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ConsenSys Proposes Tokenization to Leverage Impure Public Goods

Naturally occurring public goods (e.g., water, forests, beaches) are often thought of as “free” public utilities—we do not expect to be “charged” for their use. People also tend to think of these public goods as virtually unlimited and we therefore rarely concern ourselves with the limited supply or providing equitable access and fair allocation of the public goods.A recent white paper published by ConsenSys reimagines the equitable allocation of public goods through blockchain and tokenization. The paper further seeks to introduce a new, fair method of tokenizing ‘impure’ public goods that carry some level of scarcity.Public Attitudes

People generally understand that human-made public goods—highways, airports, libraries—will incur some economic costs which must be recovered through some sort of fee, toll or charge. It is apparent, however, that the general public gives little thought to the actual policy decisions made in cost recovery schemes or the impact of cost recovery methodologies on the efficient allocation and utilization of these resources for the assets.Pure VS Impure Public GoodsEconomists sort public goods into two baskets—

1. “Pure” Public Goods—individuals can consume this type of good with without hindering the opportunity or access to that public good for others.

2. “Impure” Public Goods—consumption by one individual negatively impacts the ability of others to consume (scarcity) or excludes other individuals to some extent (excludability).

Public Goods Fee Structure Limitations

According to the paper, the support of impure public goods can create a separation of thought. People recognize that these resources are finite and must be maintained, but are still quite unwilling to accept charges for them. Parks, beaches and city infrastructure need to be maintained and not everyone can access them simultaneously and there are limitations on how available resources are allocated and costs are recovered. This makes the true values of impure goods and their optimal potential usage difficult to determine.

When a public body or government sets fees or tolls to maintain public goods, they tend to be flat amount that do not reflect the complex dynamics of the supply and demand equation. Furthermore, until recently, we have lacked the technological means to fully address the cost allocation issues of public goods at scale. Congestion Pricing Congestion pricing is a way of dealing with scarcity and excludability by adding a surcharge for services that are subject to temporary or cyclic increases in demand. Companies that engage in excess pricing are trying to regulate excess demand by applying higher prices during peak demand cycles. Congestion pricing would be a net new allocation structure in most cities. It may be applied to the existing infrastructures for which inhabitants are already paying and would not be expected to be conflated with other city services on both the cost and revenue side.Can revised pricing structures lead to better, more efficient, and safer usage of impure public goods? Consensys considers if markets for enumerable but finite usage rights for a wide variety of freely exchangeable “impure” public goods can be created using blockchain technology and “tokens.”

Proposed Token Model, Distribution and UsageIn the white paper, Consensys proposes a straightforward market-based congestion pricing model.Every resident of a city is issued a finite number of digital access tokens for the congested public area free of charge. For example—one access token per day for a year.

1. The tokens are valid for an agreed period (say, one year), and new tokens are issued periodically to eligible citizens.

2. Every driver of a vehicle needs to pay (i.e., transfer to the municipality), say one token, upon entering the congestion zone of the city during certain hours of the day. The access right of the token expires once the driver and vehicle leave the congestion zone.

3. Tokens are destroyed once used.

4. Drivers of vehicles can buy one or more tokens in an open marketplace.

5. Token prices are set in the marketplace based on supply and demand.

6. Algorithmic tools could be developed to allow travelers needing access but without tokens to simplify purchases by pre-setting parameters to various preferences.

7. The token can only be used to access the city’s congestion zone and nothing else.

Source: Blockchain in Public Goods Allocation – ConsenSys Solutions White PaperThe current flat pricing structures of impure public goods leads to inefficient economic outcomes. Implementing market-driven pricing and exchange structures as described in detail for congestion pricing could see numerous benefits.

For a more detailed and comprehensive overview of how tokenization can enhance fair access and opportunity for public utility, check out the full white paper.

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Ternio Research Finds Blockchain-Affiliated Companies Are Employing Over 86,000 People

Ternio, a leading white-label technology company, has revealed the findings of a new study dubbed “The State of Crypto Entrepreneurship 2019.” This firm presents enterprise customers with cryptocurrency and blockchain real-world applications.

The primary goal of this research was to comprehend better the statistics of the number of jobs being generated in the crypto space, as well as the success rate of funded startups in this sector.

Ternio conducted this study from Oct 14-Nov 29, 2019, and a total of 5331 crypto/blockchain organizations were scrutinized. It was, therefore, estimated that they employ 86,443 people across the globe.

