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Healthcare makes case for blockchain use despite challenges

Healthcare is seeing the potential.

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The healthcare industry in the United States has shown great interest in blockchain technology, especially after the recent cyber attacks on medical research facilities working on COVID-19 vaccines.

According to the DevPro Journal, healthcare officials believe that adopting blockchain technology can provide data security against cybercriminals and hackers because it does not contain a central failure point. Users can only access data using a very complex access key, making ransomware and similar attacks null.

What reinforces the idea of ​​applying blockchain technology in health institutions is that attacks have been repeated over the past two years. In 2018, health care institutions were subjected to more than one cyber-attack, which resulted in the penetration of more than 15 million patient records in 503 violations. DevPro Journal noted the number of breaches increased by 60% in 2019.

Healthcare industry players believe blockchain can provide a measure of data protection against hacker attacks. It will also offer many other advantages, such as providing safe and complete access to the patient’s global medical records. Patients also can control access to their data.

But while blockchain can help the industry, there are still plenty of challenges for adoption. 

Challenges that hinder the adoption of blockchain technology in the health sector

The first of these challenges is that all entities involved in patient care and medical research must adopt this new model of collaborative exchange of information with new read/write standards and the distributed platforms and systems needed to support this new blockchain technology.

The second challenge is the difficulty of processing large amounts of data in a single transaction such as an MRI image, a CAT scan, or even a genome sequence.

The third challenge is that Blockchain does not remove deleted or modified records; Instead, additional blocks are added to the chain to represent these deletions and modifications. This process results in the need for ever-increasing storage, which poses a great financial and technical challenge.

But even with these challenges, major healthcare players have gambled on the technology. The U.S. Food and Drug Administration (FDA) was one of the first to realize the potential for blockchain technology in the health sector. In 2017, the FDA partnered with IBM Watson to develop a secure exchange of medical records data using the blockchain.

Mount Sinai was also not far. In 2018, it opened a Biomedical Blockchain Research Center to evaluate its own medical research programs and its partnerships, and eMQT utilized blockchain to study the results of their sequencing of DNA from thousands of Africans with sickle cell disease.

Source: https://cointelegraph.com/news/healthcare-makes-case-for-blockchain-use-despite-challenges

Blockchain

Binance Coin, XRP, Dogecoin Price Analysis: 16 May

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Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.


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Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

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Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

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Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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Crypto Research Firm Delphi Digital Launches Latest NFT Fund

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Delphi Digital, a New York-based crypto research and venture firm, recently launched its latest on-chain fund to invest in non-fungible token (NFT) projects. 

The fund, referred to as Delphi InfiNFT, is based on decentralized finance (DeFi) investing protocol Syndicate. “It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.” said Anil Lulla, co-founder of Delphi Digital. 

“NFT’s are changing digital ownership rights, as well as how creators are interacting with their communities. Along with the growth of the NFT space, there is supporting infrastructure that needs to be built alongside it. The goal of this fund is to find the protocols that are moving the NFT space forward and building the infrastructure that is needed.”

Delphi Digital has partnered with NFT investor Gmoney for its NFT fund, who famously purchased a CryptoPunk NFT for a record price of 140 Ethereum worth approximately $180,000 at the time. Gmoney and Delphi will co-manage the fund together. 

According to their website, the fund will look to create an investment portfolio consisting of 20 protocols through InfiNFT. “We plan to deploy at least 80% of the fund’s capital in the first 6 – 9 months as we find protocols that fit with our thesis,” the team report read. 

“We will identify and select leading NFT networks through our networks and communities. We’ll be working directly with the teams we invest in to help them become a core piece of the NFT ecosystem long-term.

Delphi’s InfiNFT is backed by IDEO CoLab Ventures, Divergence Ventures, Axie Infinity, Compound Finance, and Fractional, among others. 

The recent steep Ethereum selloff led to massive losses in market cap across the NFT markets. According to NFT Valuations, Cryptopunks’ total market valuation dropped $600 million this past week — representing over a 66% loss. In spite of the recent volatility, investors like Delphi Digital appear to be confident in the long-term prospects of the non-fungible token space.

Ethereum (ETH/USD), alongside the broader crypto market, suffered week-long losses following the news of Tesla cutting its Bitcoin payments. At press time, Ethereum is down 9.3% in the past week. Source: Tradingview.com
Featured image from UnSplash 

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Source: https://bitcoinist.com/crypto-research-firm-delphi-digital-launches-latest-nft-fund/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-research-firm-delphi-digital-launches-latest-nft-fund

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