What is The Onyx Blockchain and What is JPM Coin?

Krysta
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What is The Onyx Blockchain and What is JPM Coin?

The permissioned blockchain technology called Onyx from JPMorgan uses smart contracts to streamline transaction requests on its network. Following the bank’s JPM Coin debut in 2020, it has since acted as the best permissioned blockchain that banks and other financial organizations may utilize to effectively move money, assets, and information.

Originally known as Onyx Coin Systems, Onyx is a whole ecosystem. As of October 2023, JP Morgan has handled transactions totaling $300 billion in JPM Coin from several institutional and business clients since the cryptocurrency’s debut.

What exactly is Onyx?

For wholesale use, Onyx is what is referred to as a private (permissioned) blockchain and offers a wide range of useful services to banks, financial institutions, FinTech companies, and affluent people.

A variety of functionalities, including as a tokenization platform, a payment rail, clearing and settling wholesale transactions, and custodial services for users, are offered by the multipurpose financial ecosystem known as Onyx.

In this instance, Onyx builds a blockchain-based account where deposits are handled as “deposit tokens,” which JPMorgan believes are more appropriate than stablecoins because they are issued by regulated banks across the US, making them a safer option for commercial banks and other parties involved in a transaction. The bank claims that because stablecoins are unregulated, there is a possibility of a run or de-pegging.

Only a select few large or mid-sized companies that require high-speed networks with cutting-edge security and organization have access to permissioned blockchains. These users serve as network nodes and are capable of exchanging information with one another to carry out a variety of functions, including verifying transactions and reporting faults or status updates.

JPMorgan has established a bank-based blockchain that offers a variety of blockchain-based services, such as deposit tokens, information storage, and asset tokenization, becoming the first investment bank to do so.

Onyx Blockchain Main Products

Onyx, as we described in the beginning of this post, is a whole ecosystem created to offer banks and financial institutions a variety of goods and services. The Interbank Information Network (IIN), formerly known as Liink, will be the first to be discussed.

Liink

Liink is a blockchain-based business-to-business (B2B) platform that enables banks and financial institutions to carry out international transactions and exchange data in a peer-to-peer setting so they can organize a financial roadmap, share insights, and develop a workable plan for their companies.

By pre-validating accounts, Liink can reduce the risk of fraud and prevent missed or returned payments (which raise expenses and processing costs). Liink offers a major product called Confirm that enables Liink clients to check and approve new accounts for cross-border payments.

Over 70 clients, including clients in Europe, are served by it currently, and it has handled more than 60 million communications.

Onyx Digital Assets

By enabling users to build tokenized versions of their goods, Onyx Digital Assets, Onyx’s asset tokenization technology, successfully integrates applications of all types into the blockchain. It offers a strong infrastructure and a variety of tools to enable the creation of web3 apps at all phases of the process and bring tokenization initiatives to life.

Customers may also use the platform’s suite of financial tools to better use their financial assets, such as posting them as collateral margin without making market moves or utilizing them as collateral against intraday borrowing.

JPM Coin

Another item is JPM Coin, a stablecoin created by JPMorgan in 2019 and entirely backed by the bank’s own US dollar assets. As a result, it has insurance and other advantages. Similar to Onyx, JPM Coin is only offered to a select group of customers in the US and, more recently, Europe. Multinational Siemens was the first customer to adopt JPM Coin in Europe.

However, JPM Coin is not your ordinary stablecoin. Here are some major takeaways:

  • Quorum, a blockchain system that specializes in the creation of permissioned networks, is the platform on which JPM Coin was developed. It enables speedy money transfers and is stable due to its linkage to the US dollar.
  • The key distinction between conventional stablecoins and JPM Coin is that the former may be staked in liquidity pools or used for yield farming by decentralized finance (DeFi) protocols, many of which are not very open about their dollar reserves and other backings.
  • While offering liquidity management, JPM Coin is primarily utilized by JP Morgan’s institutional and corporate clients for quick cross-border transactions and institutional settlements. Two parties can begin transferring value using JPM Coin if they both have JP Morgan accounts.

However, there is a crucial distinction that has to be made: JPM Coin is really the bank’s unique digital version of the dollar, not a standard cryptocurrency.

VitaDAO, Funded by Pfizer, Launches a Biotech Firm

Cris
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VitaDAO, Funded by Pfizer, Launches a Biotech Firm

The $300,000 funding of a biotechnology business was revealed by VitaDAO, which supports longevity research. This is the DAO’s first investment of its kind.