94% of Crypto Startups are Lead by Men

The study noted that 2,577 startups had received funding worth $4.7 billion from investors through an ICO, angel, or venture capital (VC). Nevertheless, 472 of them had either closed down or were no longer active, and this represented 18%.

The findings also pointed out that 94.3% of crypto startups were led by men, whereas 5.7% of them by women. On the other hand, New York City was deemed as the most popular destination for crypto startups.

The report also ascertained that 63% of crypto/blockchain CEOs are white. Moreover, 38% of crypto organizations were developed by first-time founders.

Ternio has notable expertise in the blockchain spectrum because it is seen as a pioneer in high-speed blockchain technology with the capability of surpassing 1 million transactions per second, all on-chain.

Additionally, it is the developer of BlockCard, a crypto debit card that enables cardholders to utilize their cryptocurrency.

Ternio has also been at the forefront when it comes to solving issues linked to payment utility of cryptocurrency and blockchain scalability.

As reported by Blockchain.News on Nov 29, according to a study dubbed the “Q3 2019 Cryptocurrency Anti-Money Laundering (AML) Report,” by CipherTrace, a blockchain forensics company, the cryptocurrency sector has lost a whopping $4.4 billion in scams and thefts so far this year, up by more than 150% from $1.7 billion in 2018.

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Chinese Internet Giant Tencent on the Lookout for New Head of Digital Currency Group

Chinese internet giant Tencent, also the operator of messaging app WeChat has been reported that the company is looking to create a digital currency research group. Tencent released a statement to its employees, stating that the company is currently hiring a new head of the research group.

iFeng reported that the digital currency research group would be focusing on advancing the internet giant’s research on digital payment by utilizing blockchain technology.

It was reported that the new digital currency team would be responsible for research, follow up and the implementation of the latest policies of the relevant government departments, business model innovation, and application.

Tencent has started a blockchain-based research and development team in 2015. In October this year, the internet giant has released the 2019 Tencent Blockchain Whitepaper, demonstrating new ideas in the different industry use cases with the involvement of blockchain.

Liu Feng, the Director of Blockchain Technology Research and Application Research Center of the Shanghai University of International Business and Economics said, “As the dominant player in the domestic social field, Tencent sits on the advantages of two major product ecosystems – QQ and WeChat, and proposes a social-based global blockchain digital currency mobile payment system network.”

Liu also added that there had been many difficulties faced when testing out the technology regarding current regulatory and legislative processes.

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KYC on Exchanges Powerless Against PlusToken Ponzi Scammers According to New Report

The PlusToken Ponzi scheme operators are using regulated KYC compliant exchanges to dump their cryptocurrency according to an updated report by investigative firm OXT Research.

In their first report on the PlusToken Ponzi scam, OXT Research introduced estimates for the size of the popular high yield investment scam and the depth of the market impact attributed to the accumulation and distribution of the PlusToken Bitcoin hoard – which is estimated to be an incredible 200,000 BTC.

PlusToken has been blamed for causing Bitcoin prices to fall in 2019 and as recently as March 6 when it was reported that the fraudsters had unloaded 13,000 BTC which sent the Bitcoin price plummeting by over $500.

The second edition report released on March 10, revealed the method used by PlusToken scammers to move their funds through regulated exchanges despite the strictly enforced Know Your Customer (KYC) compliance standards.

KYC Irrelevant

The report explained that the PlusToken scammers have moved their funds from the direct pile of unmixed allotments and locations to mixers like Wasabi wallet which implements a trustless coin shuffler, and then the funds would be consolidated and distributed.

While the first edition by OXT demonstrated that Huobi had been leveraged by the scammers for distribution the new edition found that while the global exchange was still the main source of distribution, a large amount of the coins have ended up on the OKEx exchange. Per the report, “OKEx is a newly labeled and significant coin destination having received nearly 50% of February distributions.”

Both Huobi and the South Korean exchange OKEx are KYC compliant in line with the global push for increased transparency and regulation in cryptocurrency exchanges.

OXT stated the most of PlusToken’s major market effects should have passed as their data reveals that about 70% of their BTC stockpile has already been distributed.

BTC Price and Safe Haven Status

As reported by Blockchain.News, Bitcoin’s status as a safe-haven asset has been under intense scrutiny as the BTC price continues to fall amidst a series of crisis events in 2020 which have continued to create the ideal environment for the digital commodity to theoretically thrive. Beginning with the Iranian – US conflict in early Jan, the coronavirus outbreak triggering a cut in interest rates by the Federal Reserve, and now the plummeting oil price following a disagreement in Vienna between Russia and the OPEC nations.

