Using IOTA’s Blockless Distributed Ledger – Paragon to Build Verifiable Supply Chain Solutions for Cannabis Industry

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Paragon and IOTA recently announced a partnership aimed at creating a transparent, verifiable database to help the cannabis industry move towards greater legitimacy. By incorporating IOTA’s unique approach to cryptocurrency and distributed ledger technology, Paragon hopes to deliver a faster technology with lower fees. Paragon will build a fully verifiable database to track prescriptions, and data on batches of cannabis (such as their farm of origin, or THC levels).

“IOTA is an open platform that can ensure data integrity for free at higher volume than any Blockchain can. Therefore it has natural potential in agritech to secure data about the crop,” IOTA’s Co-Founder David Sønstebø said, “We support Paragon’s efforts to create a legitimized and auditable provenance for agricultural crops.”

The first version of Paragon will be built on the Ethereum Blockchain, as previously announced, and then it will transition to a hybrid with IOTA, with technical assistance provided by the non-profit IOTA Foundation.

Whereas Blockchains rely on every node in the network having a full copy of the database and verifying the data, in IOTA’s distributed ledger, peers keep only the data needed, and transactions are verified by a couple of randomly-selected peers. This lightweight design allows IOTA to process transactions faster than Bitcoin and Ethereum. Currently, IOTA is the fifth largest cryptocurrency, with a market capitalization of over $2.6 billion.

To learn more about Paragon’s plans to revolutionize all things cannabis with Blockchain, read the white paper here. Paragon will sell 100 million ParagonCoins for $1 each from September 15, 2017 through October 16, 2017. ParagonCoin will begin trading on cryptocurrency exchanges in November 2017. To stay up to date with Paragon’s upcoming announcements, join their community Slack channel here.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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