UK plans to develop digital fund

The UK government has published a document that stressing the importance of the fintech development
06 December

Today the UK government has published "Investment Management Strategy II" - a long term approach for enhancing the country’s future generation of investment management, focusing on fintech sector.

The document includes six areas of growth including the development of Asset Management Centre’s of Excellence at various Universities across the UK. The main goal is to strengthen the UK’s investment management pipeline in order to make the country a world leader in Fintech. It would like to achieve this through a digital fund based around blockchain technology.

These are key findings made in the document:

  • The government encourages the Investment Association to make rapid progress in seeking to establish a digital fund
  • The government strongly supports the development of the Asset Management Cyber Security Strategy and the Investment Association’s thought leadership on this issue
  • The government welcomes the commitment of the FCA and asset management industry in developing standard definitions to facilitate the promotion of innovation in the asset management industry
  • The government will host a second international FinTech Conference in 2018, building on the success of the 2017 inaugural conference

The UK FinTech sector is growing rapidly. It contributes £6.6 billion annually to the UK economy, and employs over 60,000 people in 1,600 companies.

Recently, the House of Lords, has published a report, stating that government of the UK should take a leading role in the practical testing and application of blockchain technology.

Intel to Apply Blockchain Mining to Genetic Sequencing

Intel intends to utilize the energy expended during cryptocurrency mining for the sequencing of genetic data
15 December

Yesterday the U.S. Patent released a patent application called "Blockchain System with Nucleobase Sequencing as Proof of Work". In the application Intel’s inventors describe a type of computer called a sequence mining platform (SMP) which would identify the order or nucleobases in a deoxyribonucleic acid (DNA) or ribonucleic acid (RNA).

Nucleobases are the molecules that make up DNA and RNA, which contain the genetic information within every living organism on the planet. The order of these bases determines what physical traits a person, plant or animal features.

The patent application states that the SMP would use a nucleobase sequencing unit to actually establish the order of nucleobases in a given sample, which would then be verified by the blockchain before being permanently recorded on it.

The POW algorithm will be used to both identify the sequence and subsequently verify it, according to the application, and the sequence recorded on one block would be used as a base for the POW problems in the next block.