With the world of cryptocurrency evolving continuously, new and advanced crypto tokens are being launched regularly. PoshCoin is one such crypto token that has been developed specifically for the cannabis industry. This new crypto token aims to make cannabis-based transactions quick, safe, and thorough with the help of blockchain technology. In this blog, we will look into some of the usages of PoshCoin in the cannabis industry. Read along.
An overview of cryptocurrency
Cryptocurrencies have long been the subject of heated discussion, and are still valuable today. Due to the several benefits that investors receive while working with cryptocurrencies, many new tokens are released every year. Furthermore, the basis of cryptocurrencies and blockchain technology is completely decentralized.
Currently, cryptocurrencies serve as an efficient medium of virtual transactions. One of the most important aspects of cryptocurrency is that they work outside the working principles of the traditional banking system. This means that in cryptocurrency, there is no payment authorizing officials, thus making crypto transactions faster and seamless.
What is PoshCoin?
PoshCoin is the latest crypto token that seeks to provide smooth and secure transactions in the cannabis industry through its decentralized technology. It will expedite the trade of cannabis most efficiently. PoshCoin wants to make it easier for users of the cannabis industry to overcome the current challenges and legal implications. It will distinguish itself from other cryptocurrency tokens through its extensive blockchain-powered capabilities. This, in turn, will provide secure, reliable, and quick transactions in the cannabis market.
Usage of PoshCoin in the cannabis industry
· Medical use:
Cannabis and cannabis extracts are known to have extraordinary therapeutic benefits, particularly in cancer treatment. Even though cancer is currently one of the most lethal and feared diseases, traditional treatments like radiation therapy and chemotherapy have been proven to be effective but unaffordable to some. Cannabis, however, is quickly becoming a part of more recent and novel medicinal procedures. Therefore, everywhere in the world, PoshCoin can be used to conveniently buy cannabis and cannabis extracts for medicinal purposes.
· Recreational use:
Cannabis dispensaries have started to pop up all across the country as states get closer to legalizing marijuana. This offers a completely distinctive and, perhaps, sophisticated cannabis purchasing experience for recreational purposes. Post-Covid-19, the footfall is increasing at cannabis dispensaries since a large number of people are looking for a way out of the lockdown – the psychotic way.
PoshCoin can aid in the simple purchase of cannabis for recreational uses. This is so that it can avoid the legal framework that prohibits the purchase of cannabis. It is a digital payment method. Due to its blockchain-based support, PoshCoin accelerates, secures, and improves cannabis-related transactions. Since transactions involving cryptocurrencies are documented in the blockchain network, the crypto token also offers higher transparency.
The combination of cannabis and cryptocurrency
Due to marijuana’s widespread negative connotations, the idea of using cryptocurrencies in the cannabis sector first emerged. Cryptocurrency is a big solution to this issue because no bank oversees cryptocurrency transactions, thus making it much simpler for businesses to use them. Blockchain technology, the underpinning of cryptocurrency, is trustworthy and impractical to exploit since any additions or edits to one block have an effect on the entire network of blocks. Transactions are safe and confidential since crypto tokens are the only ones using this technology.
The efforts to combine two of the most controversial sectors (cannabis and cryptocurrency) first began about a decade ago. Since then, both sectors have been on the path to legalization and PoshCoin is a modern-day solution to make these two sectors as accessible as possible. Now that you know the usage of PoshCoin, the future of cannabis and cryptocurrency sectors is clearer.