Vera Gorbunova, an anti-aging researcher at the University of Rochester, has founded the biotechnology business Matrix Biosciences, which VitaDAO is unveiling today. Initial funding for the launch is $300,000; further cash will be provided in early 2024.

The business will build on Gorbunova’s studies on the cancer resistance and lengthy lifespans of naked mole rats and investigate if a substance found in the rats may lengthen human lifespan.

VitaDAO, which was established in 2021, supports “longevity” research aiming at prolonging human life. The DAO is presently funding 20 initiatives, several of which are geared toward making “moonshot” advancements in the field of longevity research. Because members do not receive a profit from the research and all income is remitted to the DAO treasury to finance future initiatives, Todd White, a VitaDAO key contributor, compared the DAO to an endowment fund.

Earlier this year, the DAO secured a $4 million fundraising round that was highlighted by a contribution from Pfizer Ventures.

According to White, VitaDAO invests in “valley of death” stage concepts where research is still in the experimental stage. Pfizer originally heavily invested in an early-stage investment team, but decided against doing so before investing in VitaDAO.

“They recognized we were accomplishing what they were attempting, but we were doing it more effectively and affordably. Thus, for Pfizer, this was a type of actual Web3 awakening, according to White.

VitaDAO has positioned itself as a community of researchers within the “decentralized science” movement and a rising interest in DAOs as instruments for supporting research.

As blockchain technology struggles to repair its reputation in the aftermath of the FTX disaster, White said that the DAO has had difficulty integrating itself into the educational environment. White, though, believes that crypto and the specialized subject of longevity study have a similar mindset.

Both sides agree that “we’re not going to do this conventional thing.” This is foolish. There are several obstacles present,” White remarked. “We’re testing all the initial hypotheses again.”

Upbit Singapore Secures Initial Approval for Major Payment Institution License

Zach
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Upbit Singapore Secures Initial Approval for Major Payment Institution License

In a significant development for the cryptocurrency landscape in Singapore, Upbit, South Korea‘s leading exchange, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This marks a crucial step towards Upbit’s official recognition as a player in the local crypto market.

Stealth Mode No More

Upbit Singapore’s Chief Operating Officer, Raks Sondhi, expressed excitement about the approval, stating that the company would gradually emerge from its “stealth mode.” Despite operating in Singapore since 2018, the approval from MAS signals a more formal acknowledgment of Upbit’s presence and services in the country.

Building a Strong Foundation

Sondhi highlighted Upbit’s commitment to Singapore, emphasizing that the company has been actively building its team since 2018. The primary focus has been on the digital asset exchange business, with plans to expand further into the institutional segment and infrastructure projects.

Strategic Business Expansion

The approval allows Upbit to offer digital payment token services to institutional investors while awaiting the full license. Azman Hamid, the firm’s compliance chief, sees this as a testament to Upbit’s dedication to building a strong business foundation in Singapore. Hamid stated, “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”

Joining Elite Company

If granted full approval, Upbit will join the ranks of 15 crypto firms holding full MPI digital payment token service licenses from MAS. Notable names like Coinbase, Ripple, and Sygnum Bank have recently received license approvals, underscoring Singapore’s growing significance in the global crypto ecosystem.

Continued Growth in the Crypto Landscape

The approval for Upbit comes amidst a flurry of regulatory activity in October. Coinbase, Ripple, and Sygnum Bank’s Singapore entities all secured license approvals from MAS, contributing to the rise in MAS-licensed digital payment token service firms.

Looking Ahead

With the initial approval in hand, Upbit Singapore is poised to play a more prominent role in Singapore’s crypto market. The company’s strategic focus on digital asset exchange, institutional services, and infrastructure projects positions it to contribute significantly to the evolving landscape of financial technology in the region. As Singapore solidifies its position as a hub for crypto innovation, Upbit’s journey reflects the dynamic nature of the industry and the ongoing efforts to establish robust regulatory frameworks.

Circle and Noble Use CCTP to Introduce Native USDC to Cosmos

Krysta
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Circle and Noble Use CCTP to Introduce Native USDC to Cosmos

Cosmos will support USDC’s CCTP, which is already operational on the testnet.

Upgrades are being made to Cosmos’ native USDC.

Circle, the business that issued USDC, declared today at the Cosmoverse conference that it will integrate Noble, a Cosmos-based token technology, into its cross-chain transfer protocol (CCTP).

