Remedy Blockchain’s Shortcomings with Genetic Information - Cryptonic News

Remedy Blockchain’s Shortcomings with Genetic Information

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

January 3, 2019, marks the 10th year anniversary of the launch of the bitcoin system since Satoshi Nakamoto introduced “Financial Freedom” to the worlds. Blockchain is a technology that realizes the ideal of mankind as a record that cannot be changed. However, the authenticity of a blockchain record does not verify the underlying accuracy of the truth of the data it records.

Blockchain is most vulnerable in the areas where it intersects with the real world, creating the ‘first-mile issue’. If false records are uploaded to a blockchain, they cannot be removed and, decisions and authentications based upon them will be false. Many other companies, such as Walmart and IBM have been running a pilot to provide better traceability to food distribution to eliminate the risk of fake food using blockchain. However, the fundamental problem still remains; blockchain presupposes trust in farmers and fishermen and yet blockchain is not a complete solution for distrusting farmers and fishermen. Other words, blockchain cannot stop farmers and fishermen to record and upload false information on a blockchain.

A global genome-based platform, announced that it will evolve into a genome-based “blockchain” platform to remedy blockchain’s shortcomings. Oceana’s study reveals that 59% of America’s tuna is not actually tuna. If genetic information that identifies tuna is encoded as a metadata in a colored coin, the opportunity cost of producing fake information would become too expensive. Creating a token that contains a variety of information about tuna has great potential for spurring the expansion of global supply chain finance for agricultural products. Indeed, the combination of ever-evolving genetic testing techniques and unchangeable blockchain technology can eliminate the problem of fake food from the agricultural supply chain.

They will take a snapshot of bitcoin UTXO to begin myGeNomeCoins (GNC) generation on January 3, 2019. To establish a genome-based blockchain ecosystem, the GNC will generate on the bitcoin ecosystem, which has already been distributed around the world. The GNC generation can bypass regulatory uncertainty around ICOs and concentrate on creating a token ecosystem. It can start building an ecosystem immediately following coin generation. Unlike an ICO token, it does not need to sell coins by touting the value of the token. Unclear regulations around ICOs are making large businesses and institutional investors hesitant to participate in token ecosystems. The GNC project, however, is free from regulatory controversy and exempt from market securities regulation because it does not sell coins. As a result, the project can focus on achieving the long-term goal of building upon the success of the GNC ecosystem to create a genome-based, shared economy, ecosystem, instead of raising quick money through ICO.

People who hold bitcoins on January 3, 2019 at 00:00 UTC can claim redemption of the number of GNC matching the number of bitcoins they hold in the wallet.

For further information, visit http://mygenomecoin.com and https://www.mygenomebox.com.

Remedy Blockchain’s Shortcomings with Genetic Information Remedy Blockchain’s Shortcomings with Genetic Information Reviewed by Markett Co. on February 09, 2019 Rating: 5

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