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MediChain: a public blockchain medical information network

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Blockchain technology is much broader than its application in cryptocurrency and Bitcoin. This technology depends and could not have been developed without large-scale cloud technology. In any kind of transaction system, the technology creates immutable data records of each transaction are distributed to all contributors to the network. In other words,

    • Every transaction is recorded in a way that no one can modify it or delete it.
    • Then all the transaction records become instantly available to all peer networked data system.
    • All clients of the system so that no one can doubt or question that a transaction took place and the nature and value of the transaction.

The financial sector has been the first to recognize the value of blockchain technology. Blockchain financial services are quickly growing, raising billions of capital dollars a year.

Data security

Blockchain goes beyond ordinary data encryption.

  • As each transaction proceeds and the details of the medical information are confirmed, the data is encoded into a block of digital data and uniquely signed or identified.
  • Each block is “chained” to the one before it and after it creating an irreversible and unmodified sequence.
  • Blocks are chained together, preventing any block from being altered, or a block from being inserted between existing blocks.
  • Then the chains of blocks create a shared system of records, already locked in place, among members of the network. This eliminated the need (or even the ability) to reconcile disparate ledgers or records.

MediChain leverages blockchain to store pointers and rules on usage and anonymity for data that is stored off-chain in a compliant cloud. This allows patients, doctors, and hospitals the ability to access their data at any time. Moreover, it allows other doctors and hospitals to access selected parts of the data.

Benefits of the MediChain innovative architecture:

  • Fast access and small downloads to make it practical for everyday medical use.
  • The protocol is based on smart cards, Homomorphic encrypted access rules tables, json data formats, lightweight and strong cryptography and blockchain technology
  • Enhanced transparency and reliability in medical data exchange at every level

Since systems can work with the almost universal and open json format, The MediChain protocol  improves patient data sharing and availability anywhere in the world.

Blockchain in healthcare

What distinguishes blockchain healthcare systems from other health service networks is the records in the blockchain network are universally distributed to all stakeholders. Managers and stars in the network are not favored. Considering the vast amount of medical data that is being collected with new medical digital electronics and wearable devices, the blockchain era is already started. Hyperledger, the open source umbrella of bitcoin development, does regular surveys of public attitudes.

  • The last Hyperledger survey found that the technology is not universally accepted in the healthcare industry.
    Less than half (42.9 percent) of healthcare organizations agree that interoperability of electronic health records will help to speed blockchain implementation.
  • Only 28.6 percent of healthcare organizations are ready to use this technology in health care settings today.

The main reason why medical organizations hesitate to use blockchain technology is the lack of understanding. At least a quarter of organization leaders are still educating themselves and exploring the ideas. Healthcare providers are insecure and before they can’t make commitments for their industry.

  • A large majority (65.4 percent) want a technical proof of concept.
  • More than a third (38.5 percent) want proof that the systems are really secure and (35.6 percent) want proof that the data is kept private.
  • Nearly a quarter (23.1 percent) of healthcare organizations want more proof that blockchain systems can meet regulatory approval.

As the actual number of patients using the healthcare system rises and the number of data variables stored on a regular basis increases, healthcare providers have to manage huge storage issues every day. The data volume increases each year. Hospitals and clinics find it harder to process and store information from patient health information, electronic health records, (more recently) data from IoT devices and monitoring systems, and (significantly) medical insurance claim information.

A big and increasingly strident issue is the security and correctness of healthcare data. A means of verifying that data is correct is crucial for ensuring proper medical services.

  • One of the big advantages of blockchain is data integrity.
  • Once information is recorded and encrypted it becomes impossible to change or remove it.
  • One approach to blockchain for secure recording and sharing of information is the anchoring of data to the public blockchain.
  • This allows users to verify the integrity of public health records.
  • Professionals can perform medical audits and present results which cannot be altered or changed.
  • The expense of audits can be reduced.
  • Regulatory compliance can be assured.
  • Data safety can be ensured as well.
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Source: https://blockchainhealthcarereview.com/medichain-a-public-blockchain-medical-information-network/

Blockchain

Crypto Markets Shed $10 Billion in Hours as Bitcoin Loses $400 (Market Watch)

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After a sharp price jump towards $13,650 intraday, Bitcoin has retraced and trades around $13,200. The alternative coins continue to bleed out, and the total market capitalization has dropped below $390 billion.

Bitcoin To $13,650 And Back On ECB Stimulus News

Following the latest 2020 high, Bitcoin got rejected and lost nearly $1,000 of value in hours a few days ago. Since then, the asset has been struggling with the $13,000 level.

After another dip below it, BTC went on a roll yesterday. This resulted in a daily high of almost $13,700 (on Bitstamp). Interestingly, the impressive price increase came shortly after the European Central Bank said that it could seek a new stimulus package in December.

“The Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favorable to support the economic recovery and counteract the negative impact on the pandemic on the projected inflation path.”

More impactful news came from the US. The jobless claims fell to a 7-month low – a level not registered since before the COVID-19 outbreak.

Wall Street also felt the positive effects. The three most prominent US stock indexes closed Thursday’s trading session in the green. However, the futures contracts have dropped after hours.

Bitcoin has mimicked the stocks’ performance, but being a 24/7- traded asset, it started dropping shortly after Wall Street closed doors. BTC has lost about $450 and currently sits around $13,200.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood On The Altcoins Street

The situation within the alternative coin market is unfavorable, to say the least. As the graph below demonstrates, all alternative coins are in the red on a 24-hour scale.

Ethereum struggles with $380 after a 2.4% drop. Ripple’s near 4% decline has taken XRP beneath $0.24. Bitcoin Cash (-2.2%), Binance Coin (-7%), Chainlink (-6%), Polkadot (-9%), Cardano (-9%) have all lost significant chunks of value from the top ten coins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from the lower and mid-cap altcoins. Reserve Rights has dropped by 20%, Yearn.Finance by 17.5%, and Synthetix Network Token by (-17%).

