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ODENSE, DENMARK / ACCESSWIRE / July 28, 2022 / Today, Vleppo, a Danish blockchain technology company, and Allele Group (“Allele”), a US plant genome biotech company, are excited to announce they have successfully demonstrated how cannabis producers can establish, enforce, and monetize their plant IP easily and affordably. Both companies performed a transaction where the DNA of a Cannabis plant was registered and recorded as an NFT (Non -Fungible Token) that was immediately licensed using a Ricardian Smart Contract. This service will be ready for commercialization for the Cannabis industry by Q4 2022.
This solution leverages Vleppo’s blockchain-integrated Contract Management System (CMS) which is powered by the Komodo Protocol (a customized version of the Bitcoin protocol) and Allele’s NFT platform which is powered by Polygon’s Ethereum scaling platform.
Vleppo and Allele have been collaborating since January 2021. Both have been jointly analyzing the unique challenges facing participants in the recreational and medicinal cannabis space with Allele Group focusing its attention on IP management and Vleppo focusing on IP and commercial and legal enforceability.
IP management in the US Cannabis market is uniquely challenging for participants for two reasons:
- Legislation: Participants need to ensure that their IP is managed with reference not only to federal law but also a patchwork of state laws ranging from fully permissive through to prohibition. The complexity and associated costs of walking this legal tightrope is often out of reach for participants leaving their businesses potentially exposed to significant financial losses in the future.
- Strategy: Cannabis IP management is extremely complex particularly with regards to whether IP is patentable or not. Given the rapid pace of change in this industry both in terms of competition and regulation, an inflexible IP strategy set in place today may not be effective tomorrow.
Vleppo and Allele invested significant time and resources in analyzing these issues and determined that the most robust and flexible approach to solving this problem is a combination of IP management via Allele’s tokenization of IP using Non-Fungible Tokens and leveraging Vleppo’s Blockchain-integrated Contract Management System (CMS).
This game-changing solution is focused on enabling breeders to register their cannabis varieties unique DNA and an NFT both as a data organization methodology and a way to protect IP rights regarding custom strains of cannabis. In this way, breeders can establish the date at which their ownership of IP is recognized within the Polygon blockchain and have this IP immutably linked to the NFT.
This “pre-patent process” provides several key benefits to cannabis breeders including staking legal ground to protect their IP and facilitating the ability to commercialize their product with a solid guarantee of IP protection.
The blockchain-integrated CMS provides breeders the ability to create an enforceable digital contract and embed their NFT’s Polygon on-chain ID directly into the Blockchain record of the same digital contract, with the same ease as using any leading CMS such as DocuSign.
Being Blockchain enabled, Vleppo’s CMS also provides users with easy and affordable access to payments, escrow and Blockchain governed dispute resolution – essentially everything a participant in the cannabis industry needs to commercialize their IP and products. This solution is equally relevant to a diverse range of industries and jurisdictions.
Tony Rosenberg, Principal of Odyssey and key early-stage investor in Vleppo said: ‘We actively invest in disruptive technologies and we’re always looking for the next major innovation. We believe we have found that in Vleppo and we’re excited to see Vleppo using Blockchain to deliver real and tangible business solutions on a global scale.’
Chris Sloan, Chair of the Emerging Companies Team at US legal firm Baker Donelson said: ‘The idea of using a Ricardian Smart Contract to digitalize that process [tying the tokenized IP rights for a cannabis plant to a legally enforceable digital Material Transfer Agreement] in a Blockchain based structure is a great use case in general in the US’ during a panel discussion following the Vleppo and Allele demonstration.
‘With economic conditions deteriorating and the likelihood of a soft-landing diminishing, businesses need to extract more value from their assets such as IP. Traditionally this has been difficult due to the costs and impact of implementing these sorts of value creation strategies. What Vleppo has just done with Allele demonstrates a low cost and high impact way to monetize assets that are often sitting idle in the business …’ Peter Coco, CEO and Founder of Vleppo said.
Peter Coco will be at DMCC Free Trade Zone in Dubai to meet with partners and investors 27th – 31st July and then London 1st – 4th August to discuss the potential universe of applications of Vleppo’s technology and next steps in helping owners of NFTs and other digital assets to unlock and monetize their value.
Founded in 2018, is a Web3 business solutions application has been focused on developing a Blockchain integrated suite of business tools for freelancers, SMEs, and enterprises. More information available from www.vleppo.com.
Allele Group is a plant and human genome company that has created a platform and an algorithm of smart contracts on the Polygon Blockchain that allows users to tokenize and breed plants as NFTs. More information available at www.allele.group
Komodo is a community-oriented project, consisting of a customized version of the Bitcoin protocol (known as the Komodo Protocol) as well as a blockchain running on the Komodo Protocol.
Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.
To learn more about Vleppo
CEO and Founder of Vleppo ApS
SOURCE: Vleppo ApS