Blockchain
Can Blockchain Solve Healthcare? Nigeria Bets On The Technology To Curb Fake Drugs
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Blockchain technology emerges as a potential robust solution to the persistent issue of counterfeit medicines in the pharmaceutical sector. According to Goldstein Market Intelligence’s forecast, the estimated impact of counterfeit medicines is a staggering $5.3 billion this year. Despite these challenges, industry experts express optimism about the transformative impact of blockchain technology in addressing this pressing concern.
Is Blockchain The Solution To Counter Fake Drugs?
In a recent interview with Sunday PUNCH, Oluseyi Akindeinde, the CEO of Hyperspace Technologies, highlighted the potential of blockchain in safeguarding the pharmaceutical sector. Akindeinde emphasized that blockchain’s ability to serialize pharmaceutical products and assign verifiable security features could significantly hinder the circulation of counterfeit medicines.
To achieve this, Akindeinde proposed integrating encrypted non-fungible token (NFT) tags into pharmaceutical products. These tags create unique identities and offer an additional layer of security. By encrypting the NFTs, only authorized individuals with the correct code can access information such as ownership details and any attached data, ensuring the integrity of digital assets on the blockchain.
The impact of counterfeit medicines extends far beyond financial losses. According to the United Nations, substandard drugs result in a staggering 500,000 deaths annually in sub-Saharan Africa alone. Shockingly, within that figure, 267,000 deaths are linked to counterfeit antimalarial drugs, while substandard antibiotics for severe pneumonia contribute to 169,271 deaths.
The National Agency for Food and Drug Administration and Control recently took action against the counterfeit medicine trade, destroying over N500 million worth of fake and expired goods in Abuja. The regulator noted that the destroyed drugs included psychoactive and controlled substances, antibiotics, anti-hypertensives, herbal remedies, and drugs confiscated from unauthorized vendors.
BTCUSD trading at $48,173 on the weekly chart: TradingView.com
Smart Contracts: Antidote To Drug Counterfeiting
Akindeinde further explained that blockchain technology offers an immutable solution through the use of smart contracts. Smart contracts are unchangeable lines of code deployed on the chain. Each pharmaceutical product receives a unique identification tag affixed to its packaging within a smart contract, rendering manipulation virtually impossible.
The implications of counterfeit drugs extend beyond the immediate health risks. Legitimate pharmaceutical companies suffer reputational damage, and the entire healthcare system grapples with diminished trust due to the proliferation of fake drugs. Blockchain technology, with its inherent authentication and transparency, has the potential to restore trust and integrity.
Adewale Kayode, the Director and Team Lead at Sirfitech, echoed the sentiment, stating that the technology could provide authentication and transparency across the entire pharmaceutical value chain. From raw materials to manufacturing and distribution, blockchain technology can ensure the verifiability and traceability of pharmaceutical products, instilling confidence in consumers and stakeholders alike.
As the counterfeit medicine industry continues to evolve, the adoption of blockchain technology offers a glimmer of hope. While challenges such as regulatory frameworks and industry collaboration remain, the potential of blockchain to combat counterfeit medicines and protect lives is undeniable. The pharmaceutical sector stands poised to leverage this transformative technology, forging a path towards a safer and more reliable future.
Featured image from Freepik, chart from TradingView
Blockchain
Blockchain Forum 2025: Global crypto leaders to meet in Moscow
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The countdown is on for the highly anticipated 14th Blockchain Forum, set to take place in the heart of Moscow on April 23-24, 2025.
As the CIS market continues to solidify its global role in the cryptocurrency industry, this year’s forum is expected to attract over 15,000 participants, featuring some of the most influential names in Web3, cryptocurrency, and mining from more than 130 countries.
The last event in Dubai generated significant buzz ahead of the bull run, bringing together industry leaders from Tether, TRON, Ledger, Trust Wallet, Tezos, Binance, TON, OKX, Ripple, Bitmain, Bybit, Animoca Brands, Circle, BingX, ICP, Kraken, Sandbox, Polygon, Litecoin, Sui, BNB Chain, Cardano, DYDX, VeChain, Osmosis, Chiliz, Algorand, Ether Fi, Manta, Mantle, and Delysium.
As always, attendees can look forward to exclusive insights from market leaders, behind-the-scenes discussions, and countless networking opportunities. Founders and top executives from major companies will unveil strategies for capitalizing on current seasonal trends.
Simultaneous translation of all presentations of worldwide stars into English will be provided free of charge.
In addition, industry giants and opinion leaders will converge at the forum, vying for prestigious accolades at the Blockchain Life Awards, which will celebrate its 12th edition this year. This presents a unique opportunity to encounter CEOs of major exchanges and founders of renowned projects just on their way to the main stage, making exclusive connections more accessible than ever. Don’t miss your chance for invaluable networking opportunities!
The presale is in full swing — secure your tickets now, as prices are expected to increase dramatically as the forum date approaches. We’ll see you there.
Enjoy a 10% discount using the promo code COINJOURNAL at https://blockchain.forum/en
Blockchain
Cardano Founder Reveals How Meta, Google, & Apple Can Replace L1 Networks
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Cardano founder Charles Hoskinson has explained how the top tech companies Meta, Google, Apple, Microsoft, and Amazon could replace Layer-1 networks. According to him, these companies could easily establish their blockchain infrastructure once they achieve regulatory clarity.
