Blockchain-Based Protocol Tachyon Network Releases White Paper

Tachyon network, a decentralized internet protocol has officially launched its white paper which discloses details on the project background and Tachyon ecosystem.

Reconstruct the TCP/IP model

In a press release shared with Cointelegraph on Sept. 27, Tachyon network announced the release of its white paper revealing details on how the protocol is set to reconstruct the TCP/IP model.

The TCP/IP model, after 36 years of use as the foundation of the internet, is slowly falling behind the increasing demand for stability, security, speed and trust, the white paper reads, adding:

“Built upon the technology of X-VPN, a renowned VPN provider already serving over 50 million people worldwide, Tachyon Protocol is set to combine all the proven, tested and accepted P2P technologies in the niche — DHT, blockchain, UDP and encryption — to ensure high security, intractability, availability, and maximum network speed by utilizing the optimal data throughput.”

Released as an open-source library, Tachyon Protocol is designed for integration into any main chain, cross chain, side chain or DApp. Its native cryptocurrency token IPX is planned for listing on exchanges later this year.

Building the next-generation internet

Cointelegraph previously reported that Neo, a decentralized open-source blockchain application platform, announced that it became the first-ever blockchain member of Microsoft’s .NET Foundation. Neo stated that it is cultivating exciting partnerships that will help build the next generation of the internet — as well as creating solutions to tackle the current roadblocks to mass adoption of blockchain.

Source Cointelegraph

AI Firm Core Scientific Acquires Creator of Mining Program Honeyminer

Blockchain and artificial intelligence startup, Core Scientific has acquired Stax Digital to further develop its infrastructure and software solutions.

Creator of Honeyminer

In a Sept. 27 press release, Core Scientific announced the acquisition of blockchain mining company Stax Digital, the creator of the most widely used GPU mining program, Honeyminer. Stax Digital’s CEO, Noah Jessop, said: 

“With Core Scientific’s incredible hardware abilities—and now Honeyminer’s best-in-class optimizations and global software platform, together we are poised to offer best-in-class mining solutions within our data centers or embedded in any computer or device in the world.”

CEO Kevin Turner took the helm of Core Scientific in 2018, after spending 11 years at Microsoft from 2005 to 2016, leading the company’s global sales and marketing teams. Turner had this to say about the recent acquisition:

“We are very excited to close this transaction and welcome the Stax Digital team to Core Scientific. Their IP and proven experience in blockchain will enable us to continue enhancing the capabilities of our best-in-class blockchain hosting and application solutions.”

Honeyminer available on MacOS

Cointelegraph reported in May that the Honeyminer app had found its way onto the Apple Macintosh operating system. The Honeyminer team said:

“Now, in addition to the thousands of different hardware devices on PC we support, we are announcing general availability to mine with Honeyminer within the Apple Macintosh ecosystem.”

Honeyminer, is a mining app that runs in the background, using the central processing unit and graphics processing unit of users’ computer to mine Bitcoin (BTC).

Source Cointelegraph

Animoca Brands to Develop Blockchain-Based MotoGP Manager Game

Blockchain and artificial intelligence firm Animoca Brands Corporation Limited has entered into a partnership with sports management company Dorna Sports, S.L. to develop a blockchain-based MotoGP manager game.

Per a press release shared with Cointelegraph on Sept. 26, Animoca Brands completed a strategic capital raise of A$1 million ($677,600) from a group of investors, including Moses Tang, the founder of AP Capital and founding chairman of Goldman Sachs Asia Pacific. The company is planning to allocate part of the funds to advancing the manager game.

Make it to the 2020 MotoGP racing season

The release says that Animoca Brands determined the target date of the 2020 MotoGP racing season to launch the game, and further details:

“Animoca Brands will produce a “manager” style game based on MotoGP intellectual property that will consist of a selection of Collectibles linked directly to the core gameplay; the Manager Game will utilise blockchain technologies and custom-developed smart contracts to enable users to purchase, collect, view, use, and transfer the Collectibles that will be part of the gameplay.”

