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High-risk and controversial industries like gambling, the adult entertainment industry, and the cannabis industry are fraught with harsh regulation that makes it difficult to access financial services. Due to the stigma associated with these industries, merchants find it hard to open accounts with traditional financial services.
However, the few banks that process payments exploit users with recurring billing models. The gambling and marijuana industries can also benefit from blockchain technology with better payment processes and verifiable data storage tools that enable transparency.
According to a recent report by Zage, a cryptocurrency marketing firm, Kory Hoang, CEO of Stably, a financial services firm, says that “payments and settlements for high-risk industries e.g. gambling, marijuana, and adult entertainment” are likely to put blockchain technology in use in the medium term. Here is an in-depth look at how this will happen.
The health benefits of medical marijuana range from mood and digestive function regulation to relieving nausea associated with chemotherapy. Although reports show that medical marijuana has minimal side effects and that the cannabis industry is projected to hit $31.4 billion in revenue by 2021, the future of the industry hinges on policy reforms that governments formulate.
This means that the success of the industry will be determined by the regularity and compliance laws that are still undefined at the moment. Blockchain can speed up the process by streamlining the entire cannabis supply chain. That can create a secure record that tracks the quality and origin of the plant from seed to store.
Through blockchain technology, growers and plant producers can also be licensed, thus making it easy to regulate the industry.