On the Cosmoverse main stage, Circle’s engineering director Marcus Boorstin showed the usage of CCTP for USDC transfers by transferring money from Avalanche to Noble via Metamask in a testnet scenario.

According to Boorstin, this will be the first time CCTP has been connected with a chain that is not an Ethereum Virtual Machine (EVM).

Simpleness is a fundamental component of the design, according to Noble co-founder Jelena Djuric, who stated that USDC transactions can be made in “basically one-click.”

The capability of CCTP will be extended to all Cosmos chains that are connected to IBC since Noble itself is integrated with the Cosmos Inter-blockchain communication protocol (IBC), doing away with the requirement for bridges when transferring USD Coin (USDC).

Additionally, according to Noble co-founder Stefan Coolican, customers who presently possess USDC on EVM chains may transmit their tokens directly to Cosmos chains that are connected with IBC without the requirement of a bridge.

“What you’ll be able to do with CCTP when it’s live is you’ll be able to send it to a burn address on Ethereum, where Circle’s API is watching and will issue an attestation of burn that gets relayed to the destination chain,” explained Coolican.

It’s a quick, affordable method to integrate native USDC into any Cosmos-based application, continued Coolican.

Before the official mainnet launches later this month, a testnet will be accessible to ecosystem players that are keen to try out CCTP’s cross-chain features.

According to DeFiLama, USDC has a circulating supply of nearly $25 billion and is now the second-largest stablecoin by market cap. Of this total, about $20 billion is spent on Ethereum. There is now a small stablecoin market within the Cosmos ecosystem. Since September 12, it has been operational on the Cosmos mainnet.

“Noble’s role as an asset issuance hub for Cosmos enables USDC to proliferate seamlessly throughout the ecosystem via IBC,” said Rachel Mayer, vice president of product at Circle, to Blockworks. With the addition of CCTP to Noble, we are able to address Cosmos’ interoperability issues with Ethereum and a number of other blockchain networks, allowing developers to enroll USDC users into their appchains from outside the ecosystem.

A Tokenized Short-Term US Treasury ETF is on Its Way to Base

Krysta
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A Tokenized Short-Term US Treasury ETF is on Its Way to Base

A Swiss business called Backed Finance has launched blB01, a tokenized short-term US government bond ETF on Base, Coinbase’s layer-2 network, in an effort to transfer real-world assets onto the blockchain.

According to the business, this will be the first tokenized security offered on Base and will be issued in accordance with the Distributed Ledger Technology (DLT) Act of Switzerland.

According to the DLT Act, all tokens must be completely collateralized and transferrable across wallets, according to a press statement from Backed Finance that Blockworks examined.

According to Adam Levi, co-founder of Backed, an identical amount of the underlying asset is kept by third-party custodians for each token that is traded.

“In the case of bIB01, the underlying asset is the iShares Treasury Bond 0-1yr UCITS ETF (IB01), which tracks the investment results of an index composed of US Dollar denominated government bonds issued by the US Treasury, with remaining maturities between zero and one year,” stated Levi.

Levi continues by stating that Backed is unrelated to BlackRock and that its cryptocurrency is not an iShares product.

Tokenized assets may only be bought through Backed by qualified investors and authorized merchants that have undergone KYC verification and acquired anti-money laundering certifications from Backed.

Backed emphasizes that it has no plans to modify the fact that none of its financial assets are registered as US securities. This indicates that only those living outside of the United States will be allowed to purchase Backed’s tokens.

Nine tokenized products, including tokenized fixed income and equities, are presently available from the Backed team. The project presently has approximately $46 million in total value locked (TVL), according to statistics from DeFiLlama.

“We have noticed a lot of interest since our tokenization solution enables our clients to access these goods without having to directly deal with [conventional finance]. We want to introduce more on-chain depending on client demand. We are happy to tokenize any specified security if there is demand,” Levi remarked.

Brazil Launches a Digital ID Based on Blockchain

Krysta
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Brazil Launches a Digital ID Based on Blockchain

Brazilian authorities are introducing a new national identity scheme that uses blockchain technology. The first states to issue identification documents on-chain will be Rio de Janeiro, Goiás, and Paraná.

According to a recent announcement from the government, over 214 million Brazilians will soon use blockchain technology for digital identity.

The first three states to issue identity cards on-chain using a private blockchain created by Serpro, Brazil’s national data processing agency, will be Rio de Janeiro, Goiás, and Paraná. According to a regulation issued on September 25, the entire nation should be able to create identification cards using blockchain technology by November 6.

