Deloitte partners with cannabis blockchain firm TruTrace Technologies
Deloitte has formed a strategic alliance with Vancouver-based TruTrace Technologies to deliver blockchain product-traceability solutions to the cannabis industry.
One of the main challenges facing the Canadian cannabis industry is strain security – that is, making sure the in-store product matches its stated origin.
TruTrace, a technology firm founded in 2011, uses blockchain distributed ledger technology to make the cannabis supply chain more transparent and reliable. Its StrainSecure system collects plant-testing data and performs genomic verification of plant batches. The information is then stored in a blockchain-powered database and tracked along the supply chain, from seed to sale.
The info is immutable and cryptographically secure, according to TruTrace, and ensures stronger intellectual property protection as well. The system also cuts down on administrative time and expenses, while easing compliance with mandatory quality control testing.
"This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers," David Stewart, a partner in Deloitte Canada's forensics practice, said.
The alliance with Deloitte will “expedite the ability of [TruTrace’s] technology to reach key stakeholders,” according to a release from the consultancy. Having one of Canada’s largest consultancies promoting TruTrace’s blockchain solution will undoubtedly expand the platform’s reach.
The Big Four consultancy has highly developed advisory capabilities across the cannabis space. The legalization of cannabis prompted the growth of a strong cannabis consulting industry, with large and mid-market firms developing their own practices, while numerous industry-focused boutique consultancies sprang up, too.
Commenting on the new alliance, TruTrace CEO Robert Galarza said, “It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business. By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry.”
TruTrace bills itself as “the first integrated blockchain platform to register and track intellectual property in the cannabis industry,” and previously went under the name BLOCKStrain, rebranding in April 2019. The company previously partnered with Spire Secure Logistics to market their blockchain solution.
