On this past weekend I decided to take part in my first ICO. The ICO was that of Paragon Coin, Paragon was conceived by Jessica VerSteeg after realizing how scattered the current Marijuana Industry is. Jessica VerSteeg plans on utilizing blockchain technology to :
Smart contracts offer the one thing cannabis industry desperately requires- transparency. The blockchain technology implemented by Paragon allows storage of every single event in the product life cycle along with a provision to build applications for tracking shipments, identifying patients and their prescriptions, and every single detail that promotes legitimacy in the business. The Paragon project will effectively speed up transactions while facilitating a seamless access to the transaction details to all the involved parties.
Paragon will use blockchain smart contracts to:
• Create an immutable ledger for all industry related data via ParagonChain
• Offer payment for industry related services and supplies through ParagonCoin
• Establish niche co-working spaces via ParagonSpace
• Organize and unite global legalization efforts through ParagonOnline
• Bring standardization of licensing, lab testing, transactions, supply chain
and ID verification through apps built in ParagonAccelerator (see Paragon Whitepaper)
Some examples of smart contract/blockchain uses within the cannabis industry include:
• Blockchain verification of medical marijuana IDs and prescriptions: This
could be an interface for doctors to sign, vendors and government to
verify, with doctors paid in PRG. There could be a small fee for each verification.
• Supply chain transparency: Track and trace activity logs, transfers, permissions,
safety concerns (i.e.,who handles, expiration of perishable
items), and more.
• Lets multiple apps simultaneously interact with any piece of information
stored in blockchain.
• Share document via smart contracts: Contracts accompany purchase
orders. As conditions change, rules change, or the availability changes,
so the contract can be automatically adjusted.
• Facilitates peer-to-peer transactions across the globe.
• Secure transfer of assets: Record the quantity of assets such as pallets,
trailers, containers, as they move between supply chain nodes.
• Track purchase orders: Change orders, receipts, shipment notifications,
or other trade-related documents as needed.
• Assign or verify certifications or certain properties of physical products:
For example, determining if a food product is organic or fair trade,
lab-tested pure CBD or pure THC, amounts of the active ingredient, etc.
• Link physical goods to serial numbers, barcodes, digital tags like RFID,
etc.
At the time of writing this post Paragon Coin's buy price for the crowdfund is at $1.25 USD
And is excepting multiple types of crypto for purchase.
Bitcoin
Litecoin
Ripple
Dash
DigiByte
Ether Classic
Ether
NXT
TetherUSD
Waves
ZCash