Connect with us

Sponsored

Tokes aims to drive crypto adoption in cannabis industry

Yash Rajan

Published

on

Tokes aims to drive crypto adoption in cannabis industry
Source: GDA

What is Tokes?

Tokes builds cutting-edge software solutions for the cannabis industry. Specifically, it focuses on helping merchant adoption of cryptocurrencies and providing decentralized tools for supply chain management. Their suite of products includes point-of-sale payment processing, e-commerce storefronts, mobile applications, and supply chain visibility tools. The Tokes platform offers blockchain-as-a-service as a part of the Multichain Ventures group of companies.

The Tokes platform was built for the legal cannabis industry as a response to U.S. federal prohibition on cannabis. The ban has led to industry stakeholders not being able to find a suitable banking solution, and to address this pressing need, Tokes has leveraged blockchain technology to create a suite of products to handle tokenized transactions outside of the purview of governments. The result gives cannabis companies the financial freedom necessary to run their businesses.

The decentralized and immutable nature of the blockchain also provides additional utility for the cannabis industry. It ensures the provenance and transparency of the supply chain data from seed-to-sale. Not only is this a benefit for consumers who want to know where their products are coming from, but it also helps suppliers comply with regulations in some districts.

Cryptocurrency payment processing

One of the core offerings of the Tokes Platform is cryptocurrency payment processing for the legal cannabis industry. Because of the federal illegality of cannabis in the United States, legal cannabis businesses are forced to operate primarily in cash. From point of sale to business-to-business transactions, and even internal payroll, everything has to be done without the use of the traditional banking infrastructure. Having the entire legal cannabis ecosystem operate under a cash-only scheme not only creates the liability of potential losses, but also increases the difficulty of accounting that already needs to adhere to strict regulations.

The Tokes Merchant Gateway offers a point of sale application so that businesses in the cannabis industry can accept TKS tokens or other cryptocurrencies like Bitcoin instead of cash. Customers can be on-boarded by using in-store kiosks or loading up their mobile wallets before payment. Tokes has even developed its own mobile wallet application for consumers to load and hold their cryptocurrencies.

The Merchant Gateway eases the adoption of cryptocurrency while providing many benefits to the user. It is designed from the ground up to offer a fast, auditable, and cheap way to transact. The point of sale software is also equipped with features such as product management, employee sales tracking, exportable sales history, and integrations with state auditing systems like Metrc.

Tokes is providing tools for merchant cryptocurrency adoption at a time when readily available solutions are scarce. Not to mention existing offerings often require businesses to track their transactions by manually reconciling them within existing accounting and inventory management software.

With the Merchant Gateway, merchants can accept any number of cryptocurrencies and choose a portfolio or settlement allocation to combat risks stemming from price volatility typical to cryptocurrencies. The software can then programmatically execute trades on the open market and return to the merchant their preferred selection of settled assets. Importantly, merchants have the option to receive stable asset-backed tokens pegged to the U.S. Dollar.

Within the same admin panel as the point-of-sale, the Merchant Gateway also offers quick and easy e-commerce integrations to existing web stores via Q.R. codes at checkout. This feature enables users to leverage all the trade processing and settlement features as the point-of-sale but for e-commerce platforms. The company is also developing several e-commerce plugins for integration with existing web storefronts such as Shopify, WooCommerce and Magento.

To help with the consumer acquisition of cryptocurrencies, Tokes has partnered with Vault Logic to deploy Smart ATMs inside of brick and mortar cannabis businesses. These Smart ATMs offer traditional ATM cash withdrawal as well as multiple cryptocurrency buying and selling options.

Tokes designed their interfaces to be clean and user-friendly removing as much friction as possible for both mobile and desktop user on-boarding. Dispensaries, cultivators, processors, suppliers, and tertiary service companies can all make use of the Tokes platform to handle their payments, easing their accounting burden and managing potential cash loss risks. You can check out a demo of the Tokes Merchant Gateway here.

Supply Chain Visibility

In addition to providing digital payment solutions to the cannabis industry, the Tokes Platform offers innovative blockchain-based supply chain visibility tools. Modern supply chains are built on centralized systems that expose concerns about the originality of goods, security, integrity, and the potential diversion of products to illicit channels. The provenance of data within the cannabis industry is critically important for all stakeholders involved. And the Tokes Platform ensures the origin of data is kept accurately throughout the supply chain.

Tokes adds a layer of decentralization to supply chain visibility, allowing for new efficiencies that provide trustless data provenance to track the physical movement of goods and procurement of services. Tokes supply chain tools also conform to GS1 global business language standards to create an interoperable data layer that can streamline supply chain standards for the future.

Their solution provides a decentralized infrastructure on the EPCIS Decentralized Network [EDEN] blockchain-an immutable distributed ledger for trustless recording and visibility of event data, both within and across companies. This enables stakeholders to gain a shared view of both physical and digital objects as they travel through the supply chain. With this current infrastructure, Tokes can integrate other applications into their platform, integrate the TKS token within their apps, and tie their seed to sale software to the EDEN blockchain ledger.

Conclusion

 Tokes Platform offers both supply chain visibility tools as well as digital payment processing to help the cannabis industry solve pressing issues. Their blockchain-as-a-service solution gives both customers and businesses peace of mind that their money and data is safely stored and accurate.

Disclaimer: This a paid post, and should not be treated as news/advice.

A Biomedical engineering graduate, Yash focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *