How Can Blockchain Be Implemented in the Life Sciences Ecosystem?

Blockchain erupted into public discourse as the distributed ledger technology that acts as the foundation of the digital currency Bitcoin. Fundamentally …

Blockchain erupted into public discourse as the distributed ledger technology that acts as the foundation of the digital currency Bitcoin. Fundamentally, a blockchain is a growing, real-time list of electronic records, with each block unit containing a timestamp, information about the previous block in the chain and data. The blockchain architecture is therefore resistant to the modification of data or its provenance. Fintech quickly recognized the potential of blockchain, with multiple use cases now implemented in areas such as financial transactions and service/product life cycles. For the life sciences industry, blockchain has the potential to enhance cross-industry partnerships, integrity and trust built on consensus, interoperability, tracing, and tracking of tangible and intangible entities in many service and product pipelines.

A recent report published by PreScouter reviewed three broad areas of blockchain deployment in the healthcare, biopharmaceutical, and medical technology sectors as well as the challenges these sectors need to overcome for wider adoption. The report also enumerates developing use cases of blockchain, from proof-of-concept to real-world large-scale deployments, and identifies first movers/early adopters of blockchain, including key collaborations, across the pharma, biotech and healthcare industries.

Challenges to wider blockchain adoption in the life sciences

Within the life sciences sector, blockchain use cases are complex to implement, and the rapidly changing landscape of blockchain technology also presents a challenge for companies seeking to adopt.“Blockchain has great potential to improve upon various activities within the life sciences sector, although it still has a number of challenges when it comes to adoption,” says Dr. Charles Wright, co-author and PreScouter Technical Director for the healthcare and life sciences industry. The consensus opinion is that changing the mindset of private, public and political leadership for adopting blockchain technology and the requisite change in management is the single greatest hurdle facing blockchain deployment, adds Dr. Wright.



As the technology matures, experts believe that mainstream adoption will be rapid. It is predicted that the value added by blockchains will grow to $176 billion by 2025 including non-financial uses in the life sciences, according to Gartner. Even with blockchain adoption gaining traction, PreScouter identifies 10 key challenges to wider adoption of the technology (seen in figure below).


Figure: Main Challenges to Adoption of Blockchain in Healthcare. Source: PreScouter.



The three life science fields impacted by blockchain:

The PreScouter report identifies drug development and supply chain management, clinical trials management and patient-centric usage as three areas with the most potential for blockchain adoption and impact.

Drug development and supply chain management

In the areas of drug manufacturing and supply chain management, blockchain can be very effective for ensuring integrity. Provenance and tracking of compounds are two key areas that are under the purview of authorities such as the FDA, with oversight through the Drug Supply Chain Security Act. Blockchain can provide immutable batch records of active pharmaceutical ingredients (APIs) in the manufacturing process and easy reporting systems for adverse events and drug batch recall.



Current processes that permit drug provenance and supply chain tracking are fragmented due to data silos and can lead to human errors as well as fraud. One example of blockchain implementation by a public-private collaboration is that between the FDA and IBM. The collaboration is using blockchain to identify, track, and trace prescription medicines and vaccines distributed throughout the country. Another example is the MediLedger Project that brings together a consortium of drug manufacturers and distributors to track/trace drug batches and improve drug supply chain management using internet-of-things (IoT) principles.

Clinical trials management

The PreScouter report also highlights that blockchain technology is impacting the complex processes integrated into the design, implementation and management of clinical trials. Clinical trials have many stakeholders, including patients/study subjects, study sponsors, drug/medical device providers, clinical investigators, healthcare professionals like physicians and nurses and various government regulatory bodies.



Sensitive data, including patients’ health records and a clinical trial’s outcomes, must remain private and secure. The trial protocol itself must be immutable and transparent. However, the entire process has to be conducted transparently for all stakeholders with protocols strictly adhered to. Moreover, secure communication between stakeholders from different professions and multiple clinical trial sites can be inefficient and can easily compromise protected health information.

Clinical trials therefore are perfect for blockchain technology, which allows for immutability, scalability and traceability of records with varied data access permissive levels. A blockchain could help manage patient consent, maintain trial protocols, track patient samples as well as ensure secure communications between trial sites. An initiative by Boehringer Ingelheim (BI) and IBM in Canada, where BI will manage its clinical trials on blockchain technology provided by IBM, was recently inked in 2019.

The company Triall, with its technology partner Sphereon, is developing applications for improving auditability and operational efficiency in clinical trials. The consortium’s Verial application, a clinical document management solution, is being used in a Phase II clinical trial and is touted as the world’s first clinical trial in production on a blockchain.

Patient-centric usage

Finally, PreScouter highlights the potential impact of blockchain technology on activities that surround a patient, which can be termed patient-centric blockchain usage. These use cases are varied and include implementation of “smart contracts” for patient consent and ownership management of health data, patient record management across siloed healthcare data landscapes, prescription medicine management, patient claims and billings management, data security for medical/wearable technology as well as deployment in personalized medicine.



Blockchain implementation has achieved the most traction in patient-centric usage as seen by the number of early collaborations that are underway. A leader in blockchain implementation in Europe is Guardtime, which collaborates with Estonian Health authorities and the National Health Service in the UK for tracking and managing patient consent to use of their health data. Another application is the Prescrypt project, spearheaded by Deloitte in the Netherlands, which blockchains a patient’s drug prescriptions for secure communication, usage tracking and analysis by healthcare professionals.

The takeaway

The blockchain implementation in the life sciences is gaining traction and the authors of the report identify that the key challenge to blockchain adoption is non-technical and non-regulatory. It is rather changing the mindset of private, public and political leadership for adopting blockchain technology. However, they provide a positive outlook for the implementation of blockchain in the healthcare space in the near future. Dr. Rakesh Joshi, a co-author of the report, believes that, “as the technology matures and early use cases emerge to help mitigate risks, more mainstream adoption is to be expected within the next 5 years, which will enable blockchain technology to bear its fruits in the life sciences ecosystem.

Rakesh, one of PreScouter’s advanced degree researchers, is a life sciences professional with a passion for data-driven analytics and discovery. He earned his PhD is Biochemistry from Purdue University. Currently, he is enrolled in the Schulich School of Business at York University diving deeper into machine learning/artificial intelligence and technology-driven strategic planning & management.

Related Posts:

  • No Related Posts

CDC and WHO’s Coronavirus data, visualised from a blockchain

“Healthcare and public health is a key area where Distributed Ledger Technologies (DLT) can provide computational trust, and serve as a source of …

CoronavirusAcoer, developer of blockchain-enabled applications, is helping its healthcare and life sciences clients to easily track and visualize the ongoing Coronavirus outbreak. It will do this using its HashLog data visualisation engine which uses the Hedera Hashgraph blockchain.

There is a growing supply of data about the virus, but the information is not necessarily easy to visualize, consume, or extract in a simple way,” said Jim Nasr, CEO of Acoer. “With HashLog our objective is to make data collection automated, and data visualization rich, dynamic, and intuitive. Particularly with my own public health background and tenure at the CDC, we are also huge believers that supporting public health is an incredibly important mission and as much as we can do, it is our responsibility to innovate to enhance it.

Jim Nasr, CEO of Acoer
Jim Nasr, CEO of Acoer

Coronavirus and a blockchain

Hedera Hashgraph is an enterprise-grade public ledger. The Coronavirus HashLog dashboard enables researchers, scientists and journalists to understand the spread of the virus and trends over time. To do this it holds a wide set of public data, including data from:

  • the Center for Disease Control (CDC)
  • the World Health Organization (WHO).

HashLog will provide real-time visualisation of Coronavirus data and trends including:

  • confirmed cases
  • deaths and recoveries per hundred infections
  • trends over time
  • interactive views – with dynamic sort and filtering capabilities
  • the ability to download or extract directly from those visualisations.

Healthcare and public health is a key area where Distributed Ledger Technologies (DLT) can provide computational trust, and serve as a source of truth for multiple parties to work from, delivering consistent, factual information across distributed communities,” said Mance Harmon, CEO of Hedera Hashgraph. “Acoer’s work to make this Coronavirus data so easy to visualize and understand is a great example of this, and we commend them for this innovative use of DLT for the public good.

Mance Harmon
Mance Harmon

Acoer

Acoer builds blockchain-enabled applications. These seek to ensure computational trust, transparency and auditable data by providing a secure and tamper-proof environment.

