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Korean Government Research Proposes IOTA-Based Healthcare Solution

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A new Korean government-backed research conducted by the Kyung Hee University proposed a solution to fight counterfeiting in the healthcare supply chain by using IOTA as we are about to read in our IOTA news.

The Korean government research proposal aims to use the Distributed Ledger of IOTA and the Masker Authenticated Messaging which will trace and track counterfeiting within the healthcare system using IOTA. The research was funded by the government and it shows that the production process of health care equipment goes through a number of stages that make is susceptible to all environmental factors. The research outlines to major problems related to the supply chains: how to distribute and decentralize the data, manage it and store it and also how to trace each stage of the supply chain to the origin.

The research also shows that monitoring, managing, and controlling the healthcare supply chain became important during the spread of the coronavirus pandemic and because of the gaps in the supply chain, the conditions allowed an increase in the production of counterfeit medical devices. The proposed solution aims to ensure reliability within the system. The researchers used IOTA’s DLT as a solution to try and solve the challenges. The researchers also used the Masked Authenticated Messaging protocol to facilitate confidentiality, accessibility, and integrity:

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“Firstly, to facilitate medical materials supply chain tracking, we introduce a provenance-based solution. Secondly, we adopt a DAG -structured blockchain called IOTA for distributed data storage (…). Thirdly, we use the Masked Authentication Mess.”

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Source: http://networking.khu.ac.kr/layouts/net/publications/data/KCC2020/12-312.pdf

The model of the IOTA-based solution will use usual participants in a supply chain including raw material suppliers, logistics, and others. To monitor the medical devices, the researchers used a sensor that can be placed on them and they will provide relevant data along the supply chain:

“To attach data to the Tangle, a data publisher (…) publishes the data (…) on its channel. We assume that sensors are attached to medical equipment or batch/package and are responsible for monitoring both location related and environment related information. Considering the fact that data (…) is vulnerable to attacks (…), therefore, we employ MAM protocol to enforce data confidentiality, data integrity, and restricted data accessibility.”

The researchers carried out simulations of the solution using a DHT-11 sensor with the Pi 3B Raspberry to record environmental conditions. They noted that IOTA satisfied limitations that other blockchains have such as the stability:

“In the future, we are planning to extend our provenance based solution to solve the other challenging issues in the. supply chain, for instance, cross-border payments and energy-efficient strategies for resource-constrained IoT.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/iota-news/korean-government-research-proposes-iota-based-healthcare-solution/

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Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback

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Bitcoin Fundamentals Paint Bullish Picture Despite Latest Pullback | Crypto Briefing


















The uptrend in Bitcoin has paused near all-time highs. On-chain indicators now show more strength to keep climbing. 


Key Takeaways

  • Bitcoin’s total hashrate has recovered after dropping 35% in October, flagging a buy signal.  
  • The leading crypto is, however, witnessing movement from old BTC wallets as prices reached all-time highs. 
  • Analysts predict that Bitcoin’s price may witness a short-term pullback, but the momentum remains bullish. 

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In November, the Bitcoin network witnessed higher profit-booking tendencies after its price increased by 42.5%, reaching a peak value of $19,860.

New buyers and derivatives traders have been apprehensive of a bullish trend reversal. However, the growth of mining hashrate and the market’s liquidity points to a bullish continuation. 

Bitcoin’s Supply-Side Story 

Hash ribbons are a supply-side indicator developed by Charles Edwards, the founder of Capriole Investments. It plots the 30-and 60-day moving average of the network’s total hashrate. 

This indicator is now confirming the complete recovery of Bitcoin’s hashrate along with positive momentum in price, signaling a buy

After the end of the wet season in China, the recent miner capitulation caused a 35% drop in the hashrate. Every year, retail miners move from Southwest China to tap cheaper sources of electrical energy. The migration of miners usually takes about a month. 

BTC/USD daily price chart with hash ribbon indicator
BTC/USD daily price chart with hash ribbon indicator. Source: TradingView 

Historically, buying during miner capitulations has yielded positive returns. 

Large mining farms can hold Bitcoin during capitulations, forming an accumulation band allowing “price to stabilize and then climb,” according to leading on-chain analyst Willy Woo.

