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Phase 1 of IOST Integration with Japanese Medical Project Pracs is Successful

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In an announcement made today, decentralized, high-throughput, enterprise-grade smart contracts platform IOST stated that Japan’s medical project Pracs had completed phase 1 of its IOST integration.

Pracs’ Phase 1 Integration into IOST Completed

Japanese health tech venture Pracs and IOST core developer EverSystem have jointly developed a prototype and successfully completed phase 1 of the introduction of the Personal Health Record (PHR) – a robust system that enables users to manage their own health information – into the IOST ecosystem.

Essentially, the project aims to manage personal health data as a health handbook by leveraging distributed ledger technology (DLT) and share it seamlessly with medical professionals.

For those not in the loop, as previously reported by BTCManager, IOST had allied with Pracs to promote the use of blockchain technology in healthcare industry by developing a blockchain-based secure, transparent, and tamper-proof-on-chain medical record system.

To learn in detail about the technical intricacies of the said proof-of-concept (PoC), refer to the exhaustive official report by IOST here.

Explaining the PoC

In essence, by using the PoC, the involved teams (users and medical professionals) were able to confirm the effectiveness of the delivery of confidential health information.

The PoC promises unparalleled security in terms of maintaining the confidentiality of shared data. The stored database data comprises of encrypted data, hash values, and signatures for verification. The underlying blockchain network efficiently stores the hash value of the health data for each latest data item such as body temperature, blood pressure, and specific data.

The recipients of such data on the blockchain record the history of data. Although the data on the blockchain storage is the final result, the receipt is written each time the data is updated on the blockchain and is left behind forever.

Further, although the usability of the client application did not turn out to be a major problem, the teams are cognizant to the demands of the users and medical professionals and understand that it is important to set up a distinct client application for handling such confidential data.

The official announcement adds:

“As for the point about security due to the trust of medical professionals in the engineers, although it can be solved by re-encrypting the data itself, it is essentially a matter of re-examining the positions of the users and medical professionals, and this is an issue to be discussed in the next phase.”

It is worthy of note that blockchain technology is predicted to play a significant role in changing the paradigm of the healthcare industry in the coming years. According to research by Global Market Insights Inc., the R&D of blockchain technology for data management in precision medicine and patient care will be over $1.79 billion by 2025.

Being one of the top public chains in terms of adoption, performance, and utility, IOST remains committed to expanding the use-case of DLT in the healthcare industry. The project’s partnership with Pracs indicates its unyielding commitment to its “innovation chain, application chain, value chain” objective.

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Source: https://btcmanager.com/phase-1-iost-integration-japanese-medical-project-pracs/

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Cuba to Fight Financial Disturbance by Potentially Adopting Crypto

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The government officials of Cuba examine crypto adoption as an instrument to overcome financial turbulence in the country. This comes a few weeks after the Cuban authorities started discussing the implementation of digital assets in the economy.

Crypto vs. Monetary Turmoil

The economic situation on the island of Cuba suffered heavy setbacks due to the consequences of the COVID-19 pandemic. Moreover, the government implemented crippling sanctions on the residents, which had a catastrophic effect on the local economy.

As Periodico Cubano reported, the president of Cuba – Miguel Díaz Canel – together with the country’s authorities, now plan to face these issues with the help of cryptocurrencies. According to the coverage, Díaz Canel discussed the possible benefits of crypto adoption in the country.

Additionally, he revealed his intentions to ”keep informing the public” about any implementations regarding the matter. However, Díaz-Canel alerted about the ongoing crypto scams on the island, calling them ”investment pyramid schemes.”

The president’s intentions did not come as a surprise. Last month the Congress of the Communist Party of Cuba (PCC) put ahead proposals that might contain finding out how digital assets can boost the shattered economy of the country.


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Back in 2019, the Cuban authorities made a similar announcement on how cryptocurrencies can deal with the country’s monetary issues. The Minister of Economy and Planning then said:

”We are considering studying the application of cryptocurrencies in national and international commercial matters. Measures of this type can allow us to move forward. We have to look for alternative means to solve economic problems.”

Similar Situation in Kenya

The move of the Cuban government to fight its financial issues with the help of cryptocurrencies is not the only global example. As CryptoPotato previously reported, Kenya’s Central Bank explored the option of using Bitcoin to boost its depreciating Shilling.

