Of the many many challenges the US. healthcare system is or isn’t working, it’s become abundantly clear not one is going
- frequent medical data breaches,
- counterfeit drug distribution,
- or forging of the results of the clinical trials.
Blockchain solutions can trigger positive changes in the industry and provide recurring opportunities for further domain development.
So, we are going to find out how blockchain technology can help handle each of the challenges mentioned above and which ready-made solutions already exist on the market.
Medical Data Breaches
In March 2019, the healthcare industry has faced a 14% increase in the volume of data breaches compared to the average rate of the last 6 months. This has led to an increase in the number of exposed health records.
A healthcare provider, Navicent Health, has reported that 278,016 of their medical records have been accessed via phishing. One more case has taken place at ZOLL Services LLC. Their network has been attacked which resulted in the exposure of 277,319 records.
PhrOS Records System
Phros is a healthcare records system introduced by Taipei Medical University in partnership with the Digital Treasury Corporation in 2017. To achieve higher transparency between medical institutions and increase data security, PhrOS leverages blockchain technology for securing medical data.
By using a mobile PhrOS app, doctors and patients can securely exchange data. For example, a patient can input the information about their current health condition, and the doctor will immediately see it in real time. This significantly improves doctor-patient interaction.
MedicalChain proves partnerships are a key stepping stone to broader adoption. One can not write about this topic without mentioning Medicalchain in cooperation with a private clinic chain Groves Medical Group is MyClinic. Similarly to PhrOS, MyClinic provides the opportunity for transparent doctor-patient interaction by using decentralized ledger technology (DLT).
The service aims to protect the process of transferring electronic healthcare records (EHRs) between patients and doctors. By using MyClinic, patients can securely send their data to the doctors and get real-time remote consultation for a smaller fee while there is no need to spend money on office rent and transportation.
Prescription fraud abuse
About 10% of all drugs in the world are fakes. This statistics mostly relates to such locations as Latin America, Europe, and Africa. More than a million people annually die because of these forged medications.
Moreover, it has been reported by the Organization for Economic Cooperation and Development (OECD) that the counterfeit drug area costs governments approximately $200 billion per year.
Blockchain technology can help eliminate the risk of forgery and, thus, save lots of people’s lives.
Data placed on blockchain can’t be altered in any way. This allows you to accurately trace every single phase of the drug delivery – from the producer’s storage to the consumer. For this, it is better to use private encryption keys which block all attempts of getting into the system for medication forgery.
SAP focused on counterfeit medicine
SAP has recently introduced its blockchain software for reducing counterfeit medicine. According to their product, drug makers have to note down the information about each drug item they produce on the ledger. They also have to transfer their XML messages through the SAP’s cloud so that they can occur on blockchain. This ensures that these messages will be accessible only to the supply chain participants, and no third parties could access them for forgery.
AsliMedicine is tracking drugs using blockchain technology
One more ready-made solution is AsliMedicine aimed at tracing drugs across the entire healthcare chain and detecting fakes. This solution assigns a specific coding model for every medicine. It may include a unique ID number, location of the manufacturing, name of the company, etc. All these details help track the item throughout the chain and identify counterfeit ones.
Blockchain Technology for Clinical Trials
The purpose of any clinical trial is to determine the effectiveness of a newly produced drug. A common process consists of three key stages. At the first stage, the medicine is distributed among the small group of volunteers; at the second one – among the bigger group; and at the last stage the medicine is provided for testing by the largest group.
This process is expensive and time-consuming. This is why many manufacturers can forge the trial results to be able to put the drug for sale faster.
Blockchain again comes to the rescue. To add new information to blockchain, the participant has first wait until the data about the tested drug placed in the previous blocks gets confirmed. Thus, the technology ensures the authenticity of the document which, in turn, confirms that the results of the trial are true.
BloqCube ensuring integrity for clinical trials
One of the ready-made solutions powered by blockchain in BloqCube. It facilitates clinical trials, aims to accelerate the entire process and ensures medical information integrity.
Does Bitcoin’s ‘buy today, sell tomorrow’ strategy always work?