As part of the agreement, the game is set to be released on various platforms, including  mobile devices, PC, Mac, Web and game consoles.

Bringing blockchain into the video game world

Companies have been actively experimenting with blockchain technology in the video game world. Most recently, Naspers, the largest shareholder of Chinese Internet giant Tencent, participated in a $15 million investment in blockchain game developer Immutable.

On Sept. 17, the Worldwide Asset eXchange (WAX) revealed that one of the largest decentralized apps in the world, online real-time economic strategy game Prospectors, was launching on the WAX blockchain.

Also this month, open-source blockchain platform Waves and blockchain game distribution platform The Abyss announced plans to launch a blockchain-based marketplace of digital goods and in-game items.

Source Cointelegraph

Bitmain to Launch Platform for Connecting Miners and Farms in October

Chinese crypto mining hardware giant Bitmain will launch a platform connecting global crypto miners with farm owners in October.

World’s first resource to connect farms and miners

The platform, dubbed World Digital Mining Map (WDMM), will be officially launched during the World Digital Mining Summit (WDMS) taking place in Frankfurt between Oct. 8 and Oct. 10, Bitmain announced in a blog post on Sept. 27.

According to the announcement, the WDMM will be the first global network to connect mining hardware owners with mining farms who will provide the available power resources to host them for a fee. In turn, network members will get access to a number of personalized services from Bitmain, including assistance with mining farm design, connections to foreign clients to host, and support with operations, purchasing, and construction.

Listing applications during WDMS

In order to apply to be listed on the WDMM, mining farm owners will need to provide data on their current mining facilities and capacity to host other miners. Mining farm owners will be able to apply for listing on the WDMM during the WDMS event, the post notes.

Matthew Wang, Director of Mining Farm of Bitmain, stated that the WDMM will help make crypto mining more sustainable in the long term by providing a whole new way for connecting mining farms and hardware owners. Wang outlined the Bitmain’s commitment to leverage on-going support to miners throughout their hardware’s lifetime and to support the overall progress in the industry.

Top 10 mining farms

Additionally, Bitmain also plans to announce the winners of the world’s top 10 mining farms during the WDMS. According to the project’s website, winners will receive official certification and VIP tickets for the WDMS. According to the report, voting for the Top 10 Mining Farms is still open.

On Sept. 9, Bitmain launched two new Application Specific Integrated Circuit (ASIC) miners, the S17e and the T17e. According to the specifications, The S17e model has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Source Cointelegraph

Scalability on Blockchain: Is There a Solution?

It’s one of the biggest challenges facing blockchain and crypto — a hurdle only the industry can solve. Without a solution, even CEOs from major global exchanges fear that mass adoption will never be achievable.

Scalability is the long-running thorn in the side of this fledgling technology, which is still relatively young and has yet to make meaningful inroads into the world’s economy. At a basic level, this relates to whether a blockchain network is capable of providing the same fast, high-quality experience to all of its users — irrespective of how many are online at any given time.

Consumers and corporations need to know that they can rely on a network whenever they need to use it, and getting this right before a platform goes live is crucial. In 2018, a PwC survey of 600 executives revealed that a whopping 84% of organizations are actively involved with blockchain — either at the research and development stages, piloting the technology, or with a live product.

A bad experience at any point of this journey could be nothing short of calamitous. Companies licking their wounds after a blockchain investment failed to meet their expectations would be reluctant to put the technology to the test again. Consumers frustrated by slow transaction speeds would see no incentive to switch from existing tools that have a far greater foothold in the market.

One of the biggest challenges concerning scalability is that it can be difficult to reach consensus on how to address it. Bitcoin (BTC), the world’s dominant cryptocurrency, has been down this road before. Even by 2017, the network was beginning to buckle under the strain of user demand — and as a result, fees to send BTC increased unless users were willing to wait for days for transactions to be settled.

