This Company Uses Bitcoin Blockchain For Medical Marijuana DNA Sequencing

A molecular information company called Medicinal Genomics (MCG) has partnered with 12 cannabis processors and cultivators to develop genomics-based safety and quality standards, and they are using the bitcoin blockchain to track DNA sequencing cannabis strains.

Inconsistent Strains Pose Challenge

The lack of consistent cannabis strains from the same grower can pose medical challenges for patients since even slight changes in a plant’s genetics can impact the strain’s effectiveness. Many patients require a specific cannabis strain for effective treatment. When plant genetics vary, patients can lose symptom relief.
While some U.S. states have passed testing requirements for microbial requirements, heavy metals, yeasts and molds, no laws or guidelines enforce genetic consistency of the strains used by patients for medical reasons.

Technology Enables Strain Verification

MGC has created technology for use with hemp and cannabis that allows growers, processors and testing laboratories to implement strain verification and stability programs to ensure product consistency and safety.
These programs provide confidence to patients using these strains and strain-based medicines. They also reduce product liability risk for growers and processors. Doctors and regulators who were previously unaware that genetic variance and cannabis effectiveness is of significant concern are commending these programs.
Kevin McKernan, chief scientific officer of MGC, said current industry nomenclature for characterizing a strain’s medicinal benefits has no reliability, consistency or association with the effectiveness of the product patients use. Clinically-validated next-generation sequencing techniques now provide the tools to decipher the genetics driving the medicinal properties of cannabis strains that patients use.

Blockchain Manages Intellectual Property

“Furthermore, this information can be linked into a distributed ledger to serve as the basis for claims about intellectual property, branding, and scientific discovery in the advanced breeders market,” McKernan said.
DNA sequencing is employed through MGC’s proprietary StrainSEEK™ service to record the cannabis’ and hemp strains’ unique fingerprint into the bitcoin blockchain database. Such genetic registration ensures the safety, consistency and branding integrity of strains used in the treating patients in states where medical cannabis is legal.

An Improved Medical Marijuana Industry

Kevin Murphy, managing director at High Street Capital, one of the early partner companies planning to utilize StrainSEEK™ for its medicinal cannabis operations and some of its holdings, said MGC is bringing consistency, quality and reliability to the medical cannabis industry.
“Using the most advanced scientific tools to ensure quality and patient safety is essential as we expand our national footprint of high-quality medicinal cannabis operations,” he said.
Medicinal cannabis is estimated to be a $6 billion industry and increasing at a 24 percent combined annual growth rate, according to Cowen and Company’s September 16, 2016 equity research report.
Twenty-five U.S. states, plus the District of Columbia, have legalized medical cannabis and more are expected to join the list in November 2016. The industry, however, is highly fragmented and nascent in its use of safety and quality standards governing the regulated food or crop industries.

The Russian Bitcoin Ban Plan is on Indefinite Hold

The Deputy Finance Minister of the Russian Federation has now stated that the spread of bitcoin in Russia does not represent a threat the country’s financial ecosystem, at its current rate of adoption. As such, the plan to ban the cryptocurrency is now paused.

Alexei Moiseev, the Deputy Finance Minister who has primarily spearheaded the Russian Finance Ministry’s intent to ban bitcoin beginning two years ago in 2014, has now stated that the cryptocurrency isn’t a threat to Russia’s financial system.
At the time, Moiseev deemed bitcoin and cryptocurrencies as “surrogate currencies” – a narrative that has stuck to this day – while stating that the law to ban bitcoin will be passed in 2014, or 2015, at the latest. Such a law has not come to pass.

All of this [bitcoin] does not pose much of a danger to the public, as it has not taken on a mass character that could pose a threat to our financial system right now.
The comments directly contradict those of Alexander Bastrykin, chairman of Russia’s Investigative Committee who has previously stated that bitcoin represents “a real threat to the financial stability” of Russia. The official then opined that the spread of bitcoin or money “surrogates” should be curbed.

The Long Road to Quell Bitcoin

Moiseev and the Ministry of Finance initially proposed a 4-year prison sentence for bitcoin users late last year in an effort to enforce a new amendment to the Criminal Code. In what could be seen as a move to bring brief respite, the Ministry then proposed a 2-year “corrective labor” sentence – a combination of penal dentention and forced labor – for bitcoin adopters, earlier this year.
However, a proposal from March 2016 saw the Ministry turn up its scrutiny further, amending that proposal to seek  a 7-year prison term along with massive fines for bitcoin adopters and companies in the country.

Bitcoin Ban Bill Sees Roadblocks

The following month, the Ministry’s efforts to accelerate its bitcoin banning proposal ran into trouble. The submitted draft did not fare well with reviewers critiquing its contents who insisted upon multiple revisions to the draft. Moiseev stated at the time:

Then in May, a resubmitted version of the draft saw further scrutiny from the Ministry of Justice and the Interior Ministry of Russia, who questioned the “public danger” that Bitcoin is supposed to have threatened with, as suggested by the Finance Ministry.
Merely days later, the Ministry of Justice – once again – refused to agree on a revised draft bill submitted by the Finance Ministry.
The continued friction and the lack of support has seemingly taken a toll on the Finance Ministry and Moiseev, who later admitted in August that the bitcoin ban bill, while ready, will not be rushed.

Banning Efforts, Paused

Coming back to the present, Moiseev has now revealed that the Finance Ministry has put its previously-fervent initiative to ban bitcoin and cryptocurrencies on hold.
This pause in the Ministry’s efforts will see the regulator look at how other counties are regulating cryptocurrencies, according to Moiseev.

Bitcoin operators shut shop in India amid RBI warning

New Delhi: Some of bitcoin operators in India have began suspending their business following RBI's caution towards use of such virtual currencies because of capacity cash laundering and cyber security dangers.

while RBI is yet to pop out with a clean regulatory framework for bitcoins, which have been gaining forex the world over during the last few months, it has issued an advisory cautioning trendy public against use of bitcoins and other digital currencies.

inside days of this advisory issued on December 24, some of entities offering bitcoin offerings have suspended their operations, temporarily or indefinitely, even as websites of a few others have gone down.

Related Topics Indians lose crores in bitcoins as Japan exchange collapses

Bitcoin is a digital foreign money that can be generated thru complicated computer software systems with solutions shared on a network, even though the method is complicated and such 'mining' may be executed best on very effective servers.

hardly three years into existence, bitcoin has already become the world's most high-priced forex and its in keeping with unit value soared beyond USD 1,000 degree or about Rs sixty three,000 these days, despite the fact that the fees have now slipped below Rs 50,000 stage.

there was a phenomenal surge within the change fee for bitcoin from little over USD 200 to properly beyond USD 1,000 at some point of November, but there was an severe volatility considering that then and the RBI's caution has similarly delivered to its woes in India.

one of the bitcoin operators in India, buysellbitco.In, has posted its website, "submit the RBI round, we're suspending purchase and sell operations till we are able to define a clearer framework with which to paintings.

"that is being achieved to protect the hobby of our clients and in no way is a mirrored image of Bitcoin's true ability or charge," it stated.

another entity, INRBTC also said that "in light of RBI's be aware, offerings of INRBTC.Com are being suspended indefinitely".

Explaining its selection, INRBTC stated that RBI has said that users of virtual currencies are uncovered to each criminal and monetary dangers.

"similarly it (RBI) states that absence of statistics of counterparties should concern the customers to unintended breaches of Anti-money laundering and preventing the financing of terrorism (AML/CFT) legal guidelines," it brought.

"The handiest option left now is suspend the services till in addition preparations can be made," INRBTC said, whilst including that every one trades which have been achieved until December 26, 2013 may be processed completely.

"All pending orders might be cancelled and the deposits on the ones orders might be refunded one hundred percentage to the customers," it stated.

