Vera Thornpike

How Blockchain Addresses Healthcare’s Pain Points?

Blockchain technology influences all industries with healthcare experiencing the major impact. How exactly can blockchain technology upgrade healthcare?
How Blockchain Addresses Healthcare’s Pain Points?
Contents

Since the introduction of the blockchain, the digital world started changing irreversibly: it revolutionized the way we handle information and perform transactions. Blockchain provides umpteen possibilities, not only for crypto trading and financial world. Other companies can reap benefits from it, too, and healthcare organizations don’t stay on the sideline. Let’s find out how blockchain and smart contracts help healthcare companies address shortfalls and discuss a few cases in point.

Healthcare is in dire need of innovation

A perfect healthcare system is the one that sustains a decent level of medical support and provides timely help on a 24/7 basis. Whether we like it or not, there’s a myriad of regulations and legal issues that make the process time-consuming and complicated. There are lots of weak sides and gaps to pinpoint:

  • Important patient data is scattered over many systems and documents. Some of the information gets lost irreversibly.

  • Healthcare research results stay unreported, and the records are full of errors and misleading data.

  • Organizations communicate in an old, outdated way. When it comes to information exchange, the process is too long.

  • The problem of counterfeit medication production is still acute.

It goes without mentioning the financial aspect: both services and education in the sphere of healthcare are far from being widely affordable. The quality of service in private medical centers and governmental organizations is different, but residents of some countries don’t have any choice at all.

Therefore, a powerful, innovative solution is required to slog through the bureaucratic hurdles and turn the tables in favor of patients. The blockchain is the way to ensure the integrity of data exchange by storing information in encrypted algorithms and offering real-time sharing.

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Focus on the information

John Halamka, Chief Information Officer of Beth Israel Deaconess Medical Center in Boston, expresses his position the following way:

Just using blockchain in healthcare because it's cool does not make sense. In 2017, I worked on several production blockchain applications, so I have a sense what works and what does not. The blockchain is not meant for storage of large data sets. The blockchain is not an analytics platform. Blockchain has very slow transactional performance. However, as a tamperproof public ledger, blockchain is ideal for proof of work. The blockchain is highly resilient.

With these points in mind, organizations should consider using blockchain for:

  1. Storage of medical records. As soon as the patient’s personal medical history is generated and signed, it can be sent to blockchain that ensures total security and integrity of data. The same is applied to the results of medical trials and research. This is a mission-critical opportunity in cases when the integrity of medical record matters.

  2. Consent management. In the current healthcare system, every state has its own regulations of privacy and consent. Blockchain can serve to record the patient consent and share data. It allows every party to check the blockchain permissions for accessing medical data.

  3. Collection of information. The idea of rewarding patients for sharing data appeals to both sides. It is already implemented in a few projects — we will discuss them a bit later. Such approach brings mutual benefits: companies get enough data for research and trials, and people contribute to healthcare for some perks or financial compensation. They are sure that the data won’t get into wrong hands.

Therefore, blockchain technology changes the way of collecting and handling patient health information (PHI). It can be beneficial at a personal level, too: IoT devices, such as smart bracelets, can collect metrics and store it in a distributed ledger.

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Real life blockchain application: 5 Interesting projects

How is theory translated into practice? Let’s review a few projects that leverage blockchain successfully.

1. Shivom

This project is designed for the collection and storage of genetic data. Shivom has become one of the first blockchain-based solutions for medical corporations and scientists. How does it work? The users registering in Shivom system are encouraged to share their genetic information: they send biological material to the organization and get rewarded by the Omx token. The information about genomes is sequenced and stored in a database. Shivom guarantees total safety of personal data.

At the same time, the platform serves as a marketplace for organizations in need of medical data: drugstores, governments, research groups, universities, etc.

The information obtained via Shivom can be used for:

  • clinical research;

  • drug development;

  • precise identification of diseases;

  • prognosis of disease;

  • personal treatment.

Aside from financial reward, a user gets another perk: their genetic information can be used for diagnostics, prognosis, and disease treatment. With detailed genetic information at their fingertips, medical workers can develop an individual treatment plan and predict the reaction of the body to certain medications.

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What is the role of blockchain? It will eliminate the problem of trust, ensure data integrity and correctness, and solve the issue of patients’ consent, ownership of information, and authentication. Users contributing their personal medical data are given the private keys in order for the information to stay encrypted. They are free to choose who can access their data.