Cardano Founder Reveals How Tech Companies Can Replace L1s
While speaking on an X space, Cardano founder Charles Hoskinson explained that tech companies like Meta, Google, Apple, Microsoft, and Amazon could become competitors to top Layer-1 projects once the stablecoin bill passes. Hoskinson suggested that these tech companies could move to establish their blockchain infrastructure once there is regulatory clarity in the country.
He gave an example of these companies issuing their stablecoins or partnering with a company like Circle to achieve this. Hoskinson also highlighted Apple’s ‘Apple Pay’ and Google’s ‘Google Pay’ to show how these companies are in a good position to compete with these layer-1 networks.
The Cardano founder also noted that these companies are in a good position to overtake these networks since they already have billions of users and control the operating systems that run on phones. As such, he believes this would be the next wave of competition the crypto space will face.
Hoskinson added that he envisages these companies could go as far as creating their Layer-1 networks. He gave an instance of how Meta already tried to venture into the crypto space in the past but failed due to a lack of clear regulations. As such, there is the possibility that they could make such a move again once Congress passes pending crypto bills.
These Companies Won’t Pass Up The Opportunity
The Cardano founder noted that, based on his sources, the US Congress could pass the stablecoin bill in the next 100 days. He believes that companies like Meta, Google, Apple, Microsoft, and Apple will not pass up the opportunity to expand their operations into the crypto market when the bill passes.
He remarked that there is no way that layer-1 networks could compete with these companies since they have a larger network of users and the necessary licenses to expand their business into the crypto space. Hoskinson also highlighted the fact that these companies could easily block users’ access to these networks in a bid to win them over.
The Cardano founder said believes this is very possible since these companies, with their infrastructure, are already a gateway to accessing these Layer-1 networks. As part of the unfair practices that these companies could adopt, Hoskinson also raised the possibility of them deciding to stop running nodes for these networks, which could alter the operations of these Layer-1s.
Hoskinson also highlighted how these tech companies have the edge over L1s with their confidential computing. On the other hand, these blockchains operate within second-generation trust-execution environments which are less reliable.
Hoskinson’s bold statements come just days after he hinted at a potential partnership with Microsoft. This has sparked a bullish outlook for the ADA price, with projections that the crypto could rally to its current all-time high (ATH) of $3.10.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
TAO and Arbitrum investors rush to buy into 1Fuel presale before anticipated rally
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For years, Arbitrum and TAO have dominated the market as two of the best altcoins for investors.
However, after the recent sell-offs, many investors are shifting their attention to 1Fuel, a revolutionary newcomer that has already raised over $2 million via its ongoing presale.
Read on to discover why a growing number of analysts believe 1Fuel could be the best presale crypto at this moment and how it could outperform TAO and Arbitrum in the upcoming bull cycle.
TAO price enjoys upward momentum
Amid the ongoing crypto sell-offs, TAO (Bittensor) is experiencing a sharp 7% uptick on its 24-hour chart, leading analysts to anticipate further gains.
For context, the crypto market is currently undergoing a period of volatility driven by Trump’s latest tariff policies.
However, the best altcoins, such as TAO and 1Fuel are defying expectations by displaying growth even in the broader bearish market conditions.
Today, TAO is exchanging for $391, representing 11% gains over the past week.
Arbitrum fights off extreme volatility
In the second week of February, the Arbitrum price is trading stagnantly, with a modest 0.2% intraday rise.
Arbitrum initially benefited from the hype surrounding Trump’s potential pro-crypto policies, soaring to $0.82 in January. However, after the recent turn of events, Arbitrum, like many other altcoins, is trading bearishly.
Today, the live Arbitrum price is $0.47, representing a 27% decline on its 14-day chart and 36% losses compared to last month.
Why do some analysts think 1Fuel might be the best presale crypto right now?
After the recent downturn, many investors are exploring the best altcoins that offer consistent yet exponential growth over the long term. This search leads many of them to 1Fuel.
At its core, 1Fuel offers interoperability, allowing users to make secure one-click crypto transactions.
Unlike any ordinary crypto wallet, with 1Fuel you can forget about multiple wallets and excessive network fees. Just select the crypto you want to use for trading, specify the token you want to own (no matter the network), and then relax and focus on your goals, as 1Fuel takes care of the rest.
Additionally, 1Fuel is currently in its presale phase, selling nearly $2.1 million OFT tokens. With a low entry price of $0.018, 1Fuel’s Stage 4 presale offers early adopters the chance to make huge profits on a small investment when 1Fuel hits tier-1 exchanges such as Binance and Bybit.
Conclusion
Arbitrum and TAO are undoubtedly two of the best altcoins for traders. However, 1Fuel emerges as a formidable competitor, helping affected investors recoup losses through its low presale entry and focus on innovation-driven growth.
Whether you’re a seasoned investor or a rookie, the 1Fuel presale deserves your attention.
Find out more here:
Website: https://1fuel.io/
Telegram: https://t.me/Portal_1Fuel
Twitter / X: https://x.com/1Fuel_
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