The first blockchain voucher for CBD utilising the power of Ethereum(ETH).
4/5 – Very Good
CBD is a non-psychoactive ingredient of marijuana that has been proven by many studies to provide health benefits unlike the THC, its psychoactive counterpart. It has a lot of use cases in medicine, industrial manufacturing (raw material), and many other use cases. Consequently, the market for CBD products has grown at an incredible rate in the last years.
Although many companies are now producing and moving CBD products around the world, the global trade has been dampened by lack of transparency, a missing market place, and a coherent pricing model, difficulty in quality control, fragmented global delivery and distribution for premium CBD products.
CBDoken solves these problems by using blockchain technology to facilitate worldwide distribution of premium CBD products.
4.5/5 – Very Good
The team is reliable in terms of necessary expertise. Alex Lacina has experience working as an executive assistant to one of Europe’s largest legal hemp companies—Bushplanet. Leo Razumovsky is a serial entrepreneur. Florian Fuchs-Martschitz has a background on blockchain applications and finance. They also have legal experts, attorneys to help them navigate through both blockchain and CBD regulation.
They also have the right balance of experts to not only deliver their promise but also to tackle any future problems a blockchain company as well as a CBD distribution company will eventually encounter. At face value the team is very reliable.
4/5 – Very Good
Each CBDoken is a digitized CBD product, that is to say, each CBDoken is backed by a real-world tangible CBD product. The CBD products are made exclusively by trusted vendor Pharmahemp to ensure product quality is reliable. They will be stored in the secured and audited warehouses of Pharmahemp.
Products can only be withdrawn with the notification for shipping by the burn contract automated process. Independent audits are executed quarterly and published on their website to ensure customer confidence.
CBDoken also allows holders to trade CBD product vouchers or claim their product and sell it in traditional retail. Through the smart contract, holders have an ownership of a physical CBD product without the need for storing or transporting the said product.
3.5/5 – Good
CBDoken does not guarantee package delivery and ordering is done at the risk of the customer. This is not very encouraging to early adopters of this platform.
Marijuana and its derivatives are still illegal in most countries of the world. Furthermore, the countries that do allow the production of medical marijuana are rigorous in their regulation. Although the market for CBD products worldwide is growing, CBDoken’s success will largely depend on the growth rate and how good they are at navigating through regulations. This will not be an easy task when you consider a global scale as each country have different views, laws, and logistics when it comes to the distribution and selling of CBD.
There are also technological weaknesses as blockchain technology is still premature and vulnerable to attacks and hacks. Even with secure storage and packaging, token holders could possibly lose their ownership to their respective products via hack, etc.
4/5 – Very Good
CBDoken is a technology company focused on bringing digitized CBD vouchers on the blockchain. They will facilitate the worldwide distribution of premium CBD products by using the Ethereum platform to form a digital contract between their trusted CBD manufacturer and token holders which will become the first crypto CBD voucher.
When token holders want to redeem their CBD product, their CBDoken will be “burned” to synchronize the available CBD products and number of tokens available. This burning process is crucial in ensuring stability and preventing price volatility common in crypto markets.
The token vouchers can be traded on crypto exchanges or it can be converted into the underlying physical product at any time and shipped globally.
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