The data in the OXT reports, highlighted that the Ponzi scheme has sold around $1.3 billion worth of BTC in the past seven months noting the distribution increases into market strength and slowing with market price weakness. The continual dumps by PlusToken scammers each time the BTC price has risen has added drastically to the cryptocurrency’s volatility.

The market manipulation is frustrating as it is now an added variable for analysts to integrate into their inchoate analysis of the nascent asset and could be a huge factor into why Bitcoin has not met the expectations of its safe-haven status.

Source: https://insidebitcoins.com/cryptocurrency-exchanges

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BitMEX Research: Inflation Aftermath of Coronavirus Financial Crash Will Be Bitcoin's Greatest Test

In the aftermath of the current Coronavirus market crash and the subsequent incoming inflation that will be caused by the response of the Federal Reserve and Central banks, Bitcoin will face its truest test and be presented its biggest opportunity to prove itself in its short lifetime, according to new research from global crypto exchange BitMEX.

Bitcoin Could Anchor the New Economy

BitMEX Research published their analysis , Inflation is Coming, on March 17, outlining that the global response to the pandemic and disruption will, “mark a significant economic regime change from monetary policy to central bank funded fiscal expansion” from which intolerable market inflation will rise. It will be within this oncoming financial environment that Bitcoin’s true nature should finally be revealed.

Central banks and governments have been fast to respond to the disruption caused by the Coronavirus. The analysis highlighted, “In the US the Federal reserve has lowered interest rates to near zero (0% to 0.25%), announced the purchase of at least $500bn of treasuries and $200bn of mortgage backed securities, and also reduced the commercial bank reserve requirement to absolute zero.”

Bitmex believes that there are further measure to come, but it is clear that these attempts to restabalize the broken system are, “the last major throw of the dice from central bankers. Monetary policy will not be enough.”

The researchers claim that not only will inflation come, “it will be a shock” as inflation has been low and stable for 30 years and our collective memory does not nor recall the consequences of digging ourselves into such a financial hole. Although they do not specify exactly when the inflation will hit, BitMEX predict it will be “similar to the 1970s where it went as high as 15%.”

US Consumer Price Inflation YoY

Source – Bloomberg

The analysis by BitMEX’s research arm stated, “ In our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.”

Bitcoin’s Value and Trading in CrisisIn a recent interview with Blockchain.News, FXCM’s Managing Director Michael Kamerman addressed Bitcoin’s potential to be an alternate store of value to gold, He said, “There are two parts to this question. First, is Bitcoin a “safe haven?” My answer is, no, not yet. It has the characteristics of what would be a “safe haven” asset but if you look at the way it moves on a chart, it is not a “safe haven” instrument.” He added, “I think as Bitcoin is more widely adopted, investors and traders will wake up to its “safe haven-like” qualities – but it is too early now.”

Prior to the recent stock market crash which sent equities plummeting, traders hardly had a trouble-free environment to operate within. Over the last year, market participants have also had to contend with a China-US trade war, Brexit uncertainty and Coronavirus disruption, making investment anything but straightforward.

On his observations regarding traders’ movements over the last year of rising uncertainty, Kamerman said, “I would not say our customers are shifting their investment sentiments, but instead remain opportunistic. If forex is moving, they trade forex. If Bitcoin is moving, BTC/USD is all the rage. Recent volatility has benefitted our cryptocurrency product line in that our number of active crypto traders is up. Data does not show our customers choosing crypto over forex or vice versa. Customers just want to trade what is moving.”

How Blockchain Can Help with Vaccine Development Amid Coronavirus Pandemic

Today, irrespective of which country we are in, all of us are reeling under a new reality that has set in. A reality where each one of us has to fight an outbreak which recently has been deemed a pandemic by the World Health Organization (WHO). Novel coronavirus or COVID-19 is an infectious disease caused by a new virus first discovered in Wuhan, China, in December 2019. Since its initial outbreak, this virus has spread to more than 100 countries across the globe, and has affected many thousands of people, claiming lives of roughly 3 – 4% of those affected.

At the time of crisis such as this, technologies like AI, Machine Learning, Blockchain can be leveraged to assist the combat process. Technology companies are coming up with blockchain solutions for tracking virus spread, donations, insurance claims, medical supplies among others to combat coronavirus.

