Stony Brook University neurologist David A. Cohen will speak at a CryptoCon conference on January 11.
Cohen, who was formerly the director of neuroscience at Columbia University and has received many awards for his work in the field, is the co-founder and CEO of BIOs Crypto Network, an organization focused on securing the blockchain for digital currency.
The blockchain has become a mainstay of the cryptocurrency industry as a result of its revolutionary potential to create an immutable record of every transaction and data on the Internet, a system that has a history of avoiding centralized control and being a transparent platform for transactions and payments.
The blockchain has been touted as a way to prevent counterfeiting of digital currency and to improve the transparency of the global economy.
But as cryptocurrencies have risen in popularity, the technology has been in need of more infrastructure and regulatory attention.
The current status of the blockchain is being hotly debated by the community as blockchain-based businesses attempt to compete with traditional ones, like PayPal and Amazon.
While blockchain companies have been able to secure their own infrastructure, many of them have faced difficulties in building the infrastructure needed to support their businesses.BIOs Blockchain is a startup company which plans to use a blockchain-powered, decentralized application to secure and operate a blockchain, said Cohen, speaking at the CryptoCon, a two-day conference in San Francisco that will focus on the blockchain and the digital currency space.
The project will be a collaborative effort between BIOS Crypto Network and the University’s Stonybrook neuroscience lab.
The group has received numerous awards for its work on the field of neurodegenerative diseases, which are characterized by progressive decline of the nervous system and are often linked to the use of drugs.
Cohen said he hopes to provide more information about the development of BIONETs Blockchain and how the blockchain will benefit patients and healthcare organizations in the future.
The platform, which will be used for business purposes, will also allow patients to access their records on the Blockchain and to send and receive payments via the digital medium, Cohen said.
The group has built a decentralized application called BIO Tokens, which can be used to buy and sell digital currencies.
The application will allow users to create a private wallet on the BIO tokens platform and store their private keys.BIONS Crypto Token will be the main product that the group will offer to patients and doctors, Cohen told CoinDesk.
Patients will be able to use BIONS Crypto Tokens to pay for treatment and prescriptions with any crypto-currency, as well as other medical care, including prescriptions, which patients may request.
The application will also include a wallet service that will allow patients and their physicians to send transactions through the BIONETS blockchain to other BIO networks and pay for their prescriptions.
The wallets will also be able transfer funds between patients and BIO network members, he said.BIONETS Crypto Token also will allow for secure transactions with other BIONES and BIONERS crypto-currencies, including Ethereum, which is an open-source distributed ledger technology that uses cryptographic proof to verify transactions and provides a public record of all transactions.
Cohen told the audience that BIONETH and BIONS are not competing but are part of a global network.
The BIONets blockchain is currently the largest in terms of network hashrate, but it is expected to reach a higher capacity in the coming weeks, he added.
BIO’s Crypto Token is a way for people to buy BIO and BIANET tokens for the price of a Bitcoin, which Cohen said is an attractive value.
“This is going to be a long-term project and I would expect the capacity to grow as the network matures,” he said, adding that the platform will be available for the public to participate in.
Bionets Crypto Token, he continued, will have its own exchange, allowing users to sell BIONTokens to other users, and will also have a “bounty” system to reward users for securing the network.
The token holders will be rewarded with BIO Token in addition to any crypto they earn.
BIONECO tokens, he told the crowd, will be stored in the blockchain.
Cohen said he expects BIONEDs Blockchain to gain traction as more people learn about and use the technology.
He added that he is excited to bring BIONet’s blockchain technology to more people, who will be motivated to join the community and participate in the crypto community.
Bios Crypto Network is also working on a project that will provide BIO Crypto Token holders with additional rewards.
BIONS Token holders will receive BIO token in exchange for the BIONS tokens they own, Cohen noted.
In the future, BIONE tokens will be distributed through the Crypto Network network and will be part of the BionET token, he revealed.
He also mentioned that BIOE tokens may be available to users in the near future.
In his keynote speech, Cohen cited BIO Ecosystem, a project launched by the University, as an example