Lancor Scientific, a UK cancer research startup receives support from Austrian government to open a cancer research laboratory in Graz, Styria. The startup intends to utilize blockchain technology to detect the disease.
Lancor Scientific is a Blockchain platform that helps to detect severe disease like cancer at an early stage. With the help of artificial intelligence (AI), it aims to accomplish 90 percent accuracy.
Additionally, Lancor is planning to collaborate with local universities, such as the Technical University of Graz, the Medical University of Graz, and the Sigmund Freud University Vienna on international research projects.
On this, Margarete Schramböck, Austria’s minister of foreign affairs expressed the government’s ‘huge interest’ in blockchain technology at the state level, while indicating the testing of blockchain implementations in the Austrian government.
Schramböck stated, “Blockchain is definitely one of the new important technologies.” She further added, “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.”
Reportedly, Austrian government will give Lancor Scientific grants over a five-year period for facilities like, “research equipment, access to academic expertise and clinical trials management.”
With the utilization of AI and blockchain technology, Lancor Scientific will roll-out its patented Tumour Trace OMIS (Opto-magnetic Imaging Spectroscopy) device.
Lancor Scientific’s device senses the change of electromagnetism within tissue on quantum levels for cancer detection. It succeeded in the trials with the NHS in the UK, improving upon the current accuracy of 60% – 70% for cervical cancer screening tests by pathologists.
The device is expected to enter the market in 2019, and around 10,000 devices will be produced in the next five years.
Notably, last month, Google declared that its AI tool, called Lymph Node Assistant (LYNA), could detect late-stage breast cancer at more than 90% accuracy.
For the early detection of cancer, it takes various tests of abnormal cells in different parts of the body. Finding a solution to this process can save many lives.