platform where hemp growers and buyers can connect and track their plants through the supply chain.

This week, Trace announced that they had received a patent for the company’s software.

Trace founder and CEO Josh Decatur says that until now, there has not been an industry standard that hemp cultivators or buyers can use to verify their plants and products as they change hands.

By using Trace, hemp growers can easily track their harvest from soil-to-shelf and be connected with potential buyers, putting control back in the hands of farmers in what Decatur calls an exciting but uncertain market.

“Improving the quality of life for all Vermonters means having the courage to be innovative and solve problems that stand between emerging industries and economic growth,” said VSECU Director of Business Lending and Services Greg Huysman. “The hemp industry is widely recognized as a potential economic driver for our state. Tools like Trace are helping entrepreneurs safely enter this new arena without taking on undue risk.”

Vermont Farmacy co-founder Erin Nohl says that the Trace Exchange platform brings transparency and honesty to the cannabis industry and that a seed-to-sale tracking system is beneficial for everyone because everything is out in the open, giving farmers, buyers, and consumers a sense of security.

Products within the Trace system are given a QR code which can be scanned to reveal the item’s details such as its price and whether it is hemp or THC-rich cannabis.

Trace plans to extend services to the adult-use and medicinal cannabis markets in the coming months.