HashLog is a data collection and visualisation tool. It includes three sub-projects:

  • Health Data Explorer – a platform to support and improve medicolegal death investigation
  • Knowledge Seeker – a data analytics dashboard about clinical trials, dementia or mortality data
  • Ledger Explorer – this is a transaction explorer and analytics platform for Hedera Hashgraph which uses decentralised ledger technology (DLT or blockchain).

Coronavirus

Enterprise Times: what does this mean

While the initial significance of the new Coronavirus infection was not fully appreciated, its rapid growth in Hubei province and then its spread through China and the wider world has driven a need for tools. This is what Acoer, with HashLog brings, broadening the information base.

From a blockchain perspective the HashLog/Hedera Hashgroup combination adds to the credibility of digital ledger technology. That the service is free for use is an added confirmation.

Related Posts:

  • No Related Posts

Blockchain in Digital Rights Management (DRM) Market 2020 Global Analysis, Opportunities And …

Blockchain in Digital Rights Management (DRM) Market 2020 Global Analysis, … Blockchain, also known as distributed ledger technology, acts as the …
“Blockchain in Digital Rights Management (DRM) Market”
Wiseguyreports.Com Adds “Blockchain in Digital Rights Management (DRM) -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2025” To Its Research Database

Blockchain in Digital Rights Management (DRM) Industry

Description

Blockchain, also known as distributed ledger technology, acts as the backbone for the exchange of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). However, the technology has been proposed for wider applications, such as smart contracts, legal asset trades, and as a means to streamline Know Your Customer (KYC) processes between US banks.

Starting from the vital facts, the record tends of consisting of the industry through the view of the profile of the market. The fact also depicts the approximate generation of key production and the programs that help in the describing of the increase of the market of Blockchain in Digital Rights Management (DRM). On the idea of such type of information, the market has been primarily segmented into several segments that also depict the maximum proportion of the market during the period of the forecast.

This report focuses on the global Blockchain in Digital Rights Management (DRM) status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Blockchain in Digital Rights Management (DRM) development in United States, Europe and China.

The key players covered in this study

Sony

Binded,Inc

Custos Media Technologies

Scenarex

Publica

Mediachain

Pixsy

Gilgamesh

RecordsKeeper

Request for Sample Report @ https://www.wiseguyreports.com/sample-request/4009524-global-blockchain-in-digital-rights-management-drm-market

Market segment by Type, the product can be split into

Rights Management

Royalty Processing

Token Distribution

Other

Market segment by Application, split into

B2B

B2C

Regional Description

In order to understand the different consumers in the global market, this study analyzed and compared the different key players in the global space. It classified the apparent consumption of the product/services in various regions across the globe such as North America, Europe, Latin America, Asia Pacific and the Middle East and Africa. This report extrapolated the data and reported threats and opportunities which will prevail in the industry in the upcoming years. Furthermore, this report profiled each of the key players in the above-mentioned regions based on their growth rate, production capacity and revenue generation.

Methodology of Research

The report helps in the providing of a wider introduction of the market and also helps in the dealing with the detailed methodology of research for the calculation of the size and forecasts of the market. The sources of secondary data are used and the primary inputs that are taken for the validation of data. This section also helps in the outlines of the several segments that have also been covered as being a part of the report. Additionally the reviews tend of providing of the calculation for the determining of the inclinations of the global market.

Leave a Query @ https://www.wiseguyreports.com/enquiry/4009524-global-blockchain-in-digital-rights-management-drm-market

Table of Contents

1 Report Overview

1.1 Study Scope

1.2 Key Market Segments

1.3 Players Covered

1.4 Market Analysis by Type

1.4.1 Global Blockchain in Digital Rights Management (DRM) Market Size Growth Rate by Type (2014-2025)

1.4.2 Rights Management

1.4.3 Royalty Processing

1.4.4 Token Distribution

1.4.5 Other

1.5 Market by Application

1.5.1 Global Blockchain in Digital Rights Management (DRM) Market Share by Application (2014-2025)

1.5.2 B2B

1.5.3 B2C

1.6 Study Objectives

1.7 Years Considered

2 Global Growth Trends

2.1 Blockchain in Digital Rights Management (DRM) Market Size

2.2 Blockchain in Digital Rights Management (DRM) Growth Trends by Regions

2.2.1 Blockchain in Digital Rights Management (DRM) Market Size by Regions (2014-2025)

2.2.2 Blockchain in Digital Rights Management (DRM) Market Share by Regions (2014-2019)

2.3 Industry Trends

2.3.1 Market Top Trends

2.3.2 Market Drivers

2.3.3 Market Challenges

2.3.4 Porter’s Five Forces Analysis

….

