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How Digital Currency Prevents Crime

Dispensary owners tell us they spend a lot of time and money on things unrelated to the health of their companies. Cash-only businesses create huge demands on time and attention that pull owners and staff away from what should be their main mission: building a great business that satisfies their customers while earning a healthy profit.

Digital Theft
Digital Theft-1

“Dealing with a cash business can be quite burdensome and costly. You have to have top notch security systems, you must hire some of the best security in the game and logistics can turn out to be a nightmare.  I believe the cannabis space should head towards a cashless payment solution as soon as possible.” Matthew Morgan, former CEO of Reef Dispensaries.

While many entrepreneurs find administrative tasks to be a tedious necessity, the cannabis business is uniquely challenging for one major reason: most banks won’t touch it.

If statements by Attorney General Jeff Sessions are to be believed, for the foreseeable future, pot will remain a Class I controlled substance. This means that, should mainstream financial institutions consort with any player in the cannabis space, they risk losing FDIC insurance. In the banking industry, this amounts to a death sentence.

A lack of a banking solution results in dispensaries that are up to their necks in cash. Tracking it as it comes into the business, is stored in the business and is (eventually) deposited which takes a tremendous amount of time and attention.

Security has also become a major, if not the most important, concern. Theft used to be mostly an internal consideration, but recently there has been a rise in reports of violent thefts of dispensaries and their cash transporters.

These days, dispensary owners must factor the threat of robbery into every business decision. Needless to say, this takes a lot of the fun out of a transaction for all involved.

Finally, cash represents a headache for regulators and the cannabis business operating under their oversight. What has been needed is a means to irrefutably track complex transactions between known actors.

Digital currency represents a strong, secure alternative to the cash-only model. Transactions carried out in digital currency, once entered into the ledger, can never be altered, so they are secure. It is transparent, so all ledgers across a network hold all transactions of all parties, protecting privacy and eliminating most fraud.

Early iterations of blockchain, however, have held major obstacles to mainstream use. It has proved difficult for most consumers to understand and acquire. It has fluctuated wildly in value, and transactions took an inordinate amount of time to be finalized.

For dispensaries looking to simplify their business operations, the Alt Thirty Six platform, utilizing DASH currency, maintains all the positive features of early digital currency, with several important improvements. It has narrowed the transaction time to a fraction of a second and maintains an unbreakable privacy feature. Here is more information about blockchain and how it’s changing business as we know it.

Alt Thirty Six digital platform is a powerful way to streamline retail operations at a dispensary. Owners and staff can spend less time counting cash—and worrying about it being stolen—and more time finding ways to meet their customers’ needs.

#Digital Currency