While one group of crypto advocates wanted to address the issue by increasing block size limits — increasing scalability on-chain — another believed exponential scaling off-chain was a better approach. This has led to innovations such as the Lightning Network, an extra layer designed to deliver faster payments and low fees. At least in BTC’s case, this seems to be the direction of travel. Before this extra layer came along, the Bitcoin network could only handle seven transactions per second (TPS) — but the Lightning Network could theoretically deliver an upgrade of 10,000 TPS, along with lower fees and instantaneous settlement. You may think that this would prove to be the silver bullet to the perennial scalability issue, but a low rate of use has actually meant that operating nodes are losing money when transactions are processed. This has led to claims that BTC is facing an existential crisis, not least because the solution that was meant to save the day may not be justified.

Where e-commerce comes in

Naturally, seven transactions per second isn’t going to cut it for the fast-paced e-commerce sector. In the real world, it’s almost like running a cafe that has just five tables, yet every day there are 200 customers waiting for a seat. Often-quoted figures from Visa, the payment processing giant, claim that it is able to process in excess of 24,000 transactions per second. Despite the fees that merchants face when using this company’s infrastructure, it’s difficult to see why many of them would turn away from a well-established system that’s been embraced by customers for something that can handle 3,400 times fewer transactions a second. That would be like going from a bustling coffee shop with tables to spare to a kiosk where no one had room to sit.

That isn’t to say that these problems are fatal — far from it. Some businesses have been integrating crypto into their platforms despite the scalability woes, and have started to accept digital currencies as a payment method. The motivations for doing so vary. While some are tempted by the notion of attracting new customers by giving them a chance to use an asset that isn’t accepted anywhere else, others are keen for transactions to be settled faster — eliminating the agonizing, sometimes days-long wait to get funds in their business account. Others are simply fed up with the rigmarole of handling cash, not to mention the fees they have to pay when relying on financial institutions that dominate the market.

The business case for crypto

Crypto-focused companies such as ABBC are trying to get ahead of the curve by offering a blockchain platform that’s tailored to merchants and their customers, delivering a seamless experience for using digital currencies when shopping online. According to the firm, old networks increasing block sizes or boosting the frequency of block generation simply isn’t going to cut it — not least because it could throw up new security vulnerabilities and major issues with forks.

ABBC says it has acknowledged that the crypto sector needs to offer the same quality — if not better quality — than the fiat channels that enable instant payments to be made. To this end, it uses a consensus protocol known as delegated proof-of-stake, or DPoS for short. This method of validating transactions is built upon a system of reputation and real-time voting, with delegates placed squarely in charge of accepting or refusing network transactions.

The company estimates that it can handle up to 5,000 transactions per second — a capacity it claims “will only increase in time” and would make it “one of the fastest blockchains in the world.” This scalability is complemented by a multicurrency digital asset wallet that boasts “top-level security” and instant messaging, a shopping mall where crypto enthusiasts can access dozens of major brands in one place, and an exchange that delivers low transaction fees, high throughput performance and an abundance of liquid trading pairs.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Source Cointelegraph

Oxfam Readies Phase Two of Dai-Based Vanuatu Disaster Relief Program

Following the first phase of the Unblocked Cash program in Vanuatu, Oxfam is readying to launch the pilot program’s second phase using the Dai stablecoin to distribute disaster relief.

Speaking exclusively to Cointelegraph, Oxfam Pacific Cash and Livelihoods lead and co-founder of partner company Sempo Nick Williams discussed the challenges and successes of the program’s first phase as well as the changes planned for the second pilot phase.

Oxfam executes first phase of trial

Throughout April and May of this year, Oxfam conducted the first phase of its Unblocked Cash program across two communities in Vanuatu. According to WorldRiskReport, Vanuatu is the world’s most at-risk nation to natural disasters, including cyclones, tsunamis and volcanic eruptions.

