- No Borders Inc.’s subsidiary No Borders Labs has launched a blockchain data security platform called CBD Lab Chain to provide cannabis industry participants peace of mind regarding the quality of cannabidiol products
- CBD Lab Chain utilizes Ethereum blockchain technology to provide consumers with supply chain transparency as they contemplate potential purchases
- The technology allows consumers to scan a QR code or a batch number on a product label that will allow consumers to see the product’s Lab Test (COA) history recorded permanently and immutably on distributed ledger (blockchain) technology
Nearly 40 years ago, a pre-digital era hacker generated alarm and panic by adding poison to store shelf Tylenol capsules and repackaging the medication so that the tampering wasn’t evident (http://ibn.fm/zL9Nl). The deaths that resulted from the hack drove innovation that has since made tamper-resistant bottle technologies standard in consumer markets.
Blockchain is becoming the 21st century iteration of tamper-proof technology, and tech solutions provider No Borders Inc. (OTC: NBDR) is one company in the industry that is working to establish confidence-building supplier-to-consumer protocols that make it far more difficult for malicious individuals to interfere with the production chain without detection, and for unintended taints by legitimate operators to remain untraceable.
No Borders is a multifaceted brand development and marketing business using its new blockchain technology platform, CBD LabChain, to protect consumers and securely inform them of the supply chain safety of cannabidiol (CBD) products which are potentially susceptible to chemical taints, inordinate tetrahydrocannabinol (THC) drug levels and incorrect CBD quality claims. The technology is currently used to safeguard CBD products developed by another subsidiary, No Borders Naturals, but has since become a potential revenue stream through sales to outside CBD retailers (http://ibn.fm/I1Nc0).
Blockchain uses a series of digital “blocks” in sequence as electronic signed receipts for every event that occurs in a transaction or chain of transactions involving a product. No Borders Labs’ CBD LabChain anticipates revenue from its technology through fees from companies dedicated to demonstrating the transparency of their product chain through lab test results that occur along the plant-to-product shelf route to the consumer.
The innovation is not occurring in a vacuum. Hemp Magazine published a recent article that noted the criminal charge and jail time a traveling CBD consumer incurred in New Mexico after her CBD bottle was found to contain too much THC under state law, contrary to her purposes (http://ibn.fm/HuSTi). In Nebraska, a family nearing the harvest of its CBD-intensive hemp crop was forced to destroy the entire crop and suffer an expensive loss after hundreds of hours of labor because regulators found the THC levels had been allowed to grow too high (http://ibn.fm/NCUGp).
An increasing number of companies are investigating the potential of blockchain to provide peace of mind and self-realization to their customers, as evidenced by the announcement by America’s second-largest health insurance company, Anthem, that it is pilot testing blockchain tech that will allow patients to securely access their medical data and share it with medical providers of their choice. The technology ensures minimal risk of sensitive medical information falling unintended into the hands of another person.
According to a recent Forbes article, company officials state all 40 million Anthem members will have access to the blockchain feature in the next two to three years (http://ibn.fm/Ue77r). The pilot program allows users to open a smartphone app, scan a QR code and instantly provide medical personnel access to their health records temporarily, with the ability to revoke access as soon as an appointment is over.
The insurer also expects to eventually use the technology to process insurance claims and coordinate benefits faster.
No Borders also uses QR code tech in its application to check the history of a product label without altering that history. The company anticipates that federal regulators would also be able to use the technology in the same way, granting an added measure of consumer assurances.
For more information, visit the company’s website at www.NBDR.co
NOTE TO INVESTORS: The latest news and updates relating to NBDR are available in the company’s newsroom at http://ibn.fm/NBDR