BTC Exchange Flows 

As the price lingers around all-time highs, concern around profit-booking has kept traders on edge.

Bitcoin’s blockchain reveals older BTC wallets moving tokens to sell at the resistance near the all-time high.

SIMETRI gains of 484%

The number of coin days destroyed (CDD) is a metric that measures old wallets’ movement. CDD measures the amount of BTC moved in transactions and the number of days since it moved last. The movement of Bitcoin from old addresses or large value transactions pushes this metric up. 

In November, the monthly sum reached an 18-month high, signaling profit-booking by holders. 

Bitcoin monthly coin days destroyed
Bitcoin monthly coin days destroyed. Source: Glassnode

Nevertheless, the percentage of BTC spends from addresses that haven’t moved their BTC for over a year is minuscule. It only makes up 4.1% of the overall Bitcoin spend in November. 

Another Warning Signal 

The Network Value Transfer (NVT) ratio is another robust indicator for assessing overbought or oversold market conditions. It measures the total value of transactions to BTC’s total market capitalization. 

Bitcoin price with NVT signal
Bitcoin price with NVT signal. Source: Woobull 

A lower ratio signals an under-priced situation where the network is handling more transactions relative to its market value. A higher ratio, on the other hand, points to over-priced conditions. 

Currently, the NVT represents over-priced conditions. Nevertheless, crypto analyst, David Puell, said: “NVT should be taken with a grain of salt.” He told Crypto Briefing: 

“The lack of velocity seen there may be misleading. A lot of the transactions are now shifting into off-chain mechanisms, and a lot of the supply is being held in large entities (such as exchanges) that hold a lot of the supply changing hands in the market.”

Momentum Indicator 

The Spent Output Profit Ratio (SOPR) is an oscillating indicator that gauges the market’s momentum. It is computed by dividing BTC’s realized price by the price it was last added to an address. Virtually, the paid/purchase price. 

The ratio pivots around one, signaling bearish or bullish momentum accordingly. 

In an uptrend, investors are reluctant to sell at a loss or even at break-even prices, reducing the selling pressure at pullbacks and pushing the price up—the SOPR trends above one in a bull market, which BTC has been in since May. 

Bitcoin SOPR indicator
Bitcoin SOPR indicator. Source: Glassnode

When entities spend a large number of Bitcoin, the SOPR ratio records spikes on those days. 

So far, there hasn’t been a significant spike in that metric, suggesting that the buying interest is equally strong. 

Lastly, analysts are also reporting a slow down in exchange outflows, signaling short-term pain. The exchange outflows have been the most sought out metric this year. More than 500,000 Bitcoin have left exchanges, pointing towards a hugely positive signal in the long-term. 

There is evidence to show the market sentiments are highly optimistic. The strong recovery in price after the recent pullback shows that “buy the dip” psychology is in play. At the same, the resistance at $20,000 still poses a significant psychological barrier. 

Bitcoin is changing hands at $18,984 at press time. 

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Source: https://cryptobriefing.com/bitcoin-bullish-despite-pullback/

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Bitcoin No More A Bubble Says Brian Brooks

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Earlier this evening Brian Brooks currently appointed as acting comptroller at OCC said in an interview that Bitcoin is beyond its so called bubble phase and institutional has already started.

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Real Institutional Adoption has Already Started For Bitcoin

Brian Brooks is in favor of crypto adoption by banks and traditional finance institutions since beginning and today again he voices his belief that banks should work towards crypto adoption.

When asked about more crypto regulations, he said,

We don’t need 50 regulations instead of two, what we need is clarity on what is allowed.

He is very optimistic on banks implementing blockchains for payments and is convinced that soon we will see favorable crypto guidelines. He mentioned that in next few weeks or so there shall be clarity:

  1.  For crypto investors how to invest in cryptocurrencies
  2. How institutions can enter this asset class

He said these are the two things that are driving the prices of bitcoin rather than just speculation.

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To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Sunil Sharma




Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Source: https://coingape.com/bitcoin-no-more-a-bubble-says-brian-brooks/

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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