2. Doc.AI

This project was launched in 2016 by entrepreneurs Walter and Sam De Brouwer. The main idea behind Doc.AI is the visualization of a patient’s health future. Sound too complicated? This is how it works in layman’s terms:

  1. You collect medical data (genome, microbiome, etc), and send it to Doc.AI

  2. A team of data scientists analyzes the data and makes some predictive models.

  3. You get an insight into the data and can bring the information to the doctor.

For scientists, your data is essential to research fuel, for you — it’s a chance to get a professional opinion and go through the ‘troubleshooting’ process. Probably, scientists can predict health problems you didn’t suspect to have.

At the moment, any user is free to launch a data trial. The blockchain will guarantee the safety of their information and integrity of research results. Doc.AI is a good example of AI, blockchain technologies, and community working together for the sake of humanity.

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3. Iryo

There’s nothing more irritating than coming to a hospital to find out your medical records have been lost. Blockchain eliminates such risks, and Iryo is one of the projects that make steps towards integrity and the safekeeping of medical information.

The Slovenia-based enterprise is developing an open-source OpenEHR platform with a zero-knowledge data repository. It ensures the safety of medical data and prevents breaches and hacking. Thus, instead of having their medical information stored in different sources, patients can keep all records on Iryo facilities. The project can be evaluated by people from all over the world, but first the testing takes place in Slovenia.

4. Gem

This is another solution for medical data handling. Gem was established in Venice Beach, California, four years ago and is aimed to connect the data sets in a blockchain-based platform called GemOS. The creators strive to make healthcare more patient-oriented and facilitate data management.

Gem partnered with Tieto and Philips — a European health service provider — and the US Center for Disease Control and Prevention. The latter works on population health data management. For Tieto, Gem helps connect data from Finnish blood banks and DNA registers.

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5. Medicalchain

This is an English company that’s developing a blockchain-based project for storing health records and sharing them with all related parties — doctors, laboratories, hospitals, pharmacists. Of course, it’s done after a patient’s permission only. In the nearest future, Medicalchain will also introduce telemedicine: it will help patients communicate with doctors online. Now people won’t have to meet doctors directly. In addition, third-party developers would be able to create applications on the basis of Medicalchain’s system. That means there will be the whole chain of digital solutions making our lives simpler.

In March 2018, Medicalchain started a partnership with the Groves Medical group, an organization that counts over 30,000 patients. Groves decided to be among the first to try the technology and accept cryptocurrency as payment for its services. Four of its medical centers will get access to the data stored in the blockchain.

The role of cryptocurrency

All of the above-mentioned projects implement their own tokens and blockchain. However, it doesn’t mean a healthcare initiative needs to build its own decentralized ledger to benefit from the technology. There’s a myriad of charity organizations that accept contributions in cryptocurrency to spend it on patients’ health, research, and education.

SENS

Can we stop aging? Several scientists sponsored by SENS project are working hard to address this issue. They develop medications and treatment for aging-related diseases. The fund accepts crypto donations in Bitcoin, Ethereum and Litecoin.

The SENS team performs research in its own laboratory in California. Aside from that, it organizes annual conferences and seminars, publishes scientific articles, news and reports. SENS partners with American institutes and has already managed to tackle a lot of problems, including:

  • Cardiovascular and eye diseases;

  • Genetic changes and their influence on the body;

  • Cell aging.

Donations help researchers to rent laboratories and equipment in advanced universities. Beside, SENS gives education grants for outstanding students. Its funds are also spent to organize scientific meet-ups and conferences. Probably, SENS’ efforts will take us one step closer to immortality.

Medic Mobile

This project is sponsored by BitGive, one of the largest charity organizations that accept crypto. Medic Mobile provides medical education to those who cannot access it because of poverty and low quality of life, e.g. to people in Latin America, Africa, and some Asian countries. In the first quarter of 2018, Medic Mobile helped almost 20,000 people from 23 countries to get a medical education.

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The organization educated in different spheres putting the focus on family planning, children’s health, and disease treatment. Thus, the organization raises the quality of medical help in regions where it’s crucial. Medic Mobile teaches both theory and practice: students master different medical instruments and get experience. Moreover, the organization carries research and publishes scientific works.

What about exchanges?