The need of the hour is a potent vaccine which regrettably at this time is not available. Researchers, biotech and pharmaceutical firms are racing against time to create the vaccine for this virus, as well as develop potential treatments for COVID-19. Generally, it takes years before a vaccine reaches mass production from its exploratory phase. Vaccine development crosses various stages starting from exploration to pre-clinical stage, clinical development, regulatory approval to production and distribution with continuous quality control & monitoring. However, at times when such pandemic is staring at the face, the utmost need would be to develop a formidable vaccine, distribute to the larger populace, cull this epidemic and immunize people from such infections at the earliest. This needs to be done in a short span of time, yet following rigorous regulatory procedures and in a trustworthy manner. How can technologies like Blockchain help in such an accelerated vaccine development process?

Exploratory phase

This is a research-intensive phase where antigen, a substance used to induce an immune response in the body is identified. Scientists usually isolate the virus to identify their genome sequence which is then used by biotech firms as a starting point to identify antigens. With hundreds of sequences being identified from scientists all over the world, Blockchain can serve as a collaboration mechanism for sharing timestamped, tamper-proof evidence of the genetic material which can be used to trace each sequence to its source when required.

Pre-clinical phase

This is the phase where the vaccine concept, a candidate vaccine is developed and efficacy of it is evaluated in test tubes and animals. Test results if available on Blockchain emphasize authenticity and provides a single shared source of truth for anyone in the world considering their next steps based on the vaccine efficacy. With Blockchain, multiple biotech and pharmaceutical firms, small or large, can collaborate and share their findings with each other without the fear of losing their IP rights or their competitive advantage, thereby working together towards getting the vaccine into the mainstream faster.

Clinical development phase

This is the phase where vaccines are tested on humans in multiple stages after the proposal to do so is approved by FDA or similar agencies. This is a crucial phase as the response of the human body, the adverse effects need to be recorded with due diligence and studied before the vaccine is approved for wider adoption. Clinical development is built on rigorous ethical principles which include informed consent from volunteers, with an emphasis on vaccine safety as well as its efficacy. Consent from the volunteers, if recorded on Blockchain in a pseudonymous manner without any personally identifiable information being disclosed respects their privacy and would encourage more people to join the process, people who had earlier hesitated because of privacy concerns. Blockchain can also be used to ensure the ethical enrollment of volunteers without any coercion.

The efficacy and the side effects of the vaccine tested among a large group of people can be tracked at each stage of clinical trials on Blockchain which serves as a potent proof for FDA & other agencies for approving or rejecting the license for the drug.

Regulatory review & approval phase

FDA can be a participant of the network of biotech firms, pharmaceutical companies, actively monitoring the clinical trials and use this information in the approval process.

Mass Production & Distribution phase

Recording the manufacturing process on immutable ledger such as Blockchain will ensure faster standards verification as there are less paperwork and no siloed information. Facilities can collaborate with each other to streamline manufacturing and distribution processes. Tracking the shipment of these drugs and recording the process on Blockchain will help tackle the counterfeits problem.

Quality Control phase

Various healthcare professionals and service providers accessing this vaccine can use Blockchain to record the performance and effectiveness of the vaccine which can be used by multiple stakeholders in this ecosystem to get a first-hand, real-time view of vaccine efficacy.

At these unforeseen difficult times, it is necessary for everyone to contribute in any capacity to combat this pandemic. Technological advances of today are quite capable of being utilized in accelerating the defense. Blockchain might not be the solution to all the problems of the world but can be thoughtfully leveraged to alleviate some.

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Oxford Law Researchers Call for Strict Cryptocurrency Regulation to Avoid Another Financial Crisis

Researchers at the Oxford University Faculty of Law have published a blog post reporting they have observed an increasing trend of people moving their assets into crypto. The researchers cited the coronavirus pandemic as the main catalyst for the shift in investment behaviour. The recent phenomenon indicates that investors see crypto as a safe haven in response to the current financial crisis.

Naïve Investors Face Greater Risks

The researchers observed crypto trading volumes between 1st January and 11th March, 2020. Throughout this period, they identified the top cryptocurrencies value increased in response to new and higher reports of coronavirus cases. They further noted that this price action reversed the moment people begun to give a more positive response to traditional financial markets.

The researchers see cryptocurrency trading as a threat to traditional finance. They, therefore, urge for stricter regulations during this time of global difficulty to prevent cryptocurrency and alternative digital assets from posing a systemic risk to the current financial system.

