Industrial hemp company, The Hemp Blockchain Inc, has selected Algorand as its blockchain platform, to support a range of supply chain management and marketplace solutions purpose-built for the industrial hemp industry, according to an article on Business Wire.
The Hemp Blockchain, says the article, seeks to “leapfrog” existing solutions in an agriculture sector with significant growth prospects that is strategically important for multiple reasons, including agricultural sustainability, carbon sequestration and the rapidly increasing need for carbon offset credits.
Algorand Inc built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products, and is the creation of Turing Award-winning cryptographer Silvio Micali.
Algorand pioneered proof-of-stake consensus mechanisms used to validate transactions on blockchain networks, with the advantages of scalability and energy efficiency, as it does not utilise competing high resource consuming miners to validate transactions. As a result, Algorand is a natural choice for companies such as The Hemp Blockchain dedicated to helping to achieve a net-zero carbon future.
The article details how industrial hemp is a rapidly growing industry driven by a separate crop from its biological relatives that produce THC-based cannabis products as it contains less than 0.3% THC by dry weight. Industrial hemp can be processed into over 50,000 uses, including fuels, plastics, graphene, solvents, building materials, foods, and medicines, and is also a powerful tool in the global effort to combat climate change because an acre of hemp can potentially sequester as much or more carbon as an acre of rainforest.
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