Related: Oxfam Trials Aid Distribution With Dai, Future Use ‘Highly Likely’

The Unblocked Cash utilized MakerDAO’s Dai stablecoin as a means of exchange among Vanuatu citizens, with the program intended to explore distributed ledger technology as a means of disbursing financial aid and facilitating the restoration of basic trade following a natural disaster.

The two trials saw 200 residents and 34 vendors from the Vanuatu villages of Pango and Mele Maat provided with tap-and-pay cards that were loaded with 4,000 Vanuatu vatu (roughly $50) worth of Dai. Both trials had about the same number of individuals and vendors participate in the pilot. However, the second trial took place in a more rural community than the first.

The initiative was conducted by Oxfam in partnership with Australian startup Sempo, MakerDAO and ConsenSys. The program was funded by the Australian Department of Foreign Affairs and Trade through its Australian NGO Cooperation Program.

Oxfam’s Sandra Hart described the goal of the program as going “beyond the existing banking infrastructure in order to get payments to people in a traceable way that also complaint, transparent, quick, and easy to use,” adding that the “vacuum of financial services in Vanuatu, and also in other places that have those same challenges” steered the pilot toward adoption of distributed ledger technology.

Williams stated that Sempo is “really excited about changes to the platform to create deeper financial inclusion in underbanked communities,” adding:

“It has been the promise of blockchain since the early days to create financial inclusivity for the underbanked, but the reality is that most efforts to date have basically failed to deliver on this. I think that a key reason for this is that everyone sits in their philosophical ivory towers and talks about the potential that blockchain has without actually getting on the ground and working communities.”

Economic challenges in Vanuatu

Hart and Williams detailed many of the financial barriers faced by ordinary Vanuatu citizens, with Williams describing the local financial system as being “fundamentally broken in many ways.” Williams stated that “the average cost for migrant workers to send money to their home communities was up to 20 percent,” describing the conditions as “borderline criminal.”

“We heard stories that the biggest advantage of the new plastic notes in Vanuatu is that it means people can bury them in the ground for longer without them rotting compared to paper banknotes.”

Hart adds that some Vanuatans living in remote communities hand-carry cash from other islands by boat because it is cheaper, noting that “they are also very happy about the polymer banknotes because if they drop them in the water they can retrieve them with no loss.”

Overcoming poor tech literacy

Hart stated that for the trial of the first community during the pilot’s first phase, Oxfam was “still working out some processes over the course of the pilot.” She added:

“We learned quite quickly that even though vendors were quick to pick up the use of the smartphone app, we did need to provide them and some other members of the community like their grandchildren and their children […] with some additional help in terms of navigating their smartphone, for example refreshing their app, turning off and then back on, some basic things like that.”

To provide the technical assistance required by community members, Oxfam had an active team on the ground in addition to a phone hotline available to locals. Hart stated that most of the time, “the team on the ground was able to just show up, pop in, and address these issues with vendors” and added that the community indicated the locals “felt that we were immediately there and helpful” when called upon to provide technical support.

Oxfam trials different cash-out methods

In the first trial, Oxfam tested different cash-out mechanisms to reimburse vendors for what they had been selling through the platform. Initially, Oxfam considered the possibility of Sempo paying out vendors using an international wire, but quickly found that the settlement times for international wire transactions in Vanuatu were extremely long.

The second cash-out method had Oxfam’s local office paying out vendors, and while Hart praised certain aspects of the process, the minimum processing time of two days for local transfers still rendered the method too slow. Hart also notes that the first two options explored were also “extremely expensive,” with the fees incurred making up a large percentage of the total sums that Oxfam was paying to vendors.

Oxfam works alongside “super-vendors”

The “super-vendor” model pay-out method was used in the first community, but not in the second. Hart stated that the super-vendor model saw “one of the higher volume vendors in the community play a cash-out role for smaller vendors in the community.” 