The crypto exchanges will be involved in the process of blockchain adoption, too. Successful healthcare ICO will make it to the exchange market to present their tokens. At the moment, the following coins can be traded:

  • Dentacoin (DCN);

  • Medibloc (MEDX);

  • Medicalchain (MTN);

  • Lympo (LMY);

  • FarmaTrust (FTT);

  • AIDOC (NRN);

  • Shivom (OMX);

  • Docademic (MTC);

  • Patientory (PTOY).

All of those tokens are of ERC-20 type.

Blockchain opportunities in healthcare

Evidently, the use cases of blockchain are endless, but what exactly are the benefits to be reaped?

Data integrity and security

The healthcare system is full of middlemen and bureaucratic procedures. Employment of blockchain allows exchanging data in a more transparent, secure manner.

There’s always the risk of mistakes, while blockchain is tamper-proof and eliminates the threat of human errors.

It also applies to research: blockchain ensures the reliability of information.

Safety of medications and drugs

Thanks to the new technology, the pharmaceutical supply chain can be protected against manufacturers of counterfeit production. Blockchain can be applied to control the process of drug development due to smart contracts and real-time recording. Thus, the process of drug production and distribution can be tracked by authorized parties and patients.

Easy access to medical records

Distributed ledgers can store medical history. Patients are free to access their information and provide access to it for third parties, such as doctors, hospitals and insurance providers. The blocks of information stay safe and secure.

Removal of third parties

Blockchain enhances payments without the involvement of third parties for billing management. All financial data is trackable.

Unique identifier for every patient

The distributed ledger gathers all patient’s data together and matches both IDs for the patient and IDs for the health records systems. Therefore, it can serve to store medical records, contacts, genetic and biometric data.

 

Thus, the technology renders advantages at all levels of the healthcare system - from individual (seamless experience for every patient) to corporate (patient data management, research).

Cybersecurity in healthcare

According to a report published by Deloitte, there were 112 million technological breaches in health record data in the year 2015. In 2016, over 27 million patients were affected by hackers. 43% of those breaches were initiated by insiders, and 27% happened because of ransomware and hacking. The number of connected health devices is growing, and it will be harder for the Health IT infrastructure and architecture to support the evolving IoMT (Internet of Medical Things) ecosystems.

By 2020, the global number of IoT connected devices is expected to reach 20-30 bln. Blockchain technology can help to bridge the existing gaps and enable device data interoperability while sustaining privacy and reliability. Such companies as Telstra (user biometrics and smart homes), IBM (cognitive Internet of Things) and Tierion (industrial medical device preventive maintenance) are making research on those use cases to introduce blockchain in IoT devices efficiently.

What should companies do?

It’s clear that blockchain technology cannot be integrated into healthcare in a day, but being among the first companies to leverage it won’t hurt. Therefore, companies from the sector should prepare for serious technical innovations.

At the moment, preparation involves:

  • learning about blockchain;

  • considering potential applications and use cases;

  • building initial capabilities;

  • collecting funds for upgrades.

The exact steps depend on the industry.

Pharma

Pharmaceutical companies are most likely to experience the influence of blockchain. They will realize the value of technology when it helps eliminate counterfeiters, validate product quality, improve the speed and performance of operations. Companies should determine how exactly the capabilities should be acquired — through the in-house technologies, a partnership with startups, or buying capabilities them as a service.

At the moment, they can start experimenting with off-the-shelf solutions and consider partnership with startups to develop their specific applications.

Medtech

Medtech developers should put a heavy focus on combining blockchain with the IoT. They need to explore how the blockchain can secure data transaction among numerous connected devices, for example, pacemakers, insulin pumps, and sleep apnea equipment. That will enhance more efficient management of patient information. Probably, a broader ecosystem should be established around connected devices (patient, health service provider, medtech supplier).

Health service providers and payers

Here, a lot of regulations and legislation issues should be addressed. At the moment, there are a lot of constraints that hurdle the efficiency of health care. For example, some countries don’t allow for the assimilation of patient data from different sources. To sharpen their competitive edge, healthcare providers need to boost their strength in such spheres as network management, medical management, and support functions.

Both providers and payers are the most influential players in the healthcare niche. They have a chance to implement blockchain by addressing technology governance issues, participating in cross-industry dialogue, and encouraging their clients to include blockchain-enabled privacy controls in their applications. Payers, in their turn, can promote new formats of service provision. For example, the above-mentioned Gem project plans to link the hospital records with the data obtained from other sources, such as wearables and employee wellness programs.

