BitCanna (BitCanna) Review

BitCanna: Blockchain for Legal Cannabis Industry


BitCanna is a blockchain project registered in the Netherlands that states an intention to resolve all issues that are hampering the development of a fledgling cannabis industry. In fact, the project’s full name is the BitCanna Alliance since it unites many European businesses that are involved in researching, cultivating, and distributing medical cannabis and its byproducts, such as CBD oil.

Unlike many similar startups, which are yet to succeed in their strive to popularize the use of medical cannabis in Europe, BitCanna has taken a complex approach that implicates the development of a crypto-based payment system centered around the use of BCNA coin, as well as the decentralized blockchain-enabled supply chain, and dApps for both entrepreneurs and end-users.

Market overview and problem statement


Despite the predominantly reserved, or even negative, stance on medical cannabis of many governments, this industry is entering its golden age, especially in North America and Canada. Ethical and medical nuances aside, cannabis as a business venture has already proven to be quite profitable. In the United States alone, this market is estimated at $10.4 billion, growing by 30% over the course of last year. The stock of such companies as Canopy Growth Corp., and MedMen are already being traded on Nasdaq.

However, despite the fact that cannabis has been legalized or decriminalized in many European countries, this market is lagging far behind, mainly because the governments and the banks are keeping this business in the grey area by disallowing its representatives to carry out B2B cashless payments and building supply chains through official means. To add salt to injury, many cannabis producers and distributors use this situation to evade responsibility for ensuring the quality of these products and building a transparent supply chain.

The BitCanna Alliance and its blockchain solution


BitCanna initiated the creation of a coalition of European industry leaders (seed banks, dispensaries, and distributors) that was named the BitCanna Alliance. Together, they have developed a 5-layer dedicated blockchain that will operate for the benefit of all parties.

The first layer contains the core protocol that is responsible for running the nodes and maintaining the records of all operations.

The second one constitutes the blockchain itself which is based on the PoS consensus algorithm and also affords ground for the use of BCNA coin as the mean of payment.   

The fourth part is responsible for the formation of supply chains and awards digital identity to each product, which allows end-users to track the origin of every commodity that is being sold to them by the members of the Alliance.

The fourth layer features the rating system that is an inherent part of the reputation building mechanism.

The final layer is the application one that is based on the use of smart contracts to execute all operations and establish a seamless connection between producers and consumers through a set of applications: BitCanna Mobile & Business, and BitCanna digital wallets. 

The BitCanna network will be fully transparent and open to the public so that the authorities could audit the participants at any given time, thus increasing the credibility of the cannabis industry.

ICO details  


The public sale of BCNA coin is already running with the end date being set on June 30. 1 BCNA will cost the interested investor $0.12, on the condition that he will be willing to spend at least $25. BitCanna has already reached the softcap of $3 million, now aiming for the $20 million hardcap. The project offers bonuses and bounty program, available upon registration. Residents of Canada, the U.S., Iran, Serbia, and several other countries will not be admitted to the ICO.

Author: Alex Paulson for Crypto-Rating.com

BitCanna
StartNovember 15, 2018
EndJune 30, 2019
10 days left

I understand that the guys from BitCanna want to do good for the cannabis industry in general, but they really need to be realistic about the state of that industry in Europe. I mean, it may look all rosy from the smoke-laden coffee shops in Amsterdam, but just take a trip to the Eastern side of the EU, Poland, for instance, to see how “friendly” are the authorities towards people who even hint at the idea propagated by BitCanna’s founder. Giving a conservative-minded government the right to audit the cannabis network is like writing yourself a sizable fine, or worse. Get real guys from BitCanna, Europe is a legislative patchwork, not an open-minded Canada.

Agatha   June 12, 2019  

It is an open secret that lots of people are consuming cannabis either for recreational or medical purposes. This industry needs to organize itself and try to pull itself through different restrictions and prejudices in order to take its deserved place. BitCanna has created all the necessary tools that may help to achieve this goal. But the fact that they will be operating on the European market gives ground for concern since they will surely be met with ferocious opposition from the official establishment and the biased public. All in all, BitCanna is a very decent project that may become successful in the near future.

Leslie   June 6, 2019  

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