She stated that the model was more accessible for smaller vendors and allowed them to “replenish their stock and their liquidity within a shorter time-frame with someone that they knew and trusted that was in the same community.” Both Hart and Williams describe the super-vendor model as among the most impressive components of the program, with Hart stating:

“Even though we are still working on it, the super-vendor model was one of the things that solved a critical issue. It proved that you can leverage the trust that already exists with bigger vendors in the community. […] For me, that changes the game completely because it means that you can potentially harness the informal economy in a way that currently is not possible in cash-transfer programs, and is definitely not possible in voucher or social protection programs.”

Despite comprising larger vendors, the super-vendors “were not so big that they were divorced from the community dynamic,” with Hart noting that Oxfam was able to “use their level of literacy, liquidity, and business volume to get unbanked vendors involved in the program.”

According to Hart, the super-vendor model was not used in the second community due to most participating vendors operating at “roughly the same level,” meaning that “there was no distinctive vendor that seemed to have the liquidity or the capacity to be able to cash out others.” 

She concluded that while the super-vendor model had been “good to test on the fly,” Oxfam “needed to develop a training model or a more methodical approach to facilitate” the super-vendor mechanism in future.

Related: From Clean Water Supply to Rebuilding Notre Dame: Crypto and Blockchain in Charity

The second trial also saw a significant reduction in the time taken to onboard pilot participants, with the average onboarding time of three to four minutes, down from roughly six minutes. A drastic reduction when compared with the several days taken to onboard participants in other humanitarian cash programs.

Locals wanted to adopt platform for general economic activity

After the completion of the first phase of Unblocked Cash, Hart noted considerable interest among Vanuatu citizens in continuing to use the payments infrastructure developed in the pilot for their daily financial needs. Hart said:

“There have been vendors asking us if they can keep the card and continue to use the system, we have been asked if we can set it up for the central market in the capital of Vanuatu, and people have even asked if there is the possibility of using the platform to pay for public transport.”

Commenting on the interest in maintaining the payment system, Hart stressed that the focus of the program is currently on disaster relief, though it is not limited to such.

Regulatory hurdles

Williams described meeting regulatory requirements as among the main challenges encountered during the Unblocked Cash pilot. Williams emphasized the need to adopt blockchain-based solutions to the regulatory requirements of local legal and financial institutions, adding that it is “critical to never underestimate the importance of regulation.” He went on, saying:

“One of the things that Sempo had to invest a lot of time into, was making sure that concerns of the Reserve Bank of Vanuatu and other entities were met, because, at the end of the day, they just want to protect against money laundering.”

Oxfam to enter second pilot phase

Hart stated that Oxfam will continue with the Unblocked Cash program, which will comprise a “scaled pilot again in Vanuatu” and start in early 2020. She stated that Oxfam will begin the scoping process during 2019. The second phase will differ from the trials conducted during the first phase in a number of ways.

Firstly, the next pilot is expected to cover a greater number of local participants, approximately 1,000 direct recipients. Secondly, Oxfam plans to conduct the program on the island of Tanna in the south of Vanuatu, with Hart noting that “cash transfers have never been used” on the Island. Lastly, the second phase will also see Oxfam administer the program through “multiple stakeholders,” with Hart stating: 

“Oxfam will be testing a model where we are using our civil society partners as direct administrators of the platform in order to confirm whether we can leverage our networks even if we are not physically in a location in order to deliver assistance in this way.”

Oxfam to trial administration through local stakeholders

Currently, humanitarian and development assistance is exclusively administered through large, nongovernmental organizations and agencies — with Hart attributing their predominance to the complexity and expense involved in facilitating cross-border payments.

