In an increasingly connected world, personal details have become a minimum requirement to access websites, e-commerce stores, financial platforms, and social media. Discouragingly, the more places we upload our personal information, the higher the chance of that data being used fraudulently or without our consent. BitCanna proposes an innovative solution.
Personal Information Is Not As Secure As We Think
Current encryption solutions are failing at an alarming rate. Think back over the last few months and it is guaranteed that you will have heard of a high-profile data breach, exposing thousands of customer details.
Despite the numerous steps undertaken by companies and third parties operating in the digital realm, personal information is easily accessible. Current methods of encryption do provide some security, but in comparison to blockchain cryptography, they look like Stone Age solutions. Because consumers are forced at almost every juncture to offload sensitive information, the risk of having that data compromised increases in kind.
Sadly for the cannabis community, submitting personal information is often a necessity in order to purchase cannabis or its related goods. Online orders usually require bank account details and full names. If you visit a dispensary, even then you are required to show identification before a purchase can be made. In both of those examples, customers are being asked to submit more information than is really needed.
Even traditional payment platforms require sign-up or log-in details, both of which use your personal and financial information to verify your identity. Amazon Pay, PayPal, Google Wallet—they all use the same principles when requesting sensitive data. Unfortunately, every time data is submitted, it is stored on numerous internet databases. If personal details are not already being shared with third parties, these databases make a prime target for hackers and fraudsters. The sheer scope of the internet makes it almost impossible to tell where your data is being used.
Layer Four: Trust And Reputation
BitCanna’s penultimate layer of blockchain infrastructure focusses specifically on how trust and reputation can be built and maintained for both consumers and businesses. To counteract the growing tide of information misuse, BitCanna will implement two crucial features. Both will exist solely on the blockchain network, immediately removing the risk that online databases pose.
To protect the privacy of customers, the team at BitCanna has developed a BitCanna ID, your all-in-one solution to everything cannabis-related. BitCanna ID will operate as a digital identity exclusive to the BitCanna blockchain. To begin with, BitCanna requires that your identity is verified, either through a driver license or ID card. It may seem very similar to the process traditional payment platforms guide you through. However, where these platforms would typically store your information once it has been provided, BitCanna takes several extra precautions.
Once your identity has been confirmed, it is both encrypted and hashed. Hashing transforms the information into a string of characters. The hashed data is still unique to you, but cannot be used to expose your identity. The hash is then written to a unique BitCanna address. As a result, your new BitCanna ID can be used to share your identity in a trusted way, and without exposing personal details. To fully secure confidence in the BitCanna network, after identification has been established and verified, any unnecessary details are permanently deleted.
Mobile app functionality makes your BitCanna ID useable in cannabis social clubs, dispensaries, smart shops, or at any business that is part of the BitCanna network. There will no longer be a need to show personal details via standard forms of ID at any location you don’t trust. Instead, turn to your BitCanna ID.
Verified Rating System
To further enhance the ecosystem of trust, layer four will also include a rating system that all nodes on the network can access. Regardless of whether you are a seed producer, a part of the supply chain network, a burgeoning dispensary, or a high street consumer, every BitCanna user can build the reputation they deserve. By utilising blockchain technology, reviews will become a transparent method of checking someone’s reputation.
Rating systems only work if the reviews being left are verified as legitimate. Customer testimony is an incredibly powerful motivator for future purchasing. As such, it is not uncommon to find just as many fake reviews as authentic ones, no matter where you go on the internet. Fake reviews, often in the form of one-star ratings, are not only detrimental to the integrity of the cannabis industry, but they damage consumer confidence. In some cases, negative reviews can be used to harm the reputation of competition and gain an unfair commercial advantage.
The BitCanna rating system comes underpinned by several integrated parameters that must be met before a review can be submitted. Even once it has been uploaded to the network, built-in checks and balances ensure ratings are handled fairly. Part of the checking process will also include removing any scores suspected of being fake. The use of blockchain smart contracts will mitigate any human intervention in review auditing. The entire verification system for ratings will be automated to improve efficiency.
A final step, used as a means of encouraging active use of the rating system, is the BitCanna loyalty program. Customers will be able to rate shops or dispensaries in exchange for BCNA token rewards. Shops and dispensaries will also be able to do the same for their customers.
BitCanna’s Blockchain Is The Next Step In Data Integrity
We come full circle to our opening point about data integrity. Despite traditional payment platforms wanting more information to verify our identities, BitCanna understands that customers no longer feel comfortable doing this. Not only is submitting personal information uncomfortable, but the instances of these details being misused, shared, or compromised are dramatically increasing. The inherent transparency of blockchain technology will be used to benefit every party that connects to the network. BitCanna isn’t just a payment platform, but a digital revolution for the cannabis industry—now, and in the future.