Many other web sites offering bitcoin offerings in India have gone down, even though a few continue to perform as of now despite increasing regulatory glare on bitcoins globally.

at the same time as authorities and professionals have become concerned approximately its capability money laundering risks, concerns have additionally been raised approximately this new phenomenon snowballing into an 'e-ponzi' or an digital version of investor fraud, given the developing promotion of bitcoin as investments without any allowing guidelines for them.

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in step with a senior professional said, pressure has extended on regulatory and enforcement organizations in India after present day moves with the aid of China and France on this front.

"The fact remains that regulators are scrambling for ways to alter this whole gamut of virtual currency, as it is a totally new concept in India and even the jurisdiction isn't always clear as but on who must regulate them," he said.

even as the us has declared that each one triumphing money laundering legal guidelines could observe to bitcoins, China has requested its banks and other economic establishments no longer to deal in bitcoins and the public has been requested to do so at their personal threat.

except, France remaining week warned its banks about risks associated with bitcoins.

at the same time, the specialists are also elevating concerns approximately cyber safety troubles, given the large scope of cash laundering and other unlawful activities via use of an unregulated digital foreign money idea.

Bitcoin came into lifestyles in 2009 and the cutting-edge wide variety of bitcoin gadgets generated thus far stands at approximately 12 million. but, most effective a small range of bitcoins are being used for actual commercial and retail purposes and a majority of transactions are taking place for speculative investments.

including to the demanding situations earlier than the regulators, this e-forex is already being everyday through some online retailers in international locations like the US, China and some others, for various purposes which includes pizza transport.

those looking at this new phenomenon include almost all economic sector regulators as additionally businesses mandated to handle monetary crimes, which include RBI, Sebi and numerous groups below the Finance Ministry, a senior authentic said.

at the same time as regulators are tight-lipped about their course of action, a senior official stated that one possible way forward may be following the usa, wherein government have determined to difficulty bitcoins to cash laundering guidelines applicable to all other economic transactions inside the usa.

Regulators also are looking into claims being made through some entities of being registered bitcoin change companies, despite the fact that they could have simply registered as a organisation with the Registrar of companies for accepted commercial enterprise functions.

To make matters worse, this digital foreign money has emerge as new tool for fraudsters who are selling bitcoins as the subsequent large funding merchandise with unlimited returns.

a few lawsuits have already poured in approximately bitcoins being utilized by some operators in positive new-age and e-versions of multi-degree advertising or ponzi schemes.

Regulators fear that this new phenomenon can deliver upward thrust to a brand new type of illegal investment schemes that might be very difficult to song and clamp down. there is almost 0 physical hobby whilst dealing in bitcoins and almost all transactions take region within the digital layout.

Indians lose crores in bitcoins as Japan exchange collapses

In a impolite jolt to developing digital forex frenzy in India, bitcoins really worth crores of rupees held via some Indians have vanished with crumble of Japan-based Mt Gox, which became the arena's biggest bitcoin exchange thus far.

In a impolite jolt to growing digital foreign money frenzy in India, bitcoins worth crores of rupees held with the aid of a few Indians have vanished with crumble of Japan-primarily based Mt Gox, which became the world's largest bitcoin trade so far.

Having filed for bankruptcy, Mt Gox has admitted to have misplaced 7.5 lakh bitcoins of its customers and one lakh of its personal, which together are envisioned to be well worth approximately $zero.five billion (over Rs. 3,000 crore).

The alternate become predominantly used by foreigners, inclusive of those operating on behalf of customers from India, even as some Indians have been at once trading there. In its financial disaster submitting, Mt Gox has listed 1.27 lakh creditors, bulks of which might be foreigners and just about 1,000 from Japan.

The debacle can also intensify requires stricter regulatory checks on bitcoins and other virtual currencies in India and other international locations.

most of the affected Indians refused to discover themselves, fearing probing questions from tax and other government in India as they'd normally used untaxed money for buy of these bitcoins and had been seeking out smooth returns in this so-far unregulated market.

however, many bitcoin operators and traders confirmed that majority of bitcoins held by way of Indians have been being traded on Mt Gox and the price of those lost there will be at the least Rs. 10-20 crore.