12 International Players Profiles

12.1 Sony

12.1.1 Sony Company Details

12.1.2 Company Description and Business Overview

12.1.3 Blockchain in Digital Rights Management (DRM) Introduction

12.1.4 Sony Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.1.5 Sony Recent Development

12.2 Binded,Inc

12.2.1 Binded,Inc Company Details

12.2.2 Company Description and Business Overview

12.2.3 Blockchain in Digital Rights Management (DRM) Introduction

12.2.4 Binded,Inc Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.2.5 Binded,Inc Recent Development

12.3 Custos Media Technologies

12.3.1 Custos Media Technologies Company Details

12.3.2 Company Description and Business Overview

12.3.3 Blockchain in Digital Rights Management (DRM) Introduction

12.3.4 Custos Media Technologies Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.3.5 Custos Media Technologies Recent Development

12.4 Scenarex

12.4.1 Scenarex Company Details

12.4.2 Company Description and Business Overview

12.4.3 Blockchain in Digital Rights Management (DRM) Introduction

12.4.4 Scenarex Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.4.5 Scenarex Recent Development

12.5 Publica

12.5.1 Publica Company Details

12.5.2 Company Description and Business Overview

12.5.3 Blockchain in Digital Rights Management (DRM) Introduction

12.5.4 Publica Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.5.5 Publica Recent Development

12.6 Mediachain

12.6.1 Mediachain Company Details

12.6.2 Company Description and Business Overview

12.6.3 Blockchain in Digital Rights Management (DRM) Introduction

12.6.4 Mediachain Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.6.5 Mediachain Recent Development

12.7 Pixsy

12.7.1 Pixsy Company Details

12.7.2 Company Description and Business Overview

12.7.3 Blockchain in Digital Rights Management (DRM) Introduction

12.7.4 Pixsy Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.7.5 Pixsy Recent Development

12.8 Gilgamesh

12.8.1 Gilgamesh Company Details

12.8.2 Company Description and Business Overview

12.8.3 Blockchain in Digital Rights Management (DRM) Introduction

12.8.4 Gilgamesh Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.8.5 Gilgamesh Recent Development

12.9 RecordsKeeper

12.9.1 RecordsKeeper Company Details

12.9.2 Company Description and Business Overview

12.9.3 Blockchain in Digital Rights Management (DRM) Introduction

12.9.4 RecordsKeeper Revenue in Blockchain in Digital Rights Management (DRM) Business (2014-2019)

12.9.5 RecordsKeeper Recent Development

Buy Now @ https://www.wiseguyreports.com/checkout?currency=one_user-USD&report_id=4009524

Continued…

Contact Us: Sales@Wiseguyreports.Com Ph: +1-646-845-9349 (Us) Ph: +44 208 133 9349 (Uk)

Media Contact

Company Name: Wiseguyreports.com

Contact Person: Norah Trent

Email:Send Email

Phone: +1 646 845 9349, +44 208 133 9349

City: Pune

State: Maharashtra

Country: India

Website:https://www.wiseguyreports.com/sample-request/4009524-global-blockchain-in-digital-rights-management-drm-market

Related Posts:

  • No Related Posts

What’s Next for Crypto Crime in 2020?

As the crypto market grows, there is an increased focus on a crime carried out using digital currencies. In the last few years, cryptocurrencies have …

As the crypto market grows, there is an increased focus on a crime carried out using digital currencies. In the last few years, cryptocurrencies have broken out of the ‘currency of the criminals’ mold and been widely adopted. Eighteen percent of all Americans and 35 percent of all millennial Americans have invested in crypto in 2019 alone.

With VCs being widely traded, big names like Amazon, eBay, Ali Express, Walmart, and Target have begun accepting Bitcoin payments. Financial institutions are also getting involved: 2019 saw a whole host of mainstream commercial entities (including JP Morgan Chase) diversify their portfolios and respond to shifting clientele needs by investing in crypto and blockchain projects.