To the investment world, Bitcoin just doesn’t make sense. An asset with no financials, no quarterly earnings reports, no management to speak for it on investor calls, no valuations, no annual report, no head office, nothing. How does one value something like this in order to invest in it? There’s a simple answer – They don’t.
Bitcoin is more or less seen as an asset of the future. And for an asset of the future, you don’t look at present fundamentals, not just because there are none, but because you can’t evaluate it correctly. For this reason and more, Bitcoin is popular among a lot of traders. The fickle, fast-moving, and shrewd operators of the markets who don’t care about the worth of an asset, as long as it gives them a return. Let’s look at Bitcoin’s market based on the perspective of these people.
In order to consider this, let’s take a neutral stance. Let’s look at the Bitcoin market as a buy-today-sell-tomorrow kind, rather than a hodl for weeks, or make a handful intra-day trades kind. In part, because this would still come under the category of trading, but mainly because it’s easier to pull out the daily close price of Bitcoin, rather than its hourly, or even by-minute estimates.
Right, with that sorted, let’s get into the numbers. If you simply and blindly conducted a buy-today sell tomorrow strategy for all the eight completed months and the first 5 days of September, how much would you have made? Before answering this, bear in mind that Bitcoin began the year at $7,500, broke past $10,000 twice, before breaking down to $4,000. It’s now up over $10,000 again. Oh, and two weeks ago, it was over $12,000. Back to the question, how much do you think you’d have made?
Well, it’s a cool $2,993, or an average of 21.15 percent by buying and selling each day for 8 months. Granted, that’s too many transactions, 248 to be exact, and it doesn’t include order and withdrawal fees, but it’s still a good amount, isn’t it? In fact, if you would’ve ended your long trading game on 31 August, rather than 5 September, you would’ve made $4,476 or a 35.3 percent return by avoiding the 3 September drop from $12,000 to $10,000. In terms of a monthly return, five of the eight months returned positive and three negative. The positive returns totaled $7,765 and the negative $3,289.
So, make of that what you will, but it does go on to state that Bitcoin trading on a day-to-day basis, provided you have the time, capital, and an exchange that doesn’t eat up a lot in fees, will allow you to make a good profit for yourself.
Everything You Need to Know About the Yearn Finance Projects
Have you heard about Yearn Finance’s YFI token? It acts as a governance token for its decentralized finance platform.
It broke Bitcoin’s record of the all-time high in terms of USD prices. The YFI token attained highs of over $38,000 in August and even peaked above $43,000 in mid-September 2020.
Do you know what’s the difference between the YFI project and other majority governance tokens in DeFi? Scarcity! Yes, there’s a very limited supply of YFI tokens. The maximum supply can never exceed 30,000 YFI tokens. At the moment, there are 29,968 YFI tokens in circulation already, according to CoinMarketCap.
This article takes a look at all the different Yearn Finance projects and forks. Let’s learn what’s unique about each project and why it has been created? If you are not very familiar with yield farming, check out our detailed guide on yield farming.
We’ll cover the following projects:
- Yearn Finance (YFI)
- Yearn Finance Fork (YFII) – DFI.money
- Yearn Value (YFV)
- Yearn Finance Link (YFL)
- Yearn Fuel (YFUEL)
#1. Yearn Finance (YFI)
Yearn Finance began its operations in February 2020 with another project known as iEarn Finance. Going further, iEarn was rebranded as yEarn by Andre Cronje. You can look at yEarn as the first professional attempt at creating a yield farming project. However, yEarn has a few more capabilities added to its arsenal.
Yearn Finance is a DeFi platform where users can deposit and stake their ERC20 tokens. In return, they receive daily interest. This is made possible by allocating the capital to staking pools offering best returns across the network.
Why was this so revolutionary? Before yield farming got mainstream, users had to stake individually with each protocol, having to learn about many projects. Using the Yearn project, users didn’t have to flip through multiple DeFi sites to get yield farming profits. Yearn solved this problem by integrating many different blockchain protocols. So, you only have to stake tokens once with Yearn to get access to many interest-yielding blockchain protocols. To maximize profits, the Yearn protocol continuously rebalances as yield-farming opportunities shift.
