“The first American flag was made from hemp,” says Higbee. “Personalities like the DuPont and Rockefeller families didn’t want hemp to take hold because there wouldn’t be a need for oil, timber and other [lucrative] materials.”
Moreover, Prosniewski describes the approach The Hemp Blockchain takes as similar to the “chicken and egg” concept because the hemp industry is young and constantly evolving.
“We provide both at the same time,” he says. “While we can’t do it overnight, what we can do is take steps to bring hemp into the future.”
Prosniewski points to plastic waste, which remains a global problem. According to The United Nations, approximately 400 million tons of plastic waste are produced worldwide every year. Of this number, less than 10% is recycled, according to National geographic.
“If we can reduce that by incorporating five or even ten percent hemp into plastic production,” Prosniewski said, “that’s a big plus.”
So how exactly do he and Higbee hope to do this?
Hemp Blockchain is currently developing what the company calls a “blockchain-native supply management solution for the industrial hemp industry.” Once the project launches later this year, it will go beyond traditional supply chain approaches in agriculture by harnessing technology.
The company hopes to achieve this by providing carbon offsets, credits, and cryptocurrency tokens to hemp growers. There is also talk of creating carbon credit NFTs, which can serve as a scramble for farmers. They would receive a bonus each time they plant hemp and incorporate artificial intelligence (AI) throughout the process.
The company plans to “track and trace” hemp through every stage of production, from seed to final product, while offering a marketplace allowing participants to trade goods and services directly using smart contracts, fiat, crypto and carbon credits.