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Drug Discovery Platform Verseon Launches Blockchain-Based Securities Exchange

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Pharmaceutical companies could soon use blockchain for securities trading, Verseon predicts.

U.S. pharmaceutical company Verseon has become the latest medical organization to experiment in blockchain technology, it confirmed in a press release Tuesday, September 18.

Verseon’s main product is its proprietary physics-based drug discovery platform. The company was established in 2002 and it now trades on the London Stock Exchange, boasting a market cap of £211 million ($277 million).

Part of a growing trend among major pharmaceutical players to leverage blockchain’s data and security benefits, the company’s subsidiary BlockRules will facilitate what it describes as technology which “supports the sale, launch, and trading of securities on a public blockchain.

This, the release explains, “permits fully regulated, secure, and transparent support of securities, including decentralized tradingand will assist other pharmaceuticals players to overhaul their funding and development strategy.

“By democratizing investment access with blockchain technology, we will change the way new medicines and other life-science innovations are funded and how the resulting proceeds are shared,” Verseon CEO Adityo Prakash commented.

The move marks a continuation of the innovation which is ongoing in the wider health industry this year.

As Cointelegraph reported, multiple actors have identified blockchain’s ability to safeguard previously costly and inefficient processes such as supply chains and ensuring drugs are not tampered with.

Individual setups are also appearing beyond big business, such as in Taiwan, where earlier this month one hospital debuted a blockchain record-keeping system for sensitive patient data.

Home Crypto News European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing

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The European Central Bank is not planning on issuing its own digital currency under current conditions, President Mario Draghi has confirmed.

The European Central Bank (ECB) has “no plansto issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, September 12.

Addressing a query by MEP Jonás Fernández, Draghi said “substantial developmentwas still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he summarized:

“Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash.

Explaining why no plans were afoot at the ECB, Draghi drew attention to those same factors.

The technologies which could potentially be used to issue a central bank digital currency […] have not yet been thoroughly tested and require substantial further development before they could be used in a central bank context,” he told Fernández, adding:

“With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potentially substantial operational costs and risks.

He added there was at present “no concrete needto issue an additional currency within the eurozone, saying demand for cash banknotes “continues to growin the EU28.

Draghi continues the wary stance the 28-member bloc has traditionally held on bank-issued cryptocurrency, in contrast to moves by countries such as Russia and China.

Earlier this year, a joint report from the ECB and Bank for International Settlements (BIS) highlighted “side effectsof a potential launch of such a currency, also considering the need for more research beforehand.

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