Is the $120 billion global skincare industry next in line to be transformed by the blockchain? Leading skincare specialist, Dr Anna Karp, is seeing this happen already in her work with Opu Labs – a blockchain startup dedicated to evolving the way skincare intelligence is shared.
Like so many other sectors, skincare isn’t immune to the charms of the blockchain. In fact, it’s one of those rare industries where there’s no real precedent set for data security – since for the most part there hasn’t been a universally accessible way of collating and sharing patient information.
Despite what many may think, blockchain and skincare aren’t mutually exclusive. In many parts of the world patients don’t have access to a dermatologist. The only information available to them is often marketing from skincare brands or limited advice from people they know. That’s why we dermatologists are continually looking for ways to expand their reach and use their capabilities in more scalable ways.
Skincare is no stranger to technology. The need for more accurate diagnoses, compounded by the growth of AI and telemedicine are creating a fertile proving ground for new software and hardware.
Inside clinics there are many high-end devices – such as lasers, ultrasound tightening devices, and microneedling equipment. And procedures can be expensive. In order to use the equipment to best effect we first need to make an assessment; which often means repeat clinic visits for patients.
Training AI To Diagnose Skin Conditions
While general telemedicine platforms provide data for scheduling, prescribing, and messaging, there’s definite need for more advanced diagnostic tools. This is exactly why Opu Labs was set up. We’re building a series of technology platforms on the Ethereum blockchain – including an AI powered skincare mobile app, which uses machine learning to improve diagnosis quality.
My role involves training Opu’s AI technology to recognize different skin issues – such as hyperpigmentation, wrinkles, and redness – and make treatment recommendations. We’re currently looking at images uploaded by users and highlighting various skin conditions. As more users upload their facial scans, the AI technology will incrementally improve. But that relies on us getting the data needed.
Creating A Value-Driven Ecosystem
While the use of AI alone doesn’t require the use of blockchain technology, Opu’s use of Ethereum’s smart contract functionality allows the secure exchange of patient data. In order to incentivize users and stimulate broader usage of its platforms, Opu has created its own value driven ecosystem; underpinned by an Ethereum-backed ERC-223 crypto token – OPU Coin, which will be the primary transaction unit across Opu’s platforms. While some 600 million OPU coins will soon be available during Opu’s upcoming ICO (in July 2018), patients will also be able to ‘earn’ OPU coins for a range of other activities; including taking part in clinical trials, product testing, and recruiting new community members.
Skincare is highly commercialized. The demand for data related to the efficacy of skincare products is significant. Consumers are always looking better skincare solutions, so there is, I believe, great potential value for a smart rewards system that runs on top of a trustworthy data bank.
Technology Will Complement, Not Replace, Dermatologists
Working alongside a strong medical team, led by Opu’s Chief Medical Advisor, Dr Dhaval Bhanusali, I’m confident Opu has what it takes to get skincare right on a global scale. We have an outstanding board of advisors and an expert team of dermatologists who are helping us train the AI. Also a number of clinics and doctors around the world have expressed a keen interest in using the platform.
However, despite the leaps and bounds being made, technology won’t replace dermatologists; it’ll enhance our capabilities in many respects. Better and more accurate data means faster diagnosis, bespoke treatment plans, and improved results, which will be hugely beneficial to both patients and dermatologists.
This is a sponsored article. Blockchain Healthcare Review does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Blockchain Healthcare Review is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Dr. Anna Karp is a leading dermatologist at The Skin Institute of New York. She previously worked at St John’s Episcopal Hospital where she was chief resident of dermatology, and continues to to work at an assistant professor at NYU Langone Health.
Litecoin, STEEM, Dash Price Analysis: 19 October
Litecoin’s value dropped on the back of a bearish divergence, but at the time of writing, it was close to a critical level of resistance. STEEM appeared to enter a period of consolidation, while Dash was unable to breach and hold its level of resistance. It is likely that DASH will register more losses over the next few trading sessions.
LTC was moving within an ascending channel (white) and exhibited a bearish divergence (orange) when LTC made a higher high as the OBV formed a lower high.
This showed that the price was making gains, even in the face of diminished buying volume, and the price was subsequently forced to correct to $47.