The second phase will see Oxfam trial delegating much of the program’s administration to local stakeholders — such as community disaster and climate change committees, local churches, the Red Cross society and government officials. Hart expressed optimism regarding the trial’s potential to enable localized processes through which to execute disaster relief:

“As we continue to scale, we are looking at the possibility of using civil society partners and Oxfam’s ultra-local networks to deliver assistance in a way that has been built from the community up, […] in a way that really gives communities and small vendors a leading role.”

In Tanna, the local farmers’ support association — a network of cooperative farmers that sell fresh fruit and vegetables — is expected to make up a particularly critical stakeholder, playing the roles of both a vendor network and a direct distributor of fresh produce to targeted communities.

Sempo enters talks with Tongan officials

Williams revealed that Sempo is currently in the early stages of discussions on providing similar services to Tonga, describing the archipelago as “one of the most disaster-prone places on the planet, and has a high number of remittances.” 

Despite his optimism regarding the potential for distributed ledger technology to facilitate greater financial inclusivity in certain jurisdictions, Williams expresses skepticism regarding the depiction of blockchain as a one-size-fits-all solution to economic exclusion, saying: 

“The nature of financial inclusion or the lack there-of differs from location to location. Often you will hear projects hyped as the solution to financial inclusion everywhere, but I think that, as an example, somewhere in Australia this may not be as appropriate because we have quite a functioning banking system and digital payments platform, whereas that is not the place in somewhere like Tonga.”

Beyond phase two

Moving forward, Hart stated that Oxfam is viewing the second phase as the start of a larger scaling process that will see the platform employed in jurisdictions that are “remote and less connected to the formal financial infrastructure.”

Oxfam is currently reaching out to offices across more than 90 countries to gauge interest in testing the Unblocked Cash platform in other regions. The organization is also seeking to reach out to more donors in addition to the Australian Department of Foreign Affairs and Trade. Hart concluded that she is “confident in the achievements” of the program so far and excited to see the Unblocked Cash trialed globally.

“There have been ongoing discussions with NFAT [the New Zealand Department of Foreign Affairs and Trade], and we hope to pitch to other major donors like the EU and U.S.-based foundations and philanthropies that we work with.”

Source Cointelegraph

Loom Network Offers a Rewards Program to Its DApp Developers

Loom Network, a blockchain-based platform designed with large-scale social apps and games in mind, launched a new bounties and rewards program.

In the announcement published on Sept. 24, Loom said that it kicked off a new campaign to recruit decentralized applications (DApps) developers, which involves several large bonuses of Loom tokens to grow the ecosystem. Co-founder of Loom Matthew Campbell said:

“In order to help grow our ecosystem, we want to continue rewarding our existing stakers, validators, and current and future dapp developers with LOOM tokens for doing various tasks. Loom Network has the largest lead in blockchain scalability, but instead of continuing at a steady pace, we are shifting into an even higher gear. We want to accelerate hard over the next year and beyond to increase this lead.”

The bounties and rewards program sets out to give away millions of Loom tokens during the month of October. The developers of the first 10 DApps that get deployed on Loom Basechain and listed on DappRadar will receive a bonus of 500,000 Loom tokens each, which is worth around $17,500.

On top of this, any developer who can successfully launch a functional block explorer can earn an extra bonus of 2,000,000 Loom tokens, worth around $70K at press time.

Crypto rewards projects

As Cointelegraph reported earlier this year, Bitcoin (BTC) rewards shopping app Lolli joined forces with major American grocery chain Safeway and pet retailer Petco to give its clients 3.5% back in BTC on all their purchases. Meanwhile, American Express is taking a look at its Hyperledger-based rewards platform, which enables partner merchants to create customized rewards offers for the financial corporation’s clients.

Source Cointelegraph

Medici Bank Launches Private Beta Testing in October: Report

Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty, launches private beta testing in October.

Medici Bank will be piloting digital onboarding procedures, application programming interface and web portals with five global firms, two or three of which represent crypto businesses, Coindesk reports Sept. 26.