Moon ExtensionMoon Extension

(The Moon Extension allows users to pay for shopping on several online retail and e-commerce websites through Bitcoin. Source:Moon)

Nevertheless, VCs’ decentralized and semi-anonymous nature makes it an appealing option for illicit transactions. Wide-spread adoption of cryptocurrencies by criminals has unfortunately impacted the overall reputation of crypto.

Firms like Chainalysis and CipherTrace are working to provide governments, law enforcement agencies, financial institutions, businesses, and the public with a crypto monitoring service and the forensic tools necessary to track crypto and cyber-related crimes.

Reports by such agencies help us get a better grasp of the true extent of crime carried out using cryptocurrencies. Their supervision and analytical services can determine criminal activity and, when shared with law enforcement, help stop criminals from preying on the vulnerable.

The Current State of Crypto Crime

Although illicit crypto activities increased in 2019 compared to prior years, they made up a mere 1.1 percent (just under $12.5 billion) of all cryptocurrency-related activities.

total currency sent and receivetotal currency sent and receive

(Source:Chainalysis)

The Chainalysis 2020 Crypto Crime report found that crypto crime is very similar to white-collar crime. Much like white-collar executives defrauding people through sophisticated Ponzi schemes, most illicit crypto activity originates from a small (yet formidable) group of criminals that are elite hackers.

The biggest threat of crypto crime is scams. Since people believe that crypto holds a ‘get rich quick’ potential, they are often swayed by big promises of fraudulent coin projects.

total cryptocurrency transactiontotal cryptocurrency transaction

(Source:Chainalysis)

For example, the PlusToken scam that came to light late last year specifically targeted vulnerable sections of the population (like the elderly) by marketing specifically to them. The victims had hardly any knowledge of how crypto worked – most had to be counseled through the process of creating wallets – and were naturally unable to spot that the project was a rip-off.

Other areas of crime using cryptocurrency include terrorism financing, stolen funds, sanctions, ransomware, darknet markets, and child abuse material.

What comes next?

The growth of illicit crypto activities last year indicates that crime using VCs will continue to flourish in 2020. Since tracking and traceability services are becoming increasingly prevalent and are succeeding in determining crypto crimes and their perpetrators, criminals are likely to focus on adopting means that obfuscate their activities.

Keeping this in mind, we can expect to see the following crypto crime trends this year:

  1. Search for Non-custodial Mixers

Cryptocurrency mixers are anonymity tools that mainly convert transactions of non-private coins into private ones through coin shuffling. Thus, they cloak the potentially identifiable cryptocurrency funds with others, making it difficult to track the source of the transaction.

As Bextmixer, a $200 million custodial crypto mixing service, was shut down by Europol in May 2019, it seems likely that criminals will look for alternative services with CoinJoin functionalities – like the Wasabi wallet.

Wasabi offers trustless coin shufflingWasabi offers trustless coin shuffling

(Source:Wasabi)

Wasabi offers trustless coin shuffling by using Chauman CoinJoins over the Tor network for anonymity:

make your bitcoin fungiblemake your bitcoin fungible

(Source:Wasabi)

Despite claims that Bestmixer was involved in money laundering and illegal financing, many in the crypto community believe that shutting down crypto mixing services is a gross overreach that could set a dangerous precedent against privacy.

For instance, internet security mogul stated:

Bitcoin mixers are now being targeted. Anonymity itself is slowly being considered a crime. The word “Privacy” will soon mean “Criminal Intent”.https://t.co/BN9eM3yozb

— John McAfee (@officialmcafee) May 24, 2019

  1. Chain Hopping for Data Obfuscation

In addition to non-custodial mixers, crypto criminals may also adopt chain-hopping to obscure their transaction data. Chain-hopping is the process of exchanging one type of cryptocurrency with another – multiple times, rapidly, and typically at low KYC protocol exchanges so that funds cannot be easily traced to their origin.

  1. A rise in Privacy Coins

Additionally, as we have already seen in 2020, it is highly likely that privacy coins (like Monero and ZCash) will continue to grow and attract users for their near-total anonymity feature. Privacy coins protect data by concealing almost all transaction details such as names, wallet addresses, and the amount transferred.

wasabiwasabi

(Source:Monero)

Many nations are already concerned about such cryptos. Financial regulators in France and Japan have called for banning Altcoins that aim to bypass identification procedures by design. Chinese blockchain ventures are prohibited from implementing any anonymity-enhancing attributes on their platforms.

