Paragon, founded by former Miss Iowa, Jessica Versteeg, has introduced a new blockchain for the marijuana industry with the company’s ParagonCoin, a cryptocurrency like BitCoin for the cannabis industry.
A blockchain is a publicly distributed ledger that is ideal for securely and transparently tracking data. Paragon’s data and tracking services will be open to all participants in the cannabis supply chain, including growers, labs, doctors, customers and retailers. For example, a batch of cannabis leaving the farm could be digitally stamped onto the blockchain, creating an indelible digital record of when it was harvested and shipped, among other things.
In accordance with its mission to accelerate the cannabis economy, Paragon plans to build co-working spaces in cities around the world that will accept ParagonCoin for goods and services.