Big data is big money. Big companies like Google and Facebook have made billions of dollars from your personal information. Medical and genetic data is much more valuable, and when you get genetic testing, companies make money from that information. Blockchain technology is the new solution for checking people’s genetic and DNA data.
DNA data market
Consumer genetic testing saw unprecedented public demand last year, according to reports. Companies like AncestryDNA have performed nearly 10 million tests on individuals. He used genetic and DNA data to sell the data to third-party medical companies while charging for these tests.
Rising demand for genomes
The complex between genetics and disease Strong statistical tests are required to understand the relationship. So the genomic health revolution needs many genomes for its fuel. At the same time, genomic data can reveal personal information about us (and our relatives), especially when paired with our private health data.
There is a growing demand for genomic data and research that creates conflict between individuals, companies and medical facilities. there is. The new solution is in crypto tokens that facilitate the encrypted exchange of medical and genetic data on a decentralized blockchain. Many startups willing to use Blockchain technology to innovate solutions will also be able to open up.
How will blockchain technology be used in the DNA data market?
Markets for buying and selling DNA data, private cryptocurrency “cryptocurrency” will be established. People will be able to sell their (encrypted) genetic data to researchers with cryptocurrencies, which they can cash out or receive services such as disease risk reports. All these transactions will be securely recorded on the Blockchain.
Data companies allow genetic data to be uploaded and securely stored. This data can then be shared with doctors after permission has been obtained. In particular, sequencer providers will be used on Blockchain and customers will be able to request DNA data from third-party providers. When users want to purchase some genomic data from a third party, the person will be notified. These transactions will be facilitated by DNA crypto tokens and recorded in the public ledger.
Bitcoinist