Researchers say that the decentralized nature of cryptocurrency transactions do not rely on any central authority. Therefore, large-scale migration of cryptocurrencies from investors indicates an overall loss in trust for the banks and governments as a whole to secure their money properly.

Researchers claim that the cryptocurrency market indicates high volatility, bubbles and crashes, a phenomenon that could be explained through herding behavior. In other words, a large group of investors does something that inspires more investors to do the same. The researchers further described the crypto market as being lightly regulated and lacking transparent information.

The researchers noted that a massive influence on the cryptocurrency market is basically triggered by “market influencers” which are various websites and designed telegram channels detecting movement of “holders” of large amounts of cryptocurrencies.

The asymmetric spread of information can influence investors to make “pump and dump” schemes. Sophisticated investors attract naïve investors into the crypto market. They (sophisticated investors) perform this by inducing an artificial demand on a particular type of crypto asset, before selling their own assets to the masses. This eventually leaves the uninformed investors with a loss.

Researchers are concerned if uninformed investors engage in herding behavior, then this might lead to a market crash. Since the traditional financial market corresponds in a similar way as the crypto market, regulators should act rapidly to regulate the crypto market to prevent the systemic risk of the traditional financial system, the researchers advised.

The Financial Stability Board Urged for Proactive Crypto Regulation

This is not the time authorities call for crypto regulation. June last year, the Financial Stability Board (FSB) – the Swiss financial watchdog – urged regulators including finance ministers and central bank governors to act actively to foresee the potential impact of crypto on financial stability. The FSB brought representatives of various countries came together in a G20 meeting whereby regulators agreed to examine cryptocurrency and assess important regulations to be applied to the industry. Government officials and central banks took a closer examination at the impact of cryptos on investors, crime, and the world economy. They agreed that cryptos pose a significant risk for investors and expressed concerns regarding their use for illegal activities. G20 countries promised to apply the standards of FATF (Financial Action Task Force) – an intergovernmental body established to fight terrorist financing and money laundering – to cryptocurrency.

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Stablecoin On-Chain Activity at Record Highs but Will Crypto Market Inflation Follow?

On-chain activity for stablecoins has surged over the last year, increasing by 800% according to the latest market intelligence, but could the increase in stablecoin issuance create inflation in the cryptocurrency markets as past allegations against Tether and Bitfinex have suggested ?

In 2018, research published by John Griffins of the University of Texas and Amin Shams of Ohio State University investigated whether Tether, a stablecoin pegged to the US dollar, influenced Bitcoin and other cryptocurrency prices during the 2017 ICO boom.

Using algorithms to analyze blockchain data, the pair of researchers concluded that purchases with Tether were timed to follow market downturns which resulted in sizable increases in Bitcoin prices. They wrote, “ Rather than demand from cash investors, these patterns are most consistent with the supply-based hypothesis of unbacked digital money inflating cryptocurrency prices.”

Their research ultimately lead to Tether and Bitfinex being investigated by the Department of Justice for potentially using stablecoin issuance to inflate the price of Bitcoin.

Stablecoins On-chain up 800%

Lead researcher of TokenAnalyst, Ankit Chiplunkur announced in a tweet that the overall combined marketcap of stablecoins currently sits a $6.7 billion dollars. He wrote, “In the last 12 months, $290B worth of stablecoins were moved onchain, growing by 8.2 times in 12 months, from $6.2B in Apr 2019 to $50.9B in Mar 2020.”

Source:TokenAnalyst

So what could this mean for the crypto market with stablecoins at an all time high?

U.C Berkeley: Stablecoin issuances Do Not Inflate BTC Price

A new report issued last Friday by the University of California Berkeley’s Haas Blockchain initiative appears to directly contradict the crypto inflating stablecoin conclusion by Griffin and Shams.

Richard Lyons, U.C Berkeley’s Chief of Innovation along with Ganesh Viswanath-Natraj, a Professor at the Warwick Business School said that stablecoins are being leveraged by investors to react to market movements quickly but found no evidence that they are drivers of inflation or cause cryptocurrencies to collapse.

From the report, “We find no systematic evidence that stablecoin issuance affects cryptocurrency prices. Rather our evidence supports alternative views; namely, that stablecoin issuance endogenously responds to deviations of the secondary market rate from the pegged rate, and stablecoins consistently perform a safe-haven role in the digital economy.”

The new research presented by Lyons and Vishwanath-Natraj concludes that investors are using stablecoins as a store of value during periods of economic downturn or uncertainty, as well as tools of arbitrage when the stablecoins move from their pegs, which is consistent with recent market movement in this Covid crisis.

