Adherence Compliance Inc., the leading SaaS RegTech and FinTech cannabis compliance solution provider, today announced extending its leading Amazon AWS solution platform to include Amazon Managed Blockchain and Quantum Ledger Database services for its Government and Financial Services clients in the United States and Canada. The commercial blockchain solution from Adherence will be the first of its kind in the emerging $25 billion cannabis industry in North America.
“Cannabis compliance itself is a $1 billion industry in North America. Our Government and Financial Services clients can implement a secure, modular blockchain solution from Adherence Compliance backed by Amazon. When a compliance requirement is flagged by a bank, regulatory authority or insurance firm, multiple stakeholders of risk may require notification. Is the cannabis business selling cannabis to minors, diverting cannabis inventory and or missing cannabis tax payments? If so, the appropriate State, County and City authorities can be automatically notified as part of our distributed ledger and consensus platform,” said Steve Owens, CEO of Adherence Compliance Inc.
Adherence’s blockchain solution leverages its existing Amazon AWS partnership and new Quantum Ledger Database (QLDB) utilizing Hyperledger Fabric frameworks. Once transactions in the platform are executed, the solution maintains an immutable, cryptographically verifiable ledger and runs notification and consensus operations through approved channels and multiple agencies.
“We have onboarded our financial and government service clients to go live with the solution early in 2019. Once enabled, multiple authorized parties can execute compliance or monitoring transactions on a scalable blockchain network. Adherence Compliance has the optimal solution for managing compliance and business transactions that require full auditability in the cannabis industry,” said Owens.
Multiple financial institutions and regulatory agencies utilize Adherence’s SaaS platform to monitor, manage and report on financial and regulatory compliance risk related to legally licensed cannabis businesses. Adherence is expanding its operations in North America and international cannabis markets in 2019 to meet demand for its services.