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Blockchain isn’t a panacea

Despite glowing prospects, we’re unlikely to see blockchain used in healthcare on a habitual basis very soon. To set the ball rolling, the industry should overcome dramatic changes, and the question is: “Are healthcare organizations ready?”

There are at least five factors that make blockchain implementation curve too steep:

  1. Development is very slow and challenging. When it comes to creating blockchain algorithms, programmers should keep the data consistent across every single node, and even a tiny error can disrupt the entire database. Even worse: one bug can render different data to one node and others. Fixing bugs is very hard because all users should agree to any changes — all in all, blockchain isn’t under the control of a single entity.

  2. Incentive structures are difficult to design. The rewards should be aligned with the network goals. All incentive issues should be solved right from the start. Otherwise, blockchain is worthless.

  3. Maintenance can be expensive: while in the centralized model, tasks are performed only once, in blockchain they must run thousands of times. The same data is stored in multiple places rather than one source. The cost of transmission, verification, and storage are too high, because every database (out of tens, hundreds or even thousands) should be paid instead of one centralized database.

  4. Risk of bad actors uploading wrong data. Since there’s no governing entity, blockchain can be entered by malicious users who can upload frivolous data or use the system for profit. Without strict rules for deterring bad behavior, the blockchain is doomed.

  5. The existing infrastructure should be evolved, too. Every hospital and organizations have their own well-established methods of data storage, supply chain, and payment system. All upgrades should be somehow compatible with the current technologies used — matching them is quite hard.

Bottom Line

The healthcare industry in both developing and developed countries has a lot of vulnerabilities and breaches. The use of blockchain technology and smart contracts can eliminate the problems connected with data management and security making services more efficient and quick.

Imagine that you can have all of your medical data (medical history, genetic and biometric info, data from devices) stored in one place, accessed within a second from any hospital in the world. You can discuss your health with your doctor via Skype call and make purchases in pharmacy, being sure that it’s a 100% original product. Sound good? The future of blockchain can make this utopian reality true.

However, it’s unlikely for us to enjoy such convenience in any place of the world because the implementation of blockchain in anywhere except crypto trading requires a lot of time, effort, and investment. The number of enthusiasts and pioneers testing blockchain on their facilities should be way higher to see any positive shift.

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Bitcoin Cash Slingshots to the Moon?

The upcoming fork prompted investors to buy Bitcoin Cash in order to benefit from the extra coins created when the fork is complete.
Bitcoin Cash Slingshots to the Moon?

The Bitcoin (BTC) community has been divided on whether to increase block size or not for a long time. The lack of consensus resulted in one hard fork already, a hard fork that gave birth to Bitcoin Cash (BCH).

Now the relatively new crypto BCH is facing the same problem, a lack of consensus, so the Bitcoin Cash Blockchain is set to fork again on the Nov. 15.

The upcoming fork prompted investors to buy BCH in order to benefit from the extra coins created when the fork is complete. Giants Binance and Coinbase added to bullish sentiment by announcing their support for the hard-fork.

Charts at a Glance

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During the last 7 days BCH/USD has seen its trading volume increase substantially and, maybe more importantly, has climbed 50.60%.  Along with the move, two major psychological barriers were broken, $500 and $600, leaving Bitcoin Cash trading around $631.

The next immediate hurdle is located at 655 which has acted as both support and resistance in the past. Because price has reacted at this level before it will probably show some sort of reaction when it reaches the level again. It must be noted that after consolidating around 415 and then shooting higher, the pair did not retract at all, a fact that took the Relative Strength Index deep into overbought territory on the daily charts. This fact, coupled with the resistance around 655, increases the chance of a retracement from this level that may find support around 590.

Support zone: 590 - 600

Resistance zone: 655

Most likely scenario: touch or even break of 655 followed by bearish retracements

Alternate scenario: break of immediate support, followed by choppy movement with a bearish bias

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Blackmoon Ready to Upset Wall Street: Past ICO Review

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Contents

Blackmoon is bringing tokenized investment funds that can be bought and sold to the market. You might be scratching your head and asking, “What is a tokenized investment fund?” It is just as it sounds, they are baskets of investments, funds and other financial instruments that have been turned into tokens and thus represent a value unto themselves. They are also referred to as security tokens.

Essentially, this allows participation in the traditional market though smart-contract enabled Blockchain technology.

