BOTS, Inc. Announces Blockchain and Robotics Based Initiative to Optimize Supply Chain Management for the Legal Cannabis Industry
San Juan, Puerto Rico, Feb. 12, 2021 (GLOBE NEWSWIRE) -- via
NewMediaWire -- BOTS, Inc. (OTC MARKETS: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing cyber-security, digital robotics automation and
A.I. for the manufacturing industry, announced today its initiative on building a global supply chain platform based on advanced blockchain technology with a focus on the legal cannabis
industry. Cannabis companies will benefit from blockchain technology for a range of applications, from optimizing efficiency to transparency in business transactions, to securely storing and
monitoring inventory, financial and regulatory data on the blockchain involving a concept known as "Seed-to-Sale."
Technology executives in the Cannabis Industry are considering the following key benefits in determining whether and how blockchain technology will serve their Companies:
Transparency and Compliance
Blockchain, by design, enables greater transparency and efficiency. Sharing digital blockchain information in joint-operating agreements reduces, if not eliminates, the need for reconciliations between companies and data hubs controlled by third parties. This completely disrupts the current processes for balloting partners on new projects, performing joint interest billing, and reporting production revenue.
Smart Contracts
Lesen Sie auch
The size and volume of contracts and transactions necessary to execute projects in the $22 Billion Cannabis Industry have historically caused significant reconciliation and tracking issues among contractors, subcontractors, suppliers, and regulators. These also pose significant challenges in managing logistics for supplies, tracking costs, and deploying inventory. Companies utilizing our blockchain solutions, however, generate cascading purchase orders, change orders, receipts, and other trade-related documentation and data on inventory by following specific codified rules. Drafting agreements that afford new tracking, bookkeeping, and automation methodologies create a more efficient supply chain, improving capital project spend analytics, and simplifies contractual obligations. Simply put, this game-changing technology provides knowledge of who gets paid and how much, as well as insight into whom along the chain is performing as explicitly and contractually mandated.