The immutability and decentralization of blockchain makes it a suitable solution for the nation’s digital identity initiative, according to Alexandre Amorim, president of Serpro:

“Blockchain technology is essential for safeguarding private information and eliminating fraud, providing Brazilians with a more secure online experience. The National Identity Card project’s security and dependability have been greatly improved by using the b-Cadastros blockchain technology.”

The national ID initiative is essential, according to the local government, in tackling organized crime, enabling government sectors to collaborate, providing a more straightforward method to access services, and simplifying administrative records. A similar project, allowing people to access identity papers through a digital wallet, was recently announced by the city of Buenos Aires in Argentina.

Brazil has been attempting to standardize identification issuing throughout its almost 30 states for the past three years. According to the release, the newly adopted technology would enable a more secure data interchange between the Federal Revenue and other government agencies.

An future digital currency issued by the central bank is another important development in the nation. In August, the government provided further details on the initiative and changed the name of the digital currency to Drex.

The central bank intends to increase corporate access to finance via a tokenization system connected to the Drex, according to earlier reports. According to a local developer, the Drex code was found to enable a central authority to freeze payments or lower balances.

The Future of Uniswap: Controversy Surrounds KYC Checks and Whitelisting

Zach
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The Future of Uniswap: Controversy Surrounds KYC Checks and Whitelisting

Uniswap, the renowned decentralized exchange, is gearing up for a major upgrade later this year, inviting the community to contribute code suggestions. While this move has generated excitement, it has also sparked heated discussions, particularly around the proposed integration of Know Your Customer (KYC) checks and whitelisting features.

The Future of Uniswap: Controversy Surrounds KYC Checks and Whitelisting

Community Input and Controversy

The introduction of the “Hooks” feature, enabling third-party developers to propose changes to Uniswap, has ushered in a variety of ideas. Notably, blockchain developer Jongwon Park’s code has become a focal point in the ongoing debate. The code suggests implementing KYC checks before users can engage in trading on a pool.

This suggestion has triggered concerns within the DeFi community, with notable figures like Adam Cochran cautioning against what he calls “a slippery slope” for the protocol. Cochran argues that creating tools for permissioned systems might inadvertently provide regulators with a basis to extend their use beyond necessary contexts.

In response, Park defended the inevitability of permissioned tools on blockchains, likening them to the evolution of technology itself. He emphasized that despite these additions, Uniswap remains fundamentally permissionless, with contracts being immutable at a protocol level.

The Divide Among DeFi Participants

Predictably, opinions within the DeFi space vary. Lido contributor Seraphim Czecker expressed skepticism about the practical usage of KYC checks, suggesting that trading firms and bots prefer anonymity, aligning with the traditional finance approach. Czecker’s sentiment implies that these entities might shy away from KYC processes.

Uniswap’s Preemptive Measures and Screening Processes

Uniswap has not been idle when it comes to security measures. The exchange, along with other DeFi protocols like dYdX and Aave, has implemented screening processes to identify and block wallets associated with illicit activities.

Last year, Uniswap joined forces with blockchain security firm TRM Labs to enhance its screening processes, specifically targeting funds related to illegal activities. This includes funds linked to entities sanctioned by the U.S. Department of the Treasury, terrorists, and international criminals.

Navigating Regulatory Challenges

The integration of KYC checks in DeFi platforms is not a new challenge. Authorities have previously attempted to impose mandatory KYC on self-custody wallets and various DeFi applications. The ongoing debate surrounding Uniswap’s proposed features reflects a broader dialogue within the crypto space about balancing decentralization with regulatory compliance.

Innovations in Compliance Processes

While Uniswap grapples with these challenges, several projects are actively working on providing secure compliance processes for Web3 applications. Initiatives like Civic Pass, Polygon ID, Astra Protocol, and Parallel Markets are striving to offer permissionless yet secure avenues for compliance in the evolving landscape of decentralized finance.

As Uniswap inches closer to its upgrade, the outcome of these debates and the fate of proposed features like KYC checks will undoubtedly shape the future trajectory of decentralized finance. The challenge remains: can DeFi find a harmonious balance between regulatory compliance and the ethos of decentralization? Only time will tell.

‘Framework’ To Evaluate Blockchain Initiatives in Emerging Markets is Published by Stellar and PwC

Krysta
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‘Framework’ To Evaluate Blockchain Initiatives in Emerging Markets is Published by Stellar and PwC

A strategy for evaluating the success of Web3 projects in Colombia, Argentina, Kenya, the Philippines, and other emerging markets was released by Stellar Development Foundation.

