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The power of health data needs to be unleashed!

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The biggest benefits of distributed ledger technology are touted to be benefits of cost, time and risk across clinical trial records, regulatory compliance and health records. Arguably, the behemoth among them is health data. As early as 2014, a report out of the University of Iowa’s Carver College of Medicine suggested that by 2020, medical data is expected to double every 73 days.

The complexities surrounding health data stem firstly from the multiple sources that feed into the data silo. Accumulating the data into a single enterprise data warehouse would allow users to curate and utilize the breadth of the data for what it is worth. A recent WHO report stated that there will be over 2 billion people over the age of 60 by 2050. Statistics such as this compound the importance of being able to harness the hidden insights which reside in the wealth of health data out there. The relevance of big data has been reported within the pharmaceutical industry, the biotech industry and also within the insurance and academic sectors. The second complexity revolves around the changing face of healthcare practices and methodologies coupled with a constant outflow of data. A steady rise in evidence based research has upended several widely held medical beliefs and ideas. The third challenge is the unstructured and often sequestered data structure that exists within healthcare. But, perhaps the trickiest steeple in the hurdle to the finish line is the ever-evolving regulatory framework. There is no denying the vastness of the health data landscape. Times are changing however and we now see a shift from big data to seemingly smart data. The conundrum facing most healthcare companies is volume, veracity and vulnerability of the data.

Increasingly, the South Pacific region is becoming an attractive part of the world for the emergence of novel and exciting blockchain technology. A general sense of optimism is palpable in the region with several companies anchoring their work out of hubs such as Australia and New Zealand. Over the past year, there have been a growing number of blockchain launches involving New Zealand based firms such as Blockchain Lab, together helping to raise over NZ$140 million through ICOs. While the bulk of these launches have been in the banking, financial services and insurance sectors, there is one kiwi company that is looking to change the business of healthcare altogether. Introducing HealthDex.

I sat down with Dr. Mohsin Chaudhry, a medical doctor who is also the co-founder and CEO of HealthDex. Having been introduced to distributed ledger technology in 2016, Dr. Chaudhry soon discovered that his true passion lay with utilizing technology for the betterment of the health sector. He founded HealthDex in 2017 and since then has been on a journey of learning and liberation.

“The background to HealthDex is built upon the rapidly increasing volume of health data around the world. The main silos of data that we are looking at are clinical health records, genomics data, health IoT data and insurance claims data”.

He says that there are two fundamental problems within the health data ecosystem. “Disruption, is the name of the game. The power of health data needs to be unleashed” “For every incumbent health data vendor and healthcare company, there is a whole new generation of disruptor companies coming along. The likes of Luna DNA are Nebula Genomics are disrupting existing companies like 23andMe”.

The new crop of blockchain driven data vendors are looking to disintermediate the traditional business model of data service, which begins with collecting the data, curating it and then selling it to buyers at inflated prices. He expressed concern over the breaches of privacy that have become ever more prevalent in recent times. “As the data volume starts to grow, the security surrounding individual privacy becomes unsustainable” he says.

Currently, there are dozens of blockchain health data vendors operating in various regions at different capacities. While most of these vendors’ business models are consumer facing, Mohsin notes that they are “either half-way decentralized or are promising a decentralized model down the line”. This is where HealthDex comes in. The lack of a devoted health data blockchain platform to suit their needs is one of the big lacunae HealthDex hopes to fill.

Secondly, the existing vendors and consumers are ring fenced and are unable to search, connect, test and seamlessly transfer data across their boundaries. “HealthDex aims to fix this problem by taking up the role of an Amazon of health data, if you will”. In essence, the first major value proposition is to offer HealthDex in a Platform-as-a-service model, offering all the layers of data service that consumers look for, whilst tailoring the service to suit their unique demands such as GDPR compliance and HIPAA compliance. An enterprise level marketplace is the second critical value proposition. In contrast to the existing consumer facing models, HealthDex pitches itself as a B2B enterprise based business, whose incentive is structured upon on-boarding market-place participants, including data curators.

“We are creating the infrastructure where everyone can trade and exchange”. He emphasizes the importance of blockchain technology to the value propositions offered by HealthDex. “Being a public blockchain, we need a community of nodes that act as storage nodes as well as those that provide CPU and GPU power for the computational verification of transactions and the decentralized AI that HealthDex is working towards”. He adds that “dynamic data vending such as that involved in healthcare would traditionally require some sort of transaction arrangement between merchant and vendor, however blockchain eliminates the need for friction of this nature, instantaneous transactions are essentially what we are looking at offering”.