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Zcash-Commissioned Research Find Cybercriminals Prefer Bitcoin Over Other Cryptocurrencies

Independent research commissioned by the Electric Coin Company (ECC), the parent firm of privacy-focused cryptocurrency Zcash, concluded cybercriminals are much likely to use Bitcoin over other digital assets.

Bitcoin dominated by illicit activities

Rand Corporation, an independent, US government-accredited research lab, was hired by Zooko Wilcox, the creator of Zcash and chairman of ECC as a third-party security organization to uncover critical lapses in the coin’s protocol.

Wilcox commissioned the research after speculation on social media about Zcash’s use in criminal organizations, such as the Dark Web and illegal money laundering outfits.

But Rand’s conclusions mean naysayers have been answered. The firm discovered no lapses in Zcash, not found any link with criminals opting for the privacy-centric token ahead of other options. Instead, Rand noted criminals may not even understand Zcash’s zk-snarks technology at all.

The 65-page long report focussed on three major aspects — money laundering, terrorism financing, and the illegal trade of banned goods and services — concluding “no evidence” of any illicit use of Zcash.

Cryptocurrencies have long powered the dark corners of the internet. The now-defunct Silk Road, an illicit marketplace, incorporated digital assets as a payment method back in 2010. Federal authorities nabbed millions in dollars worth of Bitcoin during a high-profile raid in 2014, post-which dark web sites moved to privacy-centric currencies like Monero.

Zcash only 1 percent on dark web

Zcash’s creation in 2014, followed by its subsequent popularity, led to internet critics calling the token a facilitator of illicit trade, with even major news outlets providing negative publicity to the ECC.

But Wilcox and ECC may breathe easy now. Rand’s findings made clear the token is not dominant on the dark web. Instead, it has a minor presence and is not preferred ahead of Bitcoin or Monero.

However, the report added that one percent of illegal websites accepted Zcash as a means-of-payment. 59 percent took Bitcoin, 27 percent accepted Monero, 12 percent accepted Ethereum and 1 percent even took Litecoin.

However, the Zcash-commissioned report does throw up some conflicting peculiarities.

A 2018 report by Europol concluded terrorist organization ISIS used Zcash for criminal financing and paying its vendors for weapons. Another firm, Chainalysis, which specializes in on-chain analytics, also reported Zcash’s popularity on the dark web. Blockchain.News also reported on a major bug in the protocol in 2019 that challenged its premise of total privacy.

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HashCash Consultants to Streamline Drug Research and Clinical Trials with Blockchain

HashCash Consultants, a US-based blockchain development company, has set its eyes on revamping the complex process of clinical trials and drug research by availing blockchain solutions. It intends to realize this by forming a pharma consortium with pharmaceutical firms and other medical players.

Blockchain-enabled coordination

It goes without saying that the drug development process is lengthy and complicated because it is subjected to clinical trials and regulatory approvals before a drug can be given the green-light for the market. For instance, new vaccines require intensive clinical research and human trials followed by mass production and distribution.

HashCash Consultants seeks to fill the void caused by delays triggered by the absence of a unified system by presenting blockchain-based coordination between all participants, including pharma companies and researchers. As a result, the entire process will be consolidated using a collaborative, uniform, and blockchain-powered platform for the timely delivery of vaccines or drugs.

Raj Chowdhury, HashCash Consultants CEO, noted, “A blockchain network for consolidating the drug research and clinical trial process will be part of our medical supply chain initiative. We are in talks with pharma companies who have expressed interest in augmenting their existing system with DLT to eliminate the roadblocks to drug and vaccine development that they are currently facing. The aim is to make the process more coordinated and less time-consuming so that it can cater better to a global health crisis or in matters of any kind of drug development in the future.”

By leveraging on the distributed ledger technology (DLT), the vaccine development process will be enshrined in absolute transparency.

Blockchain-powered identity management

Through the strategic partnership, clinical trials will also be streamlined by blockchain-enabled identity management and smart contracts as the security and privacy of patient data will be safeguarded.

Regulatory bodies will also have the opportunity to track the trial and development phases in real-time because the blockchain platform will propel traceability and immutability. This initiates quicker approvals of vaccines or drugs for mass production.

A recent report by Allied Market Research shows that the global blockchain identity management market will skyrocket to $11.46 billion by 2026 from $107 million recorded in 2018 because of the unified, interoperable, and immutable infrastructure offered by blockchain.

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