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Bitfury’s New Partnership to Build Blockchain-Based Medical Imaging Platform

Bitfury’s new partnership to build blockchain-based medical imaging platform

Bitfury’s New Partnership to Build Blockchain-Based Medical Imaging Platform

Bitfury’s new partnership to build blockchain-based medical imaging platform

Blockchain tech company Bitfury is partnering with radiology blockchain marketplace Medical Diagnostic Web (MDW) to create a blockchain-based medical imaging ecosystem. The partnership was announced by the Bitfury Group in a blog post on Feb. 11.

Established in 2011, the Bitfury Group operates as a software manufacturer and provider of security and infrastructure for the Bitcoin (BTC) blockchain. The company raised $500 million in revenue in 2018. MDW is a radiology blockchain platform that allows radiologists to contact with imaging facilities and share patient data and medical images.

Within the new collaboration, Bitfury, MDW and blockchain-powered life data marketplace Longenesis will develop a platform for maintaining, sharing and securing medical imaging and diagnostics information such as X-rays and CT scans. The platform will purportedly be built on Bitfury’s private blockchain framework Exonum, which will enable transactions to be validated using “anchoring” technology.

Longenesis will purportedly ensure that only authorized parties have access to the medical data recorded on the blockchain, also guaranteeing compliance with the Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR). Bitfury’s CEO Valery Vavilov expressed optimism on blockchain deployment in the medical sector:

Blockchain technology can strengthen patient data security by providing a tamper-proof record of patient history while simultaneously providing an avenue for doctors to more easily share information. The digitization of trust that blockchain offers, paired with the medical potential of AI algorithms, has the ability to revitalize medical systems all over the world.”

Earlier in February, Pistoia Alliance — a medical research and development union — expanded its blockchain project to include data sharing, data identity, and data integrity, and using blockchain to validate sources in identifying data, to ensure data integrity, and to improve sharing between organizations. Prior to its foray into blockchain-based data management, Pistoia concentrated on educating the medical industry on the emerging technology.

In January, United States-based health insurance giant Aetna partnered with IBM to create a blockchain network tailored to the healthcare industry. Estimated to serve over 39 million clients globally, the blockchain system will purportedly be designed to streamline insurance claims processing and payments, as well as manage directories.

Published at Mon, 11 Feb 2019 22:14:02 +0000

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Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’

Russia has announced plans to launch a nationalized cryptocurrency called CryptoRuble, citing competitive advantage by being the first of its kind in Europe, and as state-controlled digital money in the light of an increasingly digital economy.


Russia has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. Exact facts are scarce, and most of the information comes directly from quotes from Nikiforov, although it is believed that once the CryptoRuble is introduced, all other cryptocurrency mining for coins such as bitcoin will be banned. That Russia is taking these steps indicate a pressing need for governments to somehow financially oversea and realize returns from the digital economy.

After a recent closed-door meeting, Nikiforov stated:

I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months.

A Taxable Currency

The Russian government has made it clear that if a CryptoRuble owner cannot account for where they got it, they will be subject to a 13% tax. The online economy has made it difficult and a concern for governments to collect taxes on an increasing digital sales industry.

When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total, Nikiforov said.

Online Reception

Online reception to the news has been mixed, with some claiming that it is simply “digital fiat” as opposed to a true cryptocurrency. Others see it as a shrewd move, capitalizing on what could become a trend for the rest of Europe.

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Reddit user JeremyBF commented:

Wow, is there a legit source for this? I expect all governments to eventually do this, but this fast, awesome. This is actually great for bitcoin. Let the governments educate the people on the advantages of cryptocurrencies, the learning curve into bitcoin is then nearly complete!

The Russian move seems as much a response to engaging with the digital economy as it does to countering any competitive threat bitcoin might pose.

In the words of Nikiforov:

This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy.

Could a nationalized, centralized, government-controlled cryptocurrency work? Let us know what you think in the comments below.


Images Courtesy of Pexels, Wikimedia Commons

The post Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’ appeared first on Bitcoinist.com.

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