The cryptocurrency market is among the biggest unregulated sectors in the globe. Before the coming of digital money, drug dealers were using cash as the main means of making transactions. Now, things have changed a little bit. However, drug dealers still prefer using fiat than cryptocurrencies.
Scientists globally are now innovating new technologies and drugs that can help in the fight against Covid-19 virus. Now Blockchain and decentralized ledger technology (DLT) can be used to prevent the spread of Coronavirus.
The government of Uganda wants to apply blockchain to curbing the distribution and sale of counterfeit drugs in the country. The announcement was made by the Country’s president on twitter mentioning the use of the tech in pharmaceuticals in Uganda. The government is keen to find a solution for the rampant counterfeiting in the country through innovations.
Authorities in South Korea arrested 9 drug dealers who sold narcotics through an obscured online platform using crypto, according to a report by Korea Herald. The office of Seoul Central District Prosecutor revealed on December 23, 2018, that the purported criminals used the darknet and even developed a website purposely to sell drugs.
Blockchain technology is mainly talked about in the context of the financial markets, but U.S law could enable it to become a requisite solution for the pharmaceutical sector as well. The Drug Supply Chain Security (DSCS) Act from 2013 constraints drug makers and supply chain offerers to batten tracking ways to shun the spread of fake drugs and fasten drug recalls.
Skychain Global, for the first time in Russia, has successfully conducted a test of the artificial intelligence system for medical diagnostics, comparing the number of errors committed by the living doctors. This infrastructure blockchain project is aimed at helping doctors and patients have accurate diagnoses.
The darknet is the space where off-the-grid transactions occur. Commodities there range from drugs, and smuggled goods to human organs. Cryptocurrency has aided the flourishment of the darknet since it provides an undetectable payment system.