Budding Technologies, Inc Unveils New Blockchain-Based System, Budbo, To Streamline Cannabis Industry
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Newport Beach, Calif.–(Newsfile Corp. – October 10, 2022) – Budding Technologies, Inc.,The firm that combines cannabis and blockchain technology, has launched its new Budbo system. The US-based company designed its Budbo platform as a way 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 reach a valuation of over $197 billion by 2028after having earned $28 billion in 2021. Marijuana Sales increased during the pandemicand the fact that recreational marijuana is now legal in 19 states has helped turn this into a fast growing industry.
However, senior Budbo officials point out that the industry is still relatively fractured and fragmented, in part due to laws that vary from state to state. This has led to a number of operational inefficiencies within the sector. Budbo unveiled its blockchain-based system as a solution to this.
The objective of the platform is to help all players in the cannabis supply chain, from producers and manufacturers to drivers and distributors. Budbo is a comprehensive, all-encompassing platform that is tied to a companion app. Through the Budbo Trax aspect of the platform, sellers can view the dashboard and ensure that every aspect of the supply chain went according to plan, as well as check product quality. Due to the fact that Budbo runs on blockchain technology, which means that all stored data is incorruptible, this undoubtedly validates the test results and quality checks.
Likewise, potential buyers can use the gamified platform to research their next marijuana purchase by “swiping” through various offers. Budbo incorporates artificial intelligence to help the app match products to the user, based on an assortment of factors such as previous purchases, lab results, and consumer interactions.
Currently, nearly half of consumers obtain their cannabis products from a dispensary. Budbo not only allows users to find their nearest dispensaries, but its technology also intelligently advises buyers on which products would best suit their needs, and in turn, where they can find dispensaries that sell these strains and specific items.
By combining cannabis and blockchain technology in its new platform, Budbo intends to capitalize on two rapidly emerging industries. Global spending on blockchain solutions is expected to reach just under $12 billion by the end of 2022. Additionally, spending on integrating blockchain technology into healthcare – in which 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. Given that it’s still relatively new, we’ve found that the latter still suffers from blockchain issues. “widespread sourcing and quality control issues. With the incorruptibility of Budbo’s blockchain technology, we are excited to offer a simplified and fully transparent solution to challenges that would otherwise stifle the potential of the industry,” concludes Luke Patterson, CEO of Budbo.
Name: Nick Heldreth
E-mail: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140024
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