There are over 35,000 bitcoins (worth over Rs. 100 crore) held by using Indians across the u . s ., while many NRIs also are dealing in this popular virtual currency, which currently trades at $550 apiece but isn't sponsored via any financial authority or actual asset.

India, that's domestic to two hundred million net customers, has of past due seen a exceptional upward push in bitcoin fanatics lured by means of go back capability, anonymous nature of transactions and natural novelty, amongst others.

today, it prices approximately Rs. 37,000 consisting of costs and expenses to buy simply one bitcoin from Indian operators, a lot of whom have been doing commercial enterprise carefully after the Reserve financial institution final 12 months issued an advisory warned the general public about the ability risks related to such currencies.

The bitcoin used to cost close to Rs. one lakh a chunk just a few weeks again, but fee have tumbled for diverse motives inclusive of for problems at Mt Gox.

After three weeks of speculation about the fate of the Tokyo-primarily based trade, which had suspended withdrawals early ultimate month, the bitcoin fraternity was stunned after Mt Gox claimed hackers stole a total of 850,000 coins.

Cyber criminals had been sporadically stealing bitcoins and its other siblings worldwide however this could be the most important heist till date.

"There may be quite a few India whose bitcoins have were given stuck at Mt Gox. We at the least recognise three Indians who've got affected," stated Sathvik Vishwanath, a founding member of Bitcoin Alliance India.

"The Mt Gox shutdown that occurred did affect plenty of humans. a few Indians we understand have their BTC stuck there," stated Sylvester, who is part of a well-known organization that organises Bitcoin meetups in Delhi.

whilst the Mt Gox debacle has hit the fledgling bitcoin community hard, the incident has additionally exposed the susceptible security of bitcoins, which exist as small software, towards state-of-the-art hacking attacks. however, a few accept as true with blaming the entire incident on unknown hackers might be a way to cover extreme accounting or technique deficiencies in this situation.

"because of their beyond delays, it turned into tough for Indian clients to switch and obtain fiat cash from Mt Gox. however this will be a large-scale fraud as well. eight,50,000 cash globally can't be just stolen without coming beneath any individual's note. it is subsequent to impossible," stated a bitcoin fanatic, who works in a Bangalore situated IT firm.

The digital forex's enterprise group, the Bitcoin foundation, has sought to assure Bitcoin users that their price range might not disappear due to robbery or mismanagement. On remaining remember, there had been one hundred forty virtual currencies having a combined cost of $9.3 billion.

side by using aspect, the usa and jap prosecutors have started out investigations into events main to the eventual shutdown of Mt Gox. the ecu Banking Authority is working to installation a venture pressure soon to review options for regulating Bitcoin and such virtual foreign money derivatives.

100% Blockchain for Dubai Government by 2020

In a significant endorsement of blockchain technology, the underlying innovation of bitcoin, the Dubai government will see of its documents on a blockchain. 

The government of Dubai will see all of its documents on a blockchain by the year 2020. The announcement was made via the Dubai Media Office’s official social media account, citing Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.

Furthermore, the Prince revealed that Dubai will also be executing all its transactions on a blockchain by 2020, as a part of a new program called the “Dubai Blockchain Strategy.”

Respectable details of the brand new government directive, decided by means of Dubai’s Sheik Mohammed, are currently scarce.

The crown prince additionally delivered that the Dubai future basis could be tasked with overseeing the approach to its implementation, even as the clever Dubai office executes the directive.

The Dubai authorities’s hobby to position itself as a blockchain hub and include the generation become first discovered in February 2016, when its Museum of the destiny basis mounted the ‘worldwide Blockchain Council.’

The subsequent month of March saw the council planned and draw plans for initiatives to investigate, discover and develop distributed ledger era.

Still, few would have expected the Dubai authorities to start a sweeping directive to enforce blockchain technology. Even fewer could have foreseen any situation in which a central authority began a essential shift to transport all its official records to the technology powering bitcoin.