Finances

Blackmoon had a two-day ICO Sept. 12-13, 2017, which brought in $30 mln in funding. The token, known as BMC, is ranked by CoinMarketCap at 353 and is, at time of writing, trading at $0.62. It debuted at $0.86, which is a decrease of 39 percent. Its all-time high was $2.36 on Jan. 10, 2018. Since that high, it has remained relatively stable by comparison with many other cryptocurrencies.

Investment tokens on the horizon

Blackmoon has already tokenized its first IPO. Yes, that is not a typo, you read correctly, IPO. Quoting directly from their website: “Blackmoon is the first company in the history to tokenize an IPO in this way and it allows cryptocurrency investors and users access to the Xiaomi Corporation IPO.” So as a token investor, you can take part in the IPO indirectly by purchasing the tokens that have tokenized the IPO. There are more investment types on the way, too.

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Portfolio tokens

Blackmoon has three tokenized investment funds in the works for release. Think of these as tokenized investment funds with varying levels of risk. The first one is a one-day-most-volatile strategy. It promises to generate the returns corresponding to the yield of the crypto assets with the largest volatility. In other words, it wants to be more volatile than Bitcoin in one day.

The second token is a top-20-market-cap strategy, by putting the top 20 coins by market cap into a basket. Its strategy is to generate the returns corresponding to the yield of the cryptocurrencies with the largest capitalization.

The third coin combines cash and the top six coins by market cap to provide less volatility with cash as the buffer.

ICOs are for everyone

ICOs open the door to everyone to be able to invest, not just accredited investors. This levels the investment playing field for everyone and allows for more participation.

“Historically participation in an IPO has generally been a prerogative of institutional traders, but now with the democratization of the market and availability of new tools, it has become available for everyone. We have provided cryptocurrency holders the option to participate in the performance of Xiaomi stocks without leaving the Blockchain universe, and this is what Blackmoon has been all about from the start, ” said Blackmoon CEO Oleg Seydak.

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The verdict

While it might seem hard for some to grasp the idea of tokenized IPOs and other funds, this way of investing is only going to grow as more and more people take advantage of these new investment opportunities, for which they were not “accredited” to participate in before.

If all goes well with the launch of the tokenized funds, we might see Blackmoon lead the way in the tokenized investment funds for the time being. However, once the market of tokenized assets is established, competition will creep up out of nowhere and things will get innovative and interesting.

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Past-ICO Review: Restart Energy

Another power company on the crypto bus, revenues are good, but third-party support is out of the question
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The definition of success in the crypto world still has not really been clearly defined: is it token price, market cap, actual revenues, or number of followers on social media? For the cryptosphere the judges still seem to be out on that verdict. However, when a company is growing and taking in revenue then that is a tell-tale sign of a something being done right, and dare I say it, a success?! Well, let me not mislead you dear readers, Restart Energy is an already existing power company that has jumped on the bandwagon and launched a cryptocurrency to garner attention, capital, and well-taking advantage of the crypto wave to promote itself.

Financials

The ICO raised $30 mln in one day, Jan. 23. While the token is a utility token there has not really been much swing in price as it debuted at $0.06, spiked at $0.07 and is now trading at $0.02. As a utility token, this is to be expected and it’s a down market on top of that. The market cap is at $9.9 mln and there are 422 mln tokens in circulation out of 485 mln, so there is no more room left for more tokens to be released.

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Team

Armand Doru Domuta- CEO & Owner

Domuta is also the president of the Romanian Blockchain Association. Before getting into Blockchain his career has been focused on the energy industry, which has led him to where he is now at the convergence of energy and Blockchain.

Renato Doicaru- Co-founder

Doicaru has been a successful leader in the power generation industry, where he has held several jobs in plant management.

Andrei Avram- CTO

Avram has a passion to merge the business world with the tech world and to create a greater business engine to drive the economy. He has had much professional experience in tech and business. He is part of the Romanian Blockchain association and he also founded a school to teach to the younger generations.

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Lights down low

Since U.Today has been able to review several power generation companies in the cryptosphere, there is concern that could be legal problems relating to the tokens in the future, because they may be considered a security, given that token holders are receiving energy as a reward for holding the tokens.

WePower uses a similar model of rewarding token holders with energy and so far. European regulators are happy with this, but things shift quickly in the crypto world and there is some concern that regulators might change their minds on this.

Another potential issue is that Restart Energy is not allowing any third party apps on the RED Platform, however, they are open to possibly allowing third parties in the future. Power Ledger is allowing third-party apps, which could help reduce the level of resistance they feel from existing players in energy markets.

