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CryptoCann™ Report: Seagate and IBM partner to fight counterfeiters with blockchain; privacy breach affects 4,500 Ontario Cannabis Store customers

Square released strong third-quarter results after the closing bell that included its Bitcoin sales
Marijuana plants
A breach into Canada Post’s database revealed the information of about 4,500 customers

The Crypto Report

IBM Corp (NASDAQ:IBM) is one of the top blockchain patent holders, second only to China’s Alibaba Group Holding Limited (NYSE:BABA).

Data storage solutions company Seagate Technology plc (NASDAQ:STX) is partnering with the tech giant to fight back against the US$100 billion counterfeit hardware industry, as per a Forbes report.

Seagate even runs the risk of accepting counterfeit hardware back into its supply, which is known as the reverse supply chain.

The companies have a two-part plan to fight back, using cryptographic signatures on the hardware and securing the supply chain by moving it onto a blockchain as well.

READ: NetCents Technology completes cryptocurrency integration with restaurant-focused SoftPoint

In other crypto news, Square Inc (NYSE:SQ) released strong third-quarter results after the closing bell, including its Bitcoin sales.

The payment processor reported that Bitcoin brought in a total of US$43 million in revenue and a profit of US$500,000.

Bitcoin accounted for 5% of Square’s total revenue in its third quarter.

Square’s Cash app allows US customers to buy and sell Bitcoin, the only digital asset it currently supports.

The Cann Report

The US midterm election was a victory for cannabis advocates, bringing legalized recreational marijuana to Michigan and legalized medical marijuana to Missouri and Utah. The resignation of long-time cannabis opponent former US Attorney General Jeff Sessions was also viewed as a win for the marijuana market.

Cannabis proponent Congressman Earl Blumenauer (D-OR) called it a “big night” for cannabis.

Blumenauer recently sent an eight-page letter to Democratic leadership in the House of Representatives outlining his plan to legalize cannabis if the Democrats were to retake the House after the midterm elections, which came to pass this week.

“I look forward to working with our new majority in the House to finally end the federal government’s policy of prohibition, which continues to ruin lives—and disproportionately the lives of people of color,” said Blumenauer (D-OR) to Leafly in a statement.

READ: Shares of Tilray light up after US Attorney General Jeff Sessions resigns

Legalization made its way to Canada last month, but it hasn’t exactly been a smooth transition.

There won’t be any retail spots in Ontario until next year, so cannabis consumers shopping legally will have to go through the online Ontario Cannabis Store.

However, a privacy breach into Canada Post’s database on November 1 revealed the names, shipping addresses, and order dates of more than 4,500 customers, according to a High Times report.

Canada Post emailed the affected customers nearly a week later on November 7, letting them know the breach exposed limited data and did not include personal financial information.

Nevertheless, the Ontario Cannabis Store requested that Canada Post revamp its security system to prevent another event of its kind and has reportedly removed all order reference numbers from the tracking data given to Canada Post.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Join our Crypto, Blockchain and Cannabis Telegram group here

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