— Arthur Hayes (@CryptoHayes) August 30, 2020
#2. Yearn Finance Fork (YFII) – DFI.money
YFII was forked by the crypto community of China from YFI. YFII is YFI’s first fork. The YFII token is the hottest currency today in the Chinese DeFi ecosystem. The YFII fork has been created because a governance vote for YFI wanted to introduce weekly halvening to the project, referred to as the YIP-8 proposal.
However, this proposal failed to pass. Therefore, the YFII fork has been created, implementing the halvening proposal. In other words, the YFII project has a 98% code similarity with the YFI project.
The maximum supply of YFII has been capped to 40,000. The initial perception of YFII was that it is a scam. Hence, Balancer had blacklisted the token. However, the YFII token is doing quite well today, and its recent ATH was $6000.
#3. YFValue (YFV)
YFValue, denoted by YFV, is a fork of YFII. It was announced on August 16th, 2020, through a Medium post. So, what’s the role of the YFV token? It acts as a governance token of the YFValue protocol. They aim to make yield farming accessible to all users worldwide. They want to make yield farming more inclusive to achieve their mission of accessibility: “Bring farming to everyone.”
Now, the question arises – does YFV have any unique feature? It indeed does. YFV token grants its holders a right of voting to control the rate of the supply and also the referral system. The burning of the token is automated and happens fully on-chain. The maximum supply of YFV tokens has been capped at 15,750,000.
Furthermore, among YFValue’s mission, we can find “insurance.” The goal is to use “an insurance treasury through contributions of the YFV team and community funds to engage and integrate an insurance protocol, such as Nexus Mutual, to further reduce risk on behalf of all YFV stakeholders.”
#4. Yearn Finance Link (YFL)
The project wants to leverage the DeFi-backed governance token to achieve more for the Chainlink supporters. You must have already understood by now that this project has its origin in the Chainlink community.
The YFL development team took Andre Cronje’s YFI project and forked it. They adapted it to allow for staking LINK. Later on, they also brought the concept of yield farming to LINK holders. The maximum supply is capped at 85,000. Many analysts call YF Link the connecting bridge between ChainLink and Yearn Finance.
To give a quick example, you can deposit LINK and YFLINK tokens into a Balancer pool, giving you BPT tokens. Next, those BPT tokens can be staked with the YFLINK pool. That means you can both earn YFLINK from the YFLINK pool and BPT from the Balancer pool. Moreover, Yearn Finance Link hosts five different pools, all with their unique configurations for increasing yield.
#5. Yearn Fuel (YFuel)
The project aims to make Yearn Finance genuinely accessible. It wouldn’t matter if a user is a big whale or small investor as Yearn Fuel wants to make Yearn Finance accessible to everyone.
It has some very unique features, which include the right of voting to control the inflationary rate of the supply. Additionally, the YFuel token will also grant the user a right to vote on the referral system. It comes with automatic burning, and the whole burning happens fully on-chain.
They are also implementing a new economic model of token burning. They have named it “Grafuel.” Under the Grafuel model, they will burn as much as 1% of the total token supply per month, starting from the 15th of each month. The idea behind this model of token burning is that it will lead to an increase in liquidity.
Wrapping Up the Yearn Finance Universe
It’s interesting to see so many Yearn Finance clones pop up to satisfy the different needs yielders might have. However, this has opened up another wave of crypto scams where people quickly create a new Yearn Finance clone with slightly modified rules. We see the same crypto craze as when the ICO boom happened. People throw in money blindly into those yield farming projects expecting significant returns.
However, we can’t deny that yield farming has proven to be an excellent case for DeFi and even got the momentum to convert bearish into bullish momentum for crypto markets.
YFI tokens were initially envisioned to be valueless, but that’s not going to happen anymore. It is quite obvious from the rising prices of YFI and its clones.
So, how long can this boom last? These tokens do have good use cases, and their limited supply is driving their prices high. The success of yield aggregation platforms has helped YFI clones take off as well. Some of the YFI clones may get lost in time. But we sure are witnessing something incredible.
EU research unit: a regulated crypto-asset sector could improve the bloc’s economic outlook
A study by the European Parliamentary Research Service claims that the digitalization of assets could benefit the European Union’s overall economy.
The post EU research unit: a regulated crypto-asset sector could improve the bloc’s economic outlook appeared first on The Block.
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