The government of Austria is supporting a U.K. cancer research company using blockchain to detect the disease. The government’s support comes as part of its drive to promote the technology, a press release shared with Cointelegraph confirms Nov. 10.

Lancor Scientific, which has developed a device to detect multiple cancer types and record screening results with smart contracts on blockchain, plans to open a research laboratory in the city of Graz.

Like Google’s Lymph Node Assistant, the cancer screening tool released in October using artificial intelligence (AI), Lancor Scientific’s offering aims for 90 percent accuracy.

Lancor will additionally work with local universities including the Technical University of Graz, the Medical University of Graz, and the Sigmund Freud University Vienna on international research projects, the press release states.

Commenting on the testing of blockchain implementations in the Austrian government, Austria’s minister of foreign affairs Margarete Schramböck highlighted blockchain as an area of considerable interest at state level.

“Blockchain is definitely one of the new important technologies,” she said, adding:

“In addition to Artificial Intelligence and Speech Recognition, it is one of the big issues we want to highlight in the coming period of the EU Presidency.”

The press release notes that the Austrian government will give Lancor Scientific grants over a five-year period for facilities, “research equipment, access to academic expertise and clinical trials management.”

Austria has traditionally sought to foster both blockchain and cryptocurrency innovation by remaining open to experimentation in legislation.

The capital, Vienna, has seen various attempts to broaden public awareness of the phenomenon including a “cryptocurrency bank” in 2017.

Earlier this month, neighboring Germany’s shift in stance over Bitcoin (BTC) saw a Munich-based casino ship in the country’s first Bitcoin ATM in several years over the border from Austria.

Meanwhile in September, the government moved to issue $1.35 billion in bonds on the Ethereum (ETH) blockchain.

This post is credit to cointelegraph

China’s central bank the People’s Bank of China (PBC) encouraged the government to increase supervision of blockchain-related ventures in a working paper released on Tuesday, warning that “bubbles were apparent,” according to Reuters.

‘Cannot Disrupt the Market’

The abstract of the paper, entitled ‘What Blockchain Can Do, and What it Can’t Do’ states the approach the PBC’s Research Bureau took in dissecting blockchain technology and examining it from an economic perspective, stating:

“…by explaining blockchain technologies from an economic perspective, it introduces the Token Paradigm to summarize mainstream blockchain systems, discusses the true meaning of consensus and trust in the blockchain field, and analyzes the functions of smart contract [sic].”

Translated excerpts from the working paper via CCN China show a pessimistic view of blockchain technology, especially as the disruptor to the financial system crypto supporters claim it will be. The report warns readers not to “exaggerate the function of the blockchain,” adding, “So far, no technological innovation has had a disruptive impact on the financial system, and blockchain is no exception.” 

The PBC also issued a notice to investors in September warning of the risks involved with cryptocurrency, and the new working paper calls blockchain “superstitious” according to translations. The paper asserts that there is no flexibility in the supply of digital currencies and that a lack of intrinsic value support is also a problem.

Still Exploring Crypto

The paper does indicate that there are some places within China’s financial structure where blockchain technology could be helpful if applied, specifically noting the country’s digital bill trading platform. Still, the PBC says it’s “very difficult to replace institutions and trust with technology.”

Despite calling blockchain enthusiasm “superstitious” and saying that it would only be possible to completely replace the current financial system with a crypto-based on in a utopian scenario, the PBC does appear to have its hand in crypto projects of its own.

China: Central Bank May Launch State-issued Cryptocurrency, Seeking Cryptography Talent
Related: China: Central Bank May Launch State-issued Cryptocurrency, Seeking Cryptography Talent

CryptoSlate reported in October that the PBC is hiring several new employees with backgrounds in cryptography, computer science, and finance to develop its own “digital fiat currency.” The bank, in fact, sought out those with blockchain experience to fill these roles, as well as people with a background in big data.

Early last month, a researcher at the PBC published an op-ed in the bank-owned CN Finance magazine calling for more research into a government-backed stablecoin pegged to the Yuan, saying that U.S. stablecoins pegged to the dollar showed promise.

This post is credited to cryptoslate