Other double-digit price declines are evident from Ampleforth (-16.7%), ABBC Coin (-16.7%), Ocean Protocol (-16.5%), Compound (-14.5%), Band Protocol (-14%), Algorand (-13%), Ren (-13%), and more.

The total market capitalization has seen $10 billion evaporate in a day and $20 billion in two days.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-markets-shed-10-billion-in-hours-as-bitcoin-loses-400-market-watch/

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Blockchain

Bitcoin-Gold high correlation has an expiry date

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Whenever someones shout ‘Bitcoin’ in the crypto community, the chances of someone shouting ‘Gold’ back, are particularly high. Jokes aside, the number of Bitcoin-Gold comparisons, while identifying BTC as ‘digital gold’ has been somewhat of a theme in recent months.

While both the assets share similar financial properties based on scarcity, hedging against inflation, etc, they were not in the same ballpark of collation until a few months ago.

Bitcoin chasing Gold

Source: Ecoinometrics

According to Ecoinometrics, back in 2012 before the 1st halving, more than 100 BTC was required to buy 1 ounce of Gold. After the 2nd halving in 2016, 1 ounce Gold could be purchased with 2.1 BTC and now, 4 years later, 1 BTC is approximately valued at 7 ounces of Gold.

Bitcoin has certainly bridged the gap to Gold’s market cap but the correlation with Gold was already very low until the 3rd halving. End of 1st halving, it was 2% and around 11% during the end of 2nd halving.

However, after the 3rd cycle in 2020, the BTC-GOLD correlation jumped to 43%, thus inflicting further comparative analysis.

Why the sudden correlation jump?

Here, the impact of fiat currency debasement comes into play. The value of the dollar has been deteriorating for the past couple of years but in 2020, it is down to a new low due to the pandemic. fiscal stimulus (i.e limitless money printing) has led to the rise in both Bitcoin and Gold, and because both these assets co-incidentally rosed at the same time, their correlation witnessed a spike.

So while Bitcoin’s 3rd halving did play a role in improving correlation with Gold, the liquidating event in the traditional stock market led it to a different height.

These factors ended up causing Bitcoin and Gold to compete for the same market, a safety-net against inflation when BTC was actually on its own growth cycle.

Gold-Bitcoin correlation: Will it drop in the future?

Possibly, Yes.

Ideally, Bitcoin did not want to be in this current position where an unstable global economic landscape is causing similar types of assets to converge.

The root of Bitcoin-Gold comparison comes from this herd mentality because the marketplace continues to see both the asset act the same way under the current financial environment.

However, every turbulent economic period has an expiry, and when the large financial scenery stabilizes, Bitcoin will continue to push ahead in terms of value, while Gold’s price will stabilize and increase at a slower rate. Therefore, the correlation will gradually decrease.

By the end of Bitcoin’s 3rd halving cycle, depending on BTC’s growth, it will possibly account for 5-10% of Gold’s market cap (currently at 2.4%). Bitcoin is keeping up with its algorithmic monetary policy and with time, a comparison with Gold could be thing of the past.

Source: https://eng.ambcrypto.com/bitcoin-gold-high-correlation

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Crypto Collateral Exchange Dsdaq Hosts Global Demo Trading Competition

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[PRESS RELEASE – Please See Disclaimer]

Hong Kong innovative crypto collateral trading platform Dsdaq is hosting a Global demo trading competition, to celebrate the launch of its demo account function.

Nearly 2,000 traders were attracted to compete for a total of 3000 USDT prize pool and free airdrop of Dsdaq platform tokens, the Original D or OD for short. Traders will use $100,000 demo fund as the initial margin and will be ranked by profit.

dsdaq

Trade with Dsdaq Demo Account and Win USDT

Dsdaq is very innovative considering that crypto traders can use their BTC, ETH or USDT as collateral to trade traditional financial assets such as stock, index, gold, oil, etc. “This feature is pretty new for most crypto traders so it is crucial to launch this demo trade function so that our users could explore the great innovation without investing real money’, said Sara, the spokeswoman of Dsdaq.

All competition participants need to do, once the competition starts, is to use the virtual funds provided in their crypto collateral wallet and to buy or sell any financial assets on the platform during the competition period from October 27, 2020 (6:00 am HKT) to November 6, 2020 (6:00 am HKT).

Enjoy market volatility during the competition

The competition is now heating up as participants begin to practice their trading skills to win the amazing prizes and the market becomes more volatile as time gets closer to the US election. Sara said, “This competition is a good chance for every trader to practice their trading skills, get familiar with crypto collateral accounts, and find out the investment pleasure of seizing financial market volatilities.”

Once the competition ends, traders with the highest final net value on their demo accounts will share the competition’s prize pool of 3000 USDT, among whom the first place could receive a whopping 1500 USDT prize. Moreover, each participant who completes the game will get a free airdrop of 5 OD.

About Dsdaq

Dsdaq is the first trading platform that offers crypto collateral accounts for traders and functions mainly as the bridge connecting the crypto and financial markets.

Dsdaq caters to traders of all levels. After the launch of Dsdaq demo account, traders are allowed to practice their trading skills in Dsdaq, which makes the platform more friendly to beginners.

All Dsdaq users could enjoy trading with very low fees. What’s more, Dsdaq offers up to 30% commission of trading fee as affiliate earnings. Unlimited profit potential is within reach when trading crypto contracts with up to 100x leverage in Dsdaq.

For more information, please visit https://www.dsdaq.com/.

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Source: https://cryptopotato.com/crypto-collateral-exchange-dsdaq-hosts-global-demo-trading-competition/

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