  1. Increased Adoption of Anonymous P2P Exchanges

Lastly, we can expect to see increased adoption of decentralized peer-to-peer exchange platforms, which allow users to trade crypto without the platform acting as a facilitating third-party. Consequently, platforms such as Bisq are likely to grow.

Increased Adoption of P2P ExchangesIncreased Adoption of P2P Exchanges

(Source:Bisq)

Need for Sensible Regulation

According to Chainalysis, much of the prevalent crypto crime can be prevented if regulators were to work in sync with crypto exchanges. Building on the framework of consumer protection laws, regulators must strive to form better-informed regulations as well as better enforcement mechanisms. Law enforcement agencies need to evolve and adapt to the new, technically-adept criminals and equip themselves with essential tools and resources to minimize crypto crime in the future.

Related Posts:

  • No Related Posts

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month

Moreover, statistics from the blockchain analytics provider 1000x Group show digital currencies like bitcoin cash (BCH) have joined BTC’s dominant …
Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month

2019 was an interesting year for darknet markets (DNMs) and a number of marketplaces closed for a variety of reasons. Despite the closures, crypto payments on DNMs doubled for the first time in five years. Moreover, statistics from the blockchain analytics provider 1000x Group show digital currencies like bitcoin cash (BCH) have joined BTC’s dominant role within the deep web.

Also Read: BCH Merchant Directories Now List 4,300 Bitcoin Cash-Accepting Businesses

1000x Group Data Shows An Uptick of Bitcoin Cash Used for Darknet Sales

There’s been a number of reports on DNM usage last year and action on the invisible web continues to be interesting in 2020 as well. Just recently, the blockchain surveillance firm Chainalysis published a report that showed DNM payments doubled for the first time since 2015. Not only did the value of BTC sent to DNMs increased by 70%, but Chainalysis also noted that DNMs will likely accept cryptos with a focus on privacy like monero (XMR).

News.Bitcoin.com looked further into darknet payment statistics by leveraging analytics from the provider 1000x Group between January 7, and February 4, 2020. 1000x Group’s dashboard shows data from 15 different markets and ten of them accept BTC only. This includes markets like Silk Road 3.1, Hydra, Wannabuy RDP, Sipulimarket, Escobay, and Joker’s Stash. The DNM Monopoly accepts monero (XMR) only and during the four-week time span, there were four DNMs that accepted coins like BCH, LTC, and XMR in addition to BTC. The four DNMs included Cannazon, Empire, Darkbay, and Apollon. However, the darknet market Apollon allegedly exit scammed five days ago.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Darknet tracker data provided by the blockchain analytics provider 1000x Group.

The four-week time span measured on 1000x Group’s dashboard shows XMR, LTC, and BCH were used on Monopoly, Cannazon, Empire, Darkbay, and Apollon. Monero represented 56% of the payments on DNMs between that time. LTC captured 29% and BCH saw 12% of sales during the time frame ending on February 4. While Monopoly, Darkbay, Empire, and Cannazon all accepted XMR, Darkbay and Empire processed payments in litecoin (LTC) as well.

The marketplace Apollon accepted BTC, XMR, LTC, and BCH during the four-week time span and grew popular due to its multi-coin acceptance. In fact, before Apollon’s alleged departure, the DNM was probably one of the most active markets on the invisible web. Data scrapes from four researchers at the Australian National University (ANU) indicate that Apollon started small, but had since “exponentially grown in size.” Apollon grew larger after Dream Market’s ‘soft’ exit in the summer of 2019. The multi-currency DNM showed 4,500 listings and Apollon admins claimed it had more than 30,000 registered users.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Between January 7 and February 4, 2020, Bitcoin Cash saw an uptick of use on DNMs. Darknet tracker data provided by the blockchain analytics provider 1000x Group.