The Stellar Development Foundation, who created the Stellar network, has published a financial inclusion methodology for evaluating the success of blockchain projects in developing markets. A white paper that was released on September 25 provided an explanation of the framework that was created in collaboration with consultants PricewaterhouseCoopers International (PwC).

By reducing fees to 1% or less, the teams came to the conclusion that blockchain payment solutions dramatically enhanced access to financial goods. They discovered that blockchain-based goods had sped up payments and assisted customers in avoiding inflation.

Some blockchain developers assert that their products can improve “financial inclusion,” i.e., they can give unbanked individuals in poor countries access to services. Making this claim has proven to be a successful method for several Web3 initiatives to raise money. For instance, based on this concept, the UNICEF (United Nations International Children’s Emergency Fund) has highlighted eight blockchain initiatives that it has so far supported.

However, Stellar and PwC warned in their paper that initiatives to improve financial inclusion risk failing if they lack a framework for assessing what is required for success. According to them, “robust governance and responsible design principles are key to successful implementation of any technological innovation.”

The two teams put up a framework to determine if a project will probably enhance financial inclusion in an effort to support this governance. Access, quality, trust, and utilization are the framework’s four criteria. These parameters are further divided into smaller sub-parameters. As an illustration, “access” is further divided into affordability, connectivity, and simplicity of initiation.

A suggested method of measurement is included in each description of a sub-parameter. As an illustration, Stellar and PwC use the metric “# of CICO [cash in/cash out] locations within relevant target population region” to measure “connectivity”. In order to prevent initiatives from depending solely on speculation, this is meant to assist ensure that they can monitor their success empirically.

The teams also recommended a four-phase evaluation procedure that projects should go through in order to address the issue of financial inclusion. In the initial step of the project, a solution, target population, and pertinent jurisdiction should be determined. They should identify obstacles that impede the target group from accessing financial services in phase two. They should utilize “level charts and guidance” in phase three to identify the main obstacles to user onboarding. In order to maximize the utilization of finances, they should create final phase solutions that “prioritize key parameters”.

The teams found at least two blockchain technologies that have demonstrated promise for boosting financial inclusion using this paradigm. Paid services come first. Based on an analysis of 12 applications used in Colombia, Argentina, Kenya, and the Philippines, the teams discovered that traditional financial apps charge an average of 2.7–3.5% to move money between the United States and the market under review, but blockchain-based solutions only charged 1% or less. They discovered that by making electronic payments accessible to those who couldn’t normally afford them, these programs expanded access.

Savings was the second sensible answer they discovered. According to the researchers, an Argentine stablecoin application enables users to invest in an asset that is resistant to inflation, preserving their capital when they otherwise would have lost it.

In underdeveloped financial areas, the Stellar network has been at the vanguard of payment inclusion. It established a scheme in December 2022 to help charitable groups disperse monies to benefit Ukrainian migrants fleeing violence. On September 26, it disclosed a collaboration with Moneygram to provide a non-custodial cryptocurrency wallet that may be used in more than 180 nations. The usage of cryptocurrencies in emerging nations has drawn criticism from certain financial and monetary professionals. In a document released on August 22 by the Bank of International Settlements, for instance, it was claimed that bitcoin had “amplified financial risks” in emerging market countries.

Before It is Removed From YouTube, The Viral “Charlie Bit My Finger” Video Will be Auctioned Off as NFT

Krysta
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Before It is Removed From YouTube, The Viral “Charlie Bit My Finger” Video Will be Auctioned Off as NFT

Before permanently removing the original from YouTube, the actors of the popular video “Charlie bit my finger – again” are auctioning off the almost 14-year-old footage.

The YouTube clip with Charlie and Harry Davies-Carr as kids and the iconic statement, “Charlie bit me,” has had more than 881 million views as of the time of writing.

The clip’s producers, who were one and three at the time, think that it is worth selling as an NFT even if its views do not place it in the top 20 most popular YouTube videos.

On Saturday, May 22, the 14th anniversary of the video’s upload to YouTube, the sale for the footage will start. According to The Verge, when the auction is over, “Charlie bit my finger” will be permanently removed from YouTube.

According to the New York Post, this film will be sold over the Ethereum blockchain as one of the NFTs, or non-fungible tokens, that are used to purchase digital “art” on the blockchain.