The Kenyan local currency has been on a downward trend for the past few decades and has lost nearly 50% of its value compared to the US dollar since 2010. In the past year alone, the Shilling registered a decline of 10% against the greenback.

Consequently, the Central Bank of the African country came with a plan to switch its national currency to Bitcoin. Although such a move sounds utterly risky, as no government has done it so far, Central Bank Governor Patrick Njoroge revealed his confidence in the possible project:

”Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF. This has led to too much pressure on the Kenyan Shilling, and this has a negative effect on the economy. Bitcoin will put an end to this.”

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Shiba Inu (SHIB) Mania, Dogecoin, Tesla’s Bitcoin Halt and Crypto Market Volatility: The Weekly Recap

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To say that last week was eventful would be an understatement. The entire market went through extreme volatility. Many altcoins charted new all-time highs and went through serious declines as well.

Let’s start with Bitcoin. The cryptocurrency is currently down about 10% on the weekly – last Friday, it was trading at around $57K. Unfortunately, it was all downhill from there, with the exception of the first few days as on Monday, BTC had an unsuccessful attempt at the coveted $60K mark.

On Thursday, Tesla announced that they would no longer support bitcoin payments for their vehicles, citing environmental concerns with BTC mining. This sent the entire market into a steep downturn, where the primary cryptocurrency crashed all the way to $45,700. Most altcoins followed.

Ethereum charted a fresh all-time high at around $4,400, but it was also affected by the downturn and crashed to $3,500 as a consequence. The same can be said for Binance Coin, Cardano, Ripple, and so forth.

However, Dogecoin clones such as Shiba Inu (SHIB), Akita, and so forth is where all the rage was this week.

Propelled by the sky-high increase in the price for DOGE, other cryptocurrencies with similar meme appeal, such as SHIB, Shiba Pup, Akita, and so forth, also took for the skies. Most of them shared one common trait – the developers had sent 50% of their total supply to the wallet of Vitalik Buterin as a “proof of burn.”

In a move that many didn’t see coming, however, Buterin started disposing of the billions worth of free money he had received. He donated large sums to charities in India, as well as to research facilities. This showed everyone that he doesn’t intend to keep these clone coins in a move that many considered a “rug.”

While a lot of these meme-inspired cryptocurrencies crashed and burned, some still brought massive gains to their investors. At the time of this writing, SHIB is up over 1500% over the past seven days.

All in all, it’s safe to say that it was a very exciting week in the cryptocurrency market. It’s interesting to see what the next week has in store.

Market Data

Market Cap: 2369$B | 24H Vol: 245B | BTC Dominance: 40.5%

BTC: $51,336 (-10.27%) | ETH: $4,139 (+18.36%) | XRP: $1.42 (-13.12%)

This Week’s Headlines You Better Not Miss

Vitalik Buterin Sells Off Dogecoin Clones: SHIB, AKITA, and Others Face Massive Dump. In a move that shocked many, Vitalik Buterin sold a lot of the meme-inspired Dogecoin clones that he received. This sold most of them in a severe downturn, though a lot are still performing very well over a seven-day period.

Tesla Stops Accepting Bitcoin: Price Slumps $3,000 In Response. The giant electric vehicle manufacturer, Tesla, has decided to halt payments using BTC for its cars. The company cited environmental concerns as the primary reason for the decision and stated that it would continue to hold bitcoin on its balance sheet.

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Brick-and-Mortar Locations. One of the world’s leading money transfer companies, MoneyGram, will allow its users to buy and withdraw cryptocurrency for cash at traditional brick-and-mortar locations in the United States.

US Investment Bank Cowen to Offer Crypto Custody Services. More banks are getting involved in cryptocurrencies. Cowen Inc., a large multinational investment bank based in the US, announced plans to hold digital assets for hedge funds and asset managers.

Crypto Is the Solution to the Problem Created By the Federal Reserve: Stan Druckenmiller. Stan Druckenmiller thinks that the US Dollar could lose its status as the global reserve currency. This is because of the ongoing policy of the US Federal Reserve. He also believes that a ledger-based system can be the replacement.

eBay Now Allows the Sale of NFTs on its Platform. One of the leading online marketplaces, eBay, has become the first in its industry to jump aboard the non-fungible tokens (NFTs) bandwagon, as the company now allows the sale of NFTs on its platform.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Uniswap – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/shiba-inu-shib-mania-dogecoin-teslas-bitcoin-halt-and-crypto-market-volatility-the-weekly-recap/

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