Without the third-party app support, it might be challenging to for Restart energy to further expand and compete in the market.

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Bitcoin’s Value Shouldn’t Be Quantified as an Investment- That’s Gold's Job

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Ever since Bitcoin made the transition from being a peer-to-peer electronic cash system to more of an investable, digital gold, it has drawn comparisons with the precious metal as a commodity that accrues value.

Bitcoin had its heyday, when it was rallying like nothing ever seen, and those who invested early were making a killing that not even gold could compare with. However, that does not necessarily mean that Bitcoin, or cryptocurrencies in general, should be seen purely as an investment.

Cryptocurrencies have many different facets to them, and are able to be applicable in a host of different sectors in society, from technology, finance, politics, economics and trade. The underlying Blockchain is the true star, and that needs to become more obvious.

When it comes to investing in something, Gold, or any other asset which is far better suited to it should be the answer, not only for the sake of the investor but also for the advancement of the entire cryptocurrency space.

Escaping the digital gold label

The stories of miners from 2012 and the early days of Bitcoin, pulling out hundreds of coins off their home PCs and then suddenly finding themselves millionaire by becoming accidental long-term holding investors are all but gone.

Bitcoin’s price is feeling the effects of going parabolic and it has left it in a very big bear market where a lot of the players are new entrants who bought at the highest point. This situation that many people find themselves in- who came to Bitcoin to invest in the hopes of a get-rich-quick fix- is problematic for the investors, and for cryptocurrencies.

Bad sentiment follows the market currently as investors get fed up on unfulfilled promises, pulling bigger and bigger losses as the price keeps falling. It sounds like doom and gloom, and it is, but only for one sector of the cryptocurrency space.

Bitcoin is a store of value, but currently, it is not a very good one, and as such, the digital gold label needs to be divorced from it.

Other cryptocurrencies have tried to find their way as a currency, or as Blockchain solutions, some even as a digital version of the US Dollar, and really, this is where the technology and the cryptocurrency space should be focusing in its energies.

Reasons why Gold is a better store of value

Bitcoiners and newer investors have laughed at Gold as an investment opportunity as it does not have the same headlines as Bitcoin has had in the past. But as a commodity, it is something that should be invested in while Bitcoin and cryptocurrencies are left to advance the technology space.

Gold is of course well established in terms of a market, it has things like ETFs advancing its liquidity, and it is primarily used simply for value. There are applications such as in dentistry and circuits, but predominantly, it is a precious metal which grows in value.

Bitcoin, Blockchain, cryptocurrencies and the entire new wave of technology surrounding this space has a big future that is still being unpacked, and it almost feels as if the investment side of things is a pure distraction.

There is no doubt that the mainstream adoption of Bitcoin came in part because of its exponential growth, which circled back, enticing more users in, but that time is gone. It must now be left to grow organically, with the value surmounting from its application as a new revolution in technology.

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10 Best Bitcoin Mining Software 2018

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Whether you decide to mine alone or in a group, here’s a list of 10 best mining software
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Bitcoin mining is concerned with how transactions are verified and confirmed on the Blockchain network and this is done using special tools and equipment.

What is a Bitcoin mining software?

A Bitcoin mining software works in collaboration with the relevant hardware to solve computational algorithms on the network and execute these transactions.

Steps to becoming a Bitcoin miner

Becoming a Bitcoin miner involves getting the best Bitcoin mining software. However, this is not all. Here are some other things you need to do.

  1. Get the appropriate Bitcoin mining hardware

  2. Get the best Bitcoin mining software

  3. Set up your Bitcoin wallets

  4. Begin mining

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What factor should be considered before mining

Mining is no small feat. It is not surprising that there’s a high demand for some of the best Bitcoin mining software for windows. Before you become a miner, you need to research and strategize. In the course of your research, you’ll realize that certain factors rank highly in the scale of preference and you must give these factors serious thought.

In essence, what should you consider?

  1. The cost of electricity

  2. The cost of Bitcoin mining hardware

  3. The cost of Bitcoin mining software

  4. The cost of cooling

  5. Transaction fees

  6. Miner fees

It sounds like a whole lot of work, but really, it isn’t. After you settle these considerations, move on to some of the best mining software for Bitcoin and other currencies.

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CGMiner

CGMiner is a Linux-based software which was coded in C. For about six years now, it has enjoyed widespread usage among cryptocurrency miners and this is largely because of its compatibility. It uses a command line interface as opposed to GUI. However, it remains a very user-friendly interface. For example, the speed of the fan can be changed using very easy keyboard commands.