A level of resistance lay at $50.45 for LTC. The crypto-asset has not been able to close and defend this level since early-September and would be a target for the market’s bulls in the coming days.
A close above this level would be bullish and LTC could soon rise to $54.
The Bollinger Bands were tightening around STEEM’s price, with the same indicating a period of lowered volatility.
The crypto-asset, while it noted a bullish divergence (orange), gained by 1.4% on a move upwards. The asset has been trading between $0.17 and $0.152 for most of the past three weeks.
A phase of consolidation near the support level might break out to the upside. However, more time and data would be needed to confirm both the consolidation and then, a potential breakout.
The 20 VWMA (volume-weighted moving average, green) was moving some distance beside the 20 SMA (white) over the past week. Alongside the heavy trading volumes seen in individual sessions, it can be concluded that DASH’s recent spike to $73 and the equally rapid descent to $66 was a violent tussle between the bulls and the bears on the charts.
Further, the price appeared to have flipped the $69.8-level to support, but the bears were able to undo all the recent gains as they pushed the price even lower.
DASH was also trading under the 100 SMA (pink), which highlighted the fact that DASH has been trending lower since late-August.
A reversal in trend would necessitate the capture of the $69.8-level. However, the past few trading sessions have seen the crypto-asset post gains while the trading volume was well below average, suggesting some more losses could be seen shortly.
Trial of Alexander Vinnik, accused of Bitcoin fraud, begins in Paris today
Suspected of a BTC fraud, the alleged owner of the Russian cryptocurrency exchange BTC-e, Alexander Vinnik will start his long-awaited trial in Paris today. The trial begins after Vinnik was arrested in 2017 while holidaying with his family in Greece, and later being imprisoned in France.
According to French prosecutors, Vinnik has been suspected of being the main creator of the ‘Locky’ ransomware which led to the encryption of users’ data after which he allegedly demanded ransom in bitcoin. Back in 2016 and until 2018, several entities in France were targeted through this malware which resulted in twenty victims paying the ransom through BTC-e.
In this Paris trial, 41-year-old Vinnik has been accused of this ransomware fraud amounting to 135 million euros ($157 million) and faces up to ten years in prison. Furthermore, Vinnik who claims that he is innocent faces 21 charges from U.S. law agencies accusing him of laundering billions of dollars connected to criminal groups, as well as identity theft and for even facilitating drug trafficking. So far, Vinnik maintains that he was only a technical consultant at BTC-e and has denied all the aforementioned accusations.
He is also wanted in Russia, in fact Vinnik had gone on a hunger strike demanding to be extradited to Russia where he faced lesser fraud charges for the amount of 9,500 euros ($11,200).
Earlier in June, New Zealand police had seized assets worth $91 million from a Russian man who laundered billions of dollars in cryptocurrency. Police claimed that the assets involved were held in a New Zealand-registered company, Canton Business Corporation, that allegedly operated the now-defunct BTC-e exchange.
Uniswap could be a stumbling block for DeFi decentralization
Unsiwap’s governance vote has been a hot and controversial topic, with questions raised surrounding its centralisation
There are concerns that an Ethereum flash crash may happen when UNI mining is concluded in November. Industry experts have embarked on finding more flaws in addition to the centralisation concerns resulting from Uniswap’s first governance vote.
The last whale account took the proposing side of Dharma. The conclusion of the vote, therefore, means only a handful of addresses with the majority of UNI tokens will have governance power.
It is worth noting that three addresses accounted for nearly all 39.5 million votes in support of the proposal, with only about 700,000 in opposition. The Dharma and Gauntlet proposals’ approval gives them a majority if they agree on any upcoming decision. However, this isn’t the only thing to worry about.
According to Ryan Berckmans from Predictions Global, the governance could be a hindrance to the DeFi sector. Berckmans also predicts that the central control could impact volatility on Uniswap.
Another concern is the conclusion of UNI liquidity mining on November 17. Berckmans points out that about $800 million in Ethereum will be pulled out from the pools when they ultimately expire. This, in turn, could result in a flash crash and even disrupt the whole decentralised finance sector.
In his opinion, the feasible way of keeping the sector stabilised is by perpetuating the UNI farming incentive. He also recommended designating executives to act as governance officers similar to what Ethereum has adopted with Tim Beiko and the new EIP 1559 fee proposal.
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