The Hemp Blockchain, Inc. Chooses Algorand as Its Blockchain Platform


SALT LAKE CITY–(BUSINESS WIRE)–#algorand–The Hemp Blockchain, Inc., the company building advanced cloud-based solutions to accelerate the growth of the industrial hemp industry, today announced the selection of Algorand as its blockchain platform to support a range of supply chain management and marketplace solutions purpose-built for the industrial hemp industry. The Hemp Blockchain 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. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. Algorand is a leader in proof-of-stake consensus mechanisms used to validate transactions on blockchain networks. Among the advantages of proof-of-stake over proof-of-work, the other major blockchain consensus mechanism, are its scalability and energy efficiency, as it does not utilize 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. 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. Currently, the industrial hemp supply chain is in a state of disarray. It is characterized by opacity, fragmentation, lack of reliable payment systems, the inability to verify…

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Source : The Hemp Blockchain, Inc. Chooses Algorand as Its Blockchain Platform

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