Charlie, who is now 14 and resides in Marlow, England, said to the outlet of the choice to auction the iconic video: “NFTs is the new thing. The exciting new thing right now is NFTs, not YouTube, which was the new thing when we posted.

The boys’ father, Howard Davies-Carr, shared the attitude when he said: “We were one of the first to embrace YouTube and we’re being one of the first to embrace NFT’s and cryptos.” Howard Davies-Carr was the one who filmed the video and uploaded it to YouTube.

Additionally, Howard stated that the auction winner would have the opportunity to “reenact the video,” and the family is willing to travel out to see them.

The film was put up for sale as an NFT at a time when digital assets have become more and more popular over the past year, with other memes and videos, including the photo of Disaster Girl, selling for hundreds of thousands of dollars.

Furthermore, Chris Torres, the creator of Nyan Cat, sold a Gif of the well-known meme for more than $470,000.

At charliebitme.com, you may buy the movie or find out more about the 24-hour-long auction.

The Cancer Research Industry is Being Revolutionized by a Blockchain Startup

Krysta
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The Cancer Research Industry is Being Revolutionized by a Blockchain Startup

One of the greatest unanswered medical mysteries of our time is cancer. The facts don’t support the idea that we are headed in the right way, despite significant advancements in prevention and breakthroughs in personalized care. According to the International Agency for Research on Cancer, the number of new cases of cancer among UN nations might rise by as much as 47% from 2020 to 2040. We must consider what might be done to lessen the needless deaths brought on by this complicated group of diseases as the prevalence of cancer rises internationally.

The solution was never going to be straightforward for a disease that has more than 200 different kinds and subtypes. However, the annual infusion of billions of euros into cancer research is opening up new avenues for investigation into specific cancer kinds and stages. According to the National Institute of Health, the number of oncological trials starting each year has increased by 60% over the last 10 years, from 2,500 in 2007 to over 4,000 in 2017. The chance of success for cancer medicines examined in clinical trials, however, is only around 5%, therefore the actual influence of this study on the development of therapeutic alternatives for patients is low.

An Essential Change from Conventional R&D

This necessitates an adjustment in cancer research. The conventional research and development (R&D) approach has serious problems. For instance, while developing a hypothesis, researchers painstakingly pore through tens of thousands of publications to find novel chemical combinations or compounds that show promise. Due to the large number of clinical studies that are never published, data availability is also low. Researchers frequently never learn from unsuccessful experiments, which leads to inefficiency since they keep making the same mistakes.

Utilizing AI is one of the novel research methodologies. One business, Innoplexus, searches through gigabytes of data from both published and unpublished research sources, filters it for reputable sources pertaining to the life sciences, and organizes it for researchers using AI. This speeds up the process of developing hypotheses for clinical trials.

AI is not always sufficient, though. There are research gaps that only real-world data (RWD) can cover, despite the fact that it has several advantages over traditional R&D. RWD, which comes directly from patients, is most frequently utilized to evaluate the post-market efficacy and safety of treatments. But by using RWD at various phases of the clinical trial procedure, we can dramatically speed up and enhance the chance of therapeutic success right now.

Revolutionizing Patient Involvement

The CURIA app intends to open up new avenues for patient involvement in research. Its primary goal is to provide patients the knowledge they need to manage their illness and make critical choices on their course of treatment. Additionally, patients have access to in-app services like getting a second opinion, being paired with another user who has conditions similar to theirs so they can exchange experiences, and other similar features.

The key to how this patient environment can revolutionize cancer research is now at hand. Patients can opt to engage in studies, surveys, or questionnaires that researchers send to the app. Information may be gathered through the use of blood tests, pathology reports, doctor’s letters, or by asking more qualitative questions, such as those pertaining to quality of life. Patients always maintain control since the data they contribute is safely leased out to researchers using blockchain. In addition, patients get OncoCoin tokens in exchange for their contributions, which appreciate in value as the data’s potential is realized.

These kinds of initiatives enable patients to control their own data and take an active role in their cancer treatment. Statistics demonstrate that patients who have a sense of empowerment throughout their cancer journey report receiving better treatment and even have better clinical results. The status quo of cancer has a bright future with more informed patients who take charge of their cancer journeys and participate in clinical research.

Blockchain and AI are unlikely to completely disrupt the healthcare industry unless they collaborate with patients. We will get closer to conquering this devastating group of illnesses the more we can do to make technology more available to patients, giving them hope to alter the path of their cancer journey while supporting cancer research.

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