Korean Cannabinoid Association Wants to Leverage Blockchain for Cannabidiol Clinical Trials
The Korean Cannabinoid Association wants to leverage blockchain and AI technologies for several clinical trials with cannabidiol.
The Korean Cannabinoid Association (KCA) said at a conference in Seoul on Monday that it intended to initiate a project to carry out clinical pilots related to cannabidiol (CBD), a constituent of cannabis that is used in multiple sclerosis and epilepsy therapies among others. The KCA will launch the project via Prasm, a decentralized bioinformatic network that leverages artificial intelligence (AI) and blockchain technologies.
Kwon Yong-hyun, director of Prasm and president of the KCA, commented on the project:
“Due to the prejudice that hemp is a drug, Korean medical society has been reluctant to conduct any clinical studies that could prove the therapeutic benefits of medical hemp.”
“We are aware that the majority of the public is concerned about people abusing marijuana if it becomes legalized for medicinal use,”
The KCA, previously known as the Organization of Legalizing Medical Cannabis in Korea, expects to dissolve public worries by conducting several trials. The organization intends to record patients’ biometric data with wearable systems that apply blockchain. The data received from the wearable devices will help the association come up with relevant prescriptions.
Kwon noted that distributed ledger technology (DLT), as blockchain is also called, was ideal for tracking medical hemp given that the information cannot be altered while revealing key data on the patient’s illness.
“The platform will also be helpful in removing any concerns related to abuse of the treatment as it can keep track of the distribution without any omission,”
The KCA hopes that the trials will have an impact and contribute to legalizing hemp in South Korea. If the KCA’s pilot project gets the green light from the authorities, the association intends to recruit patients with epilepsy. Data from the Ministry of Health and Welfare shows that there were over 137,000 epilepsy patients in South Korea in 2015.
The Prasm network has its own token that fuels the ecosystem. PSM is listed on Coinmarketcap in the 1511th position.
It is not the first occasion when blockchain is proposed as a tool to track cannabis products. Last year, IBM suggested that the Canadian province of British Columbia monitor the sale of marijuana with the help of the emerging technology.