CGMiner was designed for hardware mining, although this does not stop you from using CPUs and GPUs. Also, when you consider the best Bitcoin mining software windows 10 works with, CGMiner is probably not going to be mentioned. This is because several anti-virus software blocks the download. The lack of a GUI might be a turnoff for some, but it doesn’t dispute the fact that this is a top-notch Bitcoin mining software.

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EasyMiner

This is GUI-based and it is ideal for both Windows, Linux, and Android. Just as the name implies, it makes mining easy with its interactive GUI. When you set it up, the software is in a default “MoneyMaker” mode and this mode creates a wallet for Litecoins. In addition to this, it begins mining using the machine’s CPU instantly.

EasyMiner also serves as the frontend for mining software without GUI like CGMiner and CPUMiner. This makes it possible to dedicate your CPU and GPU to mining Litecoins while ASIC is dedicated to Bitcoin. The dashboard lives up to the hype and it is incredibly easy to navigate, change the mining pool, adjust the network settings, and carry out other activities.

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BFGMiner

Just think of a CGMiner which was designed to work with application specific integrated circuits (ASICs), and you will end up with BFGMiner. This feature makes it arguably the best software for Bitcoin mining. Also, it is ideal for cryptocurrencies using the SHA256 mining algorithm. Like other popular mining software, it allows you to connect to multiple mining pools.

Also, it allows you to save electricity costs by limiting the connection when a particular mining pool is not reachable. It is also an open-source software, and like CGMiner, it offers a command line interface. Because of how versatile the software is, it can also be considered as the best Mac Bitcoin mining software.

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Bitcoin Miner

This miner is available for Windows 10 and 8.1. The UI is easy on the eyes and the software boasts other factors which. The power saving mode, the support provided in mining pools, and the rapid share submission make Bitcoin miner one of the best mining software for Bitcoin.

BitMiner

Like many other Bitcoin mining software, Bitminer was introduced in 2011 and it boasts 450,000 registered users. The software offers flexibility and using it is considerably easier. However, considering the number of users, you might need to invest more in a reliable ASIC miner to gain ground when you join.

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MultiMiner

This is a graphical user interface based mining software. Although it is hailed as one of the best mining software for Windows, it can work on Linux and MacOS too. Working on these platforms will, however, require additional software. This is, no doubt, the best mining software for new users who aren’t familiar with the Bitcoin mining space as it offers a user-friendly and intuitive design.

Basically, this mining software is excellent because it has the ability to make the process easy. It provides detailed instruction on how to connect to a pool after the software has been installed. In addition, those really confusing terms are clearly defined on this piece of software.

After the setup, the software automatically performs a scan and then detects the hardware being used. MultiMiner then provides details about the hardware which relates to the mining process. The fact that it can also display your projected profits make MultiMiner one of the best free Bitcoin mining software.

Although this software is free, you have the option of sending 1% of the profits you make from mining to the developer. It is not compulsory and you’re free to opt out at any time.

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BitMinter

BitMinter uses special mining pools which bear exactly the same nomenclature. It is also very easy to use and the process of getting paid makes it more attractive. This is regarded as one of the best software for mining Bitcoin as it supports Windows, Mac, and Linux. Although you get the software for free, it charges 1% commission for mining with them.

Phoenix Miner

This Bitcoin mining software is free and open-source. It was also released by two members of the Bitcoin community in April 2011. It also provides support for RPC, w/LP, and MMP. In addition, the kernel loads automatically and it was promised that irrespective of the source of a new and more efficient kernel, the better version will always be adopted.

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BTCMiner

This is an open source miner which offers dynamic frequency scaling, allowing the miner to automatically select frequencies with high hash rates. It also works without Xilinx software or license.  

Pyminer

This is a ‘getwork’ CPU mining client which is used for mining Bitcoin. It is a Python-based toolkit and it is used to provide a reference implementation which can be studied. If you want to begin mining using this software, you are required to build and run Bitcoin from source on your PC. Although the project was announced over 7 years ago, it is still quite slow compared to other Bitcoin mining software. This is because it is pure-python.

Conclusion

”What is the best software for mining Bitcoin?” Well, this question has 10 different answers you can pick from now. Based on the hardware you have available and the scale of your mining operation, you can begin mining using any of the software recommended.

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