Crypto clients

Medici Bank CEO Ed Boyle elaborated that those firms are expected to demonstrate the bank’s ability to scale to accommodate trading volumes. According to the report, Boyle pointed out the high-performance nature of crypto-related companies, revealing that the bank’s plans have up to a third or half of its entire business be represented by crypto clients.

According to Boyle, Medici Bank joins the shortlist of fewer than 10 crypto-friendly banks around the globe. The bank expects its full launch in Q1 2020, targeting $1 billion in total deposits and assets under management within three years, the report notes. Registered as an International Financial Entity by Puerto Rico’s Office of the Commission of Financial Institution also plans to grow its staff from current six employees to 100 by the end of 2021.

Analyzing blockchain data

Additionally, Medici Bank is reportedly working with unspecified third-party firms to develop tools for analyzing blockchain data by Medici Bank. According to Boyle, such tools will help the bank to improve efficiency of records by shifting from traditional instruments such as paper paychecks.

Focused on digital-centric commerce and investing, Medici Bank was launched by Prince Lorenzo de’ Medici in May 2019.

Source Cointelegraph

Bittrex to Use Chainalysis Tool to Identify High-Risk Transactions

Cryptocurrency exchange Bittrex is incorporating Chainalysis know your transaction (KYT) tool to spot high-risk transactions.

Compliance standards

In a Sept. 26 press release, Chainalysis Inc. announced the deployment of its real-time transaction monitoring solution to the Seattle-based blockchain trading platform Bittrex.

In an attempt to meet “new and existing regulatory and compliance standards,” Bittrex incorporated Chainalysis KYT, a software solution that monitors high volumes of activity in the crypto space and helps identify high-risk transactions. Bittrex CEO Bill Shihara said:

“As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our commitment to compliance. […] Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior.”

Cointelegraph reported in August that the blockchain analytics firm launched alerts for suspicious transactions across 15 major cryptocurrencies. Today Chainalysis KYT monitors 25 cryptocurrencies and will continue to add additional cryptocurrencies in the nearby future.

FATF to strengthen control over crypto exchanges

The news follows the June announcement by the Financial Action Task Force’s (FATF), which said that cryptocurrency exchanges must assure digital currencies aren’t used in money laundering and related crimes and will have to comply with anti-money laundering and combating the financing of terrorism (CFT) procedures in the same way traditional institutions do.

Source Cointelegraph

MediConnect Completes PoC to Track Medication Through the Supply Chain

Blockchain startup MediConnect has completed the workflow for the Proof-of-Concept (PoC) designed to track medications through the supply chain and begun integration of online pharmacy UK Meds’ processes to its platform.

Tracking medication through the supply chain

Per a press release shared with Cointelegraph on Sept. 26, MediConnect established a foundation and methodology for proof of concept finalization, which will enable tracking and managing of prescription medication through the supply chain — from manufacturer to end users.

In 2020, MediConnect is also planning to complete a pilot scheme, which includes up to 10 participants. As part of the pilot, MediConnect will integrate online pharmacy UK Meds’ processes into its blockchain-based platform, allowing thus to trace products through its supply chain and prevent the misuse of prescription medications.

Blockchain in healthcare

Earlier this year, the Ugandan government partnered with MediConnect to trace counterfeit drugs in the country. Similar to UK Meds’ case, the blockchain-based platform enables the recording of prescription medication, thus identifying counterfeit drugs and preventing their distribution in the pharmaceutical supply chain.

The potential of blockchain tech in the healthcare and supply chain sectors is recognized by other world’s governments and institutions. Most recently, the United Arab Emirates’ Ministry of Health and Prevention launched a blockchain system for recording and sharing healthcare data.

Tech startup Nebula Genomics rolled out anonymous genetic testing earlier in September, enabling clients to purchase whole genome sequencing and provide saliva samples without the need to share personal data such as their name, address or credit card number.

Source Cointelegraph