HEMP CRYPTO: EXPLORING THE FUTURE OF HEMP INDUSTRY
UNDERSTANDING THE CRYPTOCURRENCY WORLD
To understand Cryptocurrency, we must first know what cryptography is and how it impacts us?
You will be amazed to know that the use of cryptography is everywhere in our daily lives,. We use it every second from securely sending passwords over vast networks for online purchases. Bank servers and e-mail clients save your passwords using cryptography as well. Cryptography is used to secure all transmitted information in our IoT-connected world, to authenticate people & devices and devices to other devices.
If all of the cryptographic engines/functions stopped working for a day, modern life as we know it, would stop. Bank transactions wouldn’t go through, internet traffic would come to a halt and cell phones would no longer function. At this point, all of our important information would be exposed and it could be exploited to have adverse effect on our lives.
Cryptography is an essential way of preventing that from happening. In simple words, Cryptography is the science of hiding information in plain sight, in order to conceal it from unauthorized access.
Now lets get back to Cryptocurrency 🙂
A cryptocurrency is simply a digital or virtual currency that is secured by cryptography. As a result counterfeiting or double-spending is as full proof as a Bank system. Today many cryptocurrencies are decentralized networks based on blockchain technology. For those who are unaware about Blockchain Technology, the easiest way to envision Blockchain is to think of it as a distributed ‘DIGITAL LEDGER’ enforced by a disparate network of computers. It contains series of unchangeable records.
A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
PRESENT STATUS OF CRYPTOCURRENCY
Cryptocurrency is a strong $200+ Billion Industry in year 2020 and research shows there are at least 111 states where cryptocurrencies are recognized by law and are legal.
For instance, major countries like the United States and Canada hold a generally crypto-friendly attitude towards cryptocurrencies while also trying to enforce anti-money laundering laws and prevent fraud. Meanwhile, in the European Union, the member states are not allowed to launch their own cryptocurrency but crypto exchanges are encouraged to be legalized and comply with the regulations.
Now moving on to the most talked about global economic opportunity of the decade:
The ‘Hemp Industry’ is changing Agriculture and the Global Economy Forever!
From health elixir to fuel, HEMP is a Billion Dollar Super Crop with 50000+ uses and a projected Market Worth $15.26 Billion By 2027!
Hemp, or industrial hemp, is a variety of the Cannabis sativa plant species that is grown specifically for the industrial uses of its derived products. It is one of the fastest growing plants and was one of the first plants to be spun into usable fiber 50,000 years ago. Industrial hemp, the non-psychoactive cousin of the cannabis plant, can be used to make everything from food to fiber, biodegradable construction materials and biofuels. One hemp byproduct, Cannabidiol (CBD), has skyrocketed in popularity as people discover CBD as a treatment for health issues like epilepsy, insomnia, arthritis and anxiety among other conditions.
Multiple Environmental Benefits: Apart from Economic benefits, the widespread use of industrial hemp could result in numerous environmental benefits too, including but not limited to: (1) less reliance on fossil fuels, especially from foreign sources; (2) more efficient use of energy; (3) less long-term atmospheric build-up of carbon dioxide; (4) forest conservation; (5) agricultural pesticide use reduction; (6) dioxin and other pollution reduction; and (7) landfill use reduction. Hemp is superior to many other plants for many uses. Present limitations on the use of industrial hemp are economically, environmentally and socially irrational.
The welcome sign is that more and more countries are opening up to the idea of legalizing Hemp for its commercial benefits and at the same time Cryptocurrency is gaining in legal status all around the world.
let’s explore the idea of union of ‘Hemp’ & ‘Crypto’!!
The global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition to the digital payment sector is cryptocurrency. With Blockchain steadily gaining adoption in other markets, it would be the next ‘Game-Changing Technology’ for the Hemp Industry. Moreover COVID-19 pandemic has intensified the need for transparency and trust in Hemp Industry supply chain to ensure packaging and products are contaminant free. Now supply chain partner and customers want more information about industry practices and products. Iy is important to understand that Blockchain is the reason why cryptocurrency has any value.
The Cryptocurrency entrepreneurs have started flocking to the Hemp industry! With the ever changing Hemp space, entrepreneurs are exploring innovative ways to enter the Hemp Industry. Cryptocurrency is set to be the next Innovation for Hemp!
Just like Hemp and CBD, Cryptocurrency was also a frowned upon Industry but with last year witnessing huge amount of Blue-Collar Financial Investors as well as successful individuals making huge profits from trading cyptocurrencies such as Bitcoin and in 2020 same boom is taking place in the world of Hemp.
Hemp digital currency has been rapidly gaining interest in Hemp & Crypto entrepreneurs as well as the public eye. Ease of use is the reason why cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments &money transfers. Many people who hear about these new hemp cryptocurrencies are curious about what exactly separates them from something like Bitcoin. In reality, the true difference between more prevalent cryptocurrencies and the new variety of Hemp-focussed coins is the branding and the fact that these places are specifically aiming to work with people in Hemp Industry.
While every form of cryptocurrency is slightly different, at the end of the day, the specialists creating these coins are doing what any other cryptocurrency creator does. The difference is that these ones have a tendency to have a name that aligns with the Hemp Industry and Hemp companies are agreeing to transact in it.
When implemented fully, Hemp cryptocurrency would redefine the future of Hemp Industry! Hemp Crypto is an investment in tomorrow’s Financial System: DeFi (Decentralized Finance).
Hemp Coin is an opportunity for small-scale entrepreneurs to blossom between monopolistic business empires!
Other than the Internet of Things, the CBD and Cryptocurrency sectors are the fastest growing industries in the world today. The two sectors have started converging already with many Hemp coins in operations going through the initial Trial & Error process. The cryptocurrency revolution is also spreading to India where Prime Minister Narendra Modi has reduced circulation of cash bills to steer the country towards electronic payment ratification. The Reserve Bank of India is now looking into the newest wave of the future — cryptocurrency. Cultivation of Hemp for commercial purpose has been already legalized in India with Himalayan state of Uttarakhand issuing the 1st Hemp cultivation license in year 2018.
We have been advocating the usage of Blockchain and cryptocurrency in the Indian Hemp industry for long and have associated with one of the leading Crypto Company in India to run a Blockchain pilot project for selected hemp businesses of USA.
“The best way to predict the future is to create it.” Abraham Lincoln
The blog has been written by Hemant Nav Kumar, Founder UTF in an attempt to shed light on the importance of changing economic paradigms in the world Hemp. For joining us in Mission HEMP 2020, feel free to write to us at email@example.com