The legal cannabis industry is a multi-billion dollar market that has been hampered by inefficient payment systems and lack of transparency in the supply chain. Traditional payment methods often incur high fees, leading to a markup of $10-15 in most cases. Rhizomatiq, a startup based in Fort Collins, Colorado, is using Distributed Ledger Technology (DLT) Utility Token based on the DAG-Tangle architecture to revolutionize the cannabis supply chain. In this startup showcase, we will explore how Rhizomatiq is streamlining the cannabis supply chain, offering low fees and providing transparency for regulators, consumers, suppliers, and merchants.
Efficient Cashless Payments for Cannabis Industry
Rhizomatiq is addressing the challenges of the cannabis industry by providing efficient cashless payments. The DAG-Tangle architecture allows for high efficiency, resistance to attacks, environmentally green operations and most importantly, an incredibly high throughput rate for instant transaction authorization. The startup offers an intuitive and simple process where SEND / RECEIVE transaction pairs represent completed “seeds” stored on “nodes,” which are essentially account tangles. Transactions on the node are verified using a standard Random Selection algorithm. Before either a SEND or RECEIVE transaction is sent, a dense regulatory compliance process is completed to verify the account holder’s ability to participate in the transaction.
Streamlined Cannabis Supply Chain with Supply Chain Track/Trace Algorithms
Rhizomatiq provides a suite of Supply Chain Track/Trace algorithms that provide transparency up the Cannabis Supply Chain for regulators, consumers, suppliers, and merchants alike. This suite is a logistics tracing mechanism that follows batches of tested cannabis products throughout the distribution process, from seed to sale. The blockchain-based supply chain solution helps ensure that cannabis products are authentic, safe, and comply with regulatory requirements. This also provides a reliable and transparent way for consumers to verify the source of the cannabis products they purchase, ultimately increasing trust and confidence in the industry.
Low Fees and Instant Transactions
One of the significant advantages of Rhizomatiq’s platform is its ability to offer low fees of .25% S2M / $1 C2M per transaction and instantly approved transactions. The scalability of the DAG-Tangle architecture allows Rhizomatiq to offer lower fees than traditional payment methods, which can be expensive for businesses in the cannabis industry. The startup’s platform also provides a level of security and privacy that traditional payment methods cannot offer.
Rhizomatiq is a promising startup that is using DLT Utility Token based on the DAG-Tangle architecture to revolutionize the cannabis supply chain. The startup provides a secure, efficient, and transparent way to make cashless payments in the cannabis industry. The platform’s low fees, instant transactions, and ability to offer transparency throughout the cannabis supply chain are key differentiators that will help drive the growth of the legal cannabis market. Rhizomatiq’s innovative technology can act as a base for the cannabis industry to build on and help the industry realize its full potential.
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