In most of the APAC countries, especially in Australia, people were not familiar with blockchain technology. But, with rapid developments in the last few years, the blockchain-based Australian companies have been witnessing an exciting growth in the market. This includes various sectors, prime organizations like leading banks, universities, and even government institutions who have begun entering the blockchain environment since 2017. The ongoing progress in cryptocurrency and blockchain technology has therefore resulted in the formation of the world’s first crypto-friendly airport—Brisbane International and the first issue of a ‘cryptobond’ from the Commonwealth Bank of Australia.
Based in Australia,Parsl is an addition to this rapidly growing blockchain forest in the country. Witnessing the extensive growth of the legal cannabis industry, Dr. Isaac Balbin, the Founder, and CEO of Parsl decided to mingle the two most rapidly thriving things—blockchain and the cannabis industry. With a potential aim to revolutionize the way the legal cannabis industry operates, Dr. Balbin and his team have developed a blockchain-based supply chain platform for the cannabis industry.
Utilizing Emerging Technology to Enhance the Cannabis Industry
The cannabis industry is still in the initial stage and is going through a number of problems. Most of the state-required track-and-trace solutions for the cannabis industry are a burden on the sector. Some of the disadvantages include lack of reliability, confusion, and vulnerability to human-errors which cost significantly more time and money to the industry. Therefore, eliminating these pitfalls, Parsl’s supply-chain solution that is built on blockchain technology, is specifically designed for the developing cannabis industry. The Parsl supply-chain technology combines blockchain technology and smart packaging that delivers a supply-chain with the capability to automate cannabis compliance and provide more transparency, security, and reliability to the users involved in the industry.
Bringing Revolution with the Founder’s Technology First Approach
Bringing two novel things together, Parsl is bridging the gaps between the cannabis industry and blockchain technology. Prior to establishing Parsl, Dr. Isaac Balbin has worked in a diverse range of companies playing different roles and learned numerous aspects of the business. Moving forward on his entrepreneurial path, Isaac founded a startup business and soon sold it to a company listed on the ASX. Since the beginning, his keen interest in technology and learning has made Isaac an expert in numerous technologies including blockchain, cryptocurrency, cannabis science, supply chain, RFID, NFC, RF/Microwave circuits/systems.
Similarly, Isaac acquired proficiency in printed electronics, Microwave Antenna design, Fractals, Project Management, Business Intelligence and Strategy, Governance (including Corporate Governance), Regulatory structures, Standardisation, Supply Chain, Decentralisation and many more technologies and scientific principles. Speaking about his passion for technology, Isaac shares, “I am in love with technology, and I want to share what I know, what I understand and what I can envision with the rest of the world so that no one is left behind.” Later, on his way to introduce something meaningful, Isaac came across blockchain technology and extensively worked on it. Falling in love with blockchain, Isaac decided to establish Parsl to utilize blockchain along with cutting-edge technologies such as IoT, AR, VR, and AI/Machine Learning. At present, the company has upgraded its capabilities and successfully launched its own cryptocurrency and validated the concept with the industry. Additionally, Dr. Balbin and his team are all set to launch the technology platform to disrupt the global cannabis industry.
Moving Ahead with a Global Focus
Presently, the Australian market is a lot more similar to the global market than that of the APAC countries. There is also an issue of geographical isolation but the rapid online developments have reduced the intensity of this concern. On the bright side, the boom in the US cannabis industry is greatly attracting firms to develop competitive solutions for the sector. Parsl is also ahead in this competition. With its globalized business approach, the company has primarily targeted/focused on the US cannabis industry. In a short span of time, Parsl has gained significant partners in North America. Today, the company is closely operating and effectively collaborating with them on some comprehensive projects.
“The most important part of my approach is to stay true to our vision,” says Isaac
A forward-moving company is the one that takes charge when no one is capable of fighting the challenges in real-time. When a company takes this approach, it is considered as an innovator in the sector. Instead of seeing its competitors, the progressing organization develops its unique path and lets others to follow the same.
“We believe that no one is really solving the problems of the cannabis industry in the same way that we are at Parsl,” says Isaac while sharing his out-of-the-box approach towards solving industry problems. Therefore, Isaac and his team consistently give utmost importance to their vision to continuously invent useful solutions. Its blockchain-based supply-chain platform for the cannabis industry is one such beneficial solution.
According to Isaac, the blockchain space is full of new opportunities because of its potential to transform and supplement a wide variety of industries. He says, “So much is happening and there are so many people doing incredible things.” Likewise, Isaac sheds light on the pitfall of getting side-tracked by different projects that are coming up with blockchain technology. Therefore, companies need to get the most out of this technology to ensure the best outcomes. Similarly, the team of Parsl has adopted a continual development approach towards their end goal which encourages them to work on their mission and strive to go further on a daily basis.