A Private Peer-to-Peer Marketplace, Cashshuffle, Schnorr Signatures, and the Innovative Cryptography Behind Cashfusion

One interesting fact about 1000x Group’s payment data shows the increase of bitcoin cash (BCH) usage between January 7, and February 4. BCH development during the last year has seen a significant increase in privacy methods applied to the coin. Proponents of BCH believe that the peer-to-peer cryptocurrency has even better privacy enhancements than most coins that exist today. During the last year, the BCH ecosystem has seen the basics of Schnorr Signatures added to the chain and the Schnorr protocol was enhanced again during the last upgrade.

In March 2019, Electron Cash developers unleashed the official iteration of the Cashshuffle protocol and so far BCH users have shuffled 209,490 BCH to-date ($94 million). BCH users also saw privacy push in June, when Bitcoin.com launched its peer-to-peer BCH marketplace. Users from all around the world can trade bitcoin cash in a private manner and leverage encrypted chat and a secure blind escrow system.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
With our peer-to-peer BCH marketplace, you can buy and sell BCH privately using our noncustodial, Local Bitcoin Cash trading platform.

Beyond all that, BCH has also seen the introduction of Cashfusion, which has given the decentralized asset a much higher set of anonymity. Not only are BCH proponents using Cashfusion, but the privacy-enhancing software is making waves with BTC proponents as well. The creator of Wasabi Wallet complimented Cashfusion after he listened to Mark Lundeberg’s recent interview with Naomi Brockwell and he made some positive remarks about the protocol in another tweet as well.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Cashshuffle data provided by the website stats.devzero.be/#/

Typically, the publication Bitcoin Magazine doesn’t cover Bitcoin Cash topics, but the news outlet’s Aaron van Wirdum wrote an objective article on the new privacy protocol for BCH. Not too long after that article, data analyst James Waugh also commended Cashfusion’s privacy advances in a recent Medium post. Waugh disclosed he queried a number of transaction inputs and outputs and realized that it’s “not possible to establish a concrete link” between them. Essentially, Cashfusion in Waugh’s opinion is far more practical than other Coinjoin protocols.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Cashfusion data provided by the website stats.devzero.be/#/

It’s quite possible that the increased use of BCH on prevalent DNMs is attributed to the added privacy benefits BCH offers to everyday users. With 44,737 shuffles using Cashshuffle to-date and close to $100 million transactions shuffled, the protocol has gathered a lot of traction. Additionally, at 94,574 accounts on Local.Bitcoin.com since the peer-to-peer platform’s launch, data indicates there’s significant interest in trading privately. There have also been 2,250 fusions so far using the Cashfusion protocol since November 28, 2019, and there’s been 10,103 BCH fused to-date ($4.5 million).

It’s a shame that a DNM like Apollon is likely out of the picture, as it was the one marketplace that was popular for offering multi-currency support. As time progresses, it’s still quite probable that other DNMs will support BCH going forward, due to all the privacy-enhancing benefits that stem from recent BCH development.

What do you think about the data from DNMs from 1000x Group’s blockchain analytics data between January 7, and February 4, 2020? Do you think the addition of things like Local.Bitcoin.com, Cashshuffle, Schnorr Signatures, and Cashfusion is the reason why BCH use on DNMs saw increased exposure? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, darknet markets, services, or companies. Bitcoin.com does not provide investment, tax, legal, accounting or any advice. It has also been noted in the report above that the DNM Apollon is accused of exit scamming and readers should be aware of that situation. The data determined in this article reflects payments on February 4, 2020 and the four weeks prior. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, 1000x Group, stats.devzero.be/#/, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Share this story:
Related
How Often Are Top Privacy Coins and Mixers Actually Used? - A Look at XMR, DASH, and ZEC

How Often Are Top Privacy Coins and Mixers Actually Used? – A Look at XMR, DASH, and ZEC

PRIVACY | Graham Smith

As Bitcoin and crypto help everyday individuals to regain control over their money, and make trusting third parties unnecessary, it’s… read more.

US Politicians Want to Ban End-to-End Encryption on Messaging Services like Telegram and Whatsapp

US Politicians Want to Ban End-to-End Encryption on Messaging Services like Telegram and Whatsapp

PRIVACY | Avi Mizrahi

Under the guise of fighting against online child pornography, American politicians are trying to effectively ban end-to-end encryption on all… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Please enable JavaScript to view the comments powered by Disqus.

Related Posts:

  • No Related Posts