“HealthDex is being constructed as a public blockchain, however there is a possibility of incorporating permissioned nodes within the framework”, says Mohsin, emphasizing his strong advocacy for decentralization and the mission statement behind it. The infrastructure that goes into HealthDex begins with an IPFS decentralized storage layer, where the data is held in an encrypted format. The second layer built on top is the data curation layer, HealthDexDB which is uniquely tailored to provide data to the vendors. The encrypted data within the decentralized storage layer is linked up to the front end of the platform through a smart contract driven public blockchain that forms the next layer. The last layer is topped off by the front end which provided the interface for the HealthDex marketplace and the DApps that will eventually go along with it.

The growing maturation of the blockchain technology coupled with a greater tolerance and understanding for the importance of regulatory interventions to ensure longevity of the technology makes this a very exciting time to introduce HealthDex into the market, says Mohsin.

“Our revenue model is not centered around analyzing or curating big health data, instead it is to provide a platform, something between Amazon and a cryptocurrency exchange is what we are looking to create”. He says that the bulk of the revenue from HealthDex would be relayed to the consumer and the data custodian who run the DApps upon the HealthDex platform. “we would aim to take a clip of that revenue ticket for providing the platform and the technical infrastructure to sustainably monetize the data”.

Mohsin is upbeat and excited about the market plan for HealthDex. Various strategies have been employed by the company to on-board clients into the HealthDex platform, with traction growing and competition weaning away. The company is currently in post-seed fund stage and are partnering with three TGE launch providers to kickstart the TGE marketing campaign. “The MVP is nearing completion, along with the technical whitepaper”. HealthDex is aiming at a pre-sale event within the next couple of months, followed by a mainsale component of the TGE, ultimately focusing on a Mainnet launch in mid 2019.

Coming out of the fertile innovation ecosystem in New Zealand, the founders of HealthDex are poised to shake up the business of health data collection and distribution. “A lack of financial and human capital are probably the biggest obstacles facing New Zealand start-ups”, says Mohsin. That being said, HealthDex is on its way to laying the tall poppy to rest.

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Source: https://blockchainhealthcarereview.com/the-power-of-health-data-needs-to-be-unleashed/

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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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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After Buying 38,250 Bitcoins, MicroStrategy Has Become A Full Node On The BTC Network

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After purchasing a sizeable amount of bitcoins for himself and his company, Michael Saylor said that the firm he operates, MicroStrategy, has been running a full node of Bitcoin’s latest core version for over a month.

MicroStrategy Runs A Full BTC Node

Bitcoin nodes are an essential part of the Bitcoin blockchain peer-to-peer network. Running a full node means validating transactions and blocks. Almost all nodes also help the network by accepting transactions and blocks from other nodes to validate and relay them.

There’re certain requirements necessary to run a full node, such as robust hardware, reliable and fast internet connection, and the ability to leave the device running for hours without interrupting the connection.

The decentralized nature of the Bitcoin network requires as many volunteers as possible. Otherwise, the consequences could lead to slow transactions, inability to connect through the P2P network, and relying on centralized services.

Anyone fitting the requirements can join the network and become a Bitcoin Core node. According to Michael Saylor, the company he founded over three decades ago has done precisely that.

In a recent tweet, he said that MicroStrategy is “thrilled to do our part to support the growth of the Bitcoin network,” after running a full node for over a month of Bitcoin Core’s latest version – 0.20.1.

Pro-Bitcoin All the Way

The Nasdaq-listed company announced buying its first batch of bitcoins in August, followed by another massive purchase just a month later. In total, the firm acquired 38,250 bitcoins for about $425 million at the time. This represents about 0.18% of all bitcoins ever to exist.

MicroStrategy doubled-down on its belief in Bitcoin recently by instituting a new treasury reserve policy. It reads that “Bitcoin will be the primary treasury reserve asset.” Additionally, the firm said it will purchase even more BTC with the excess cash it generates.

The company’s CEO has been particularly supportive of the asset in the past several months. Earlier this week, Saylor disclosed that he’s a Bitcoin HODLer as well. His personal portfolio consists of 17,731 bitcoins (worth about $235 million).

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Source: https://cryptopotato.com/after-buying-38250-bitcoins-microstrategy-has-become-a-full-node-on-the-btc-network/

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