Can Blockchain Technology Effect The Genomics Industry?

Most of the time, Blockchain technology is considered with cryptocurrencies like bitcoins, Litecoin, Ethereum, EOS, etc. However, that’s not the case today!

In fact, the blockchain has become a different industry with an aim to protect and secure all types of data very differently. The past few years were really very exciting for traders with blockchain technology all over the world. Many companies worldwide in different industries integrated their data with blockchain, which in return gave them better results before their expectations.

However, one industry that gained significant adhesion by implementing blockchain technology is the Genomic Data Industry.

Yes, the industry that keeps the account of our DNA! Not only ours, i.e, humans, but all the species over the world.

Many of the intellectual minds in our societies would think it’s okay with the technological progression; some would say that governments are preparing to control us, our minds.

While many of you would be reading for the first time about the genomic industry!

It is true that no technology comes without impacts or effects. But, is the storing of DNA data in the blockchain is correct or not is still an unanswered question.

Therefore, I being in the IT and software industry decided to write this blog, “Can Blockchain Technology Effect The Genomics Industry?”

Let’s start and see the height of our medical researchers and software world!

Genomics And The Growth Of Technology

The demand of blockchain technology is high in every industry. And the genomic industry can’t neglect the fact that medical science and healthcare data industry need some secure place to store the results of their studies.

That shows the importance of blockchain and its nature to store data. Conversely, the main question is why there is a need to store DNA data?

If we go by the reports, the global Genomics industry by 2022 can reach to $24 billion market size that was $15 billion in 2017.

Medical research on breaking the DNA code, programming DNA to make superhumans, and understanding our existence for betterment can be some reason that gave a sudden boom and heightened the interest in Genomes.

As a result, many start-up companies are entering this market and are investing millions of money!

23andMe (A genetic service provider) is one top-level genome testing company in USA with its major focus on collecting, analyzing, experimenting and synthesizing human genomic data.

Roughly around two years ago, the company via Sequoia Capital raised a whopping amount of $250 million investment in the genomic industry.

This much amount of money in DNA is enough to assume that in the coming ten years, we will see some historic breakthrough. Let’s face it as a positive side in the medical study!

But, a large mob of people is against this DNA data collection and DNA study. Following which many genetic service provider companies are facing problems!

Data Policies & DNA Testing Companies

23andMe has been facing a backlash over its absolute data privacy policies.

In June 2018, The Federal Trade Commission announced its investigation on many well-known DNA testing companies. The investigation though revealed data sharing with third parties, nothing happened, and everything remained on the paper with no action being taken.

“In the investigation, 23andMe and Ancestry.com were also in the list of well-known companies.”

On the other hand, where 23andMe is selling data for millions of dollars, customers are receiving nothing. This shows the breach and violation of data privacy.

Given such unfairness and the increasing demand for this particular data, several promising start-ups are putting their entrepreneurial skills to protect users’ privacy and providing financial incentives for sharing it with researchers.

It is a well-established fact, that our data is being taken for medical studies. More importantly, it is being transferred to others without our permission.

What if the DNA studies, the genomic data gets hacked? What if it falls in the wrong hands? This is a serious cybersecurity measure question.

And blockchain technology is currently at the top when it comes to storing data securely and unhacked.

How Blockchain Is Impacting Genome Industry?

The genomic industry, companies like 23andMe, Illumina, Encrypgen (DNA), Luna DNA, Nebula Genomics, etc. use blockchain technology.

Last year Encrypgen launched the world’s first public genomic data platform “Gene-Chain,” where consumers can securely upload & store their and their family’s genomic data for the benefit of a medical study.

Furthermore, the user has all rights and freedoms to sell their data intentionally in exchange for money to the medical researchers. Here, researchers are data buyers who use their DNA tokens and give money to the users.

Also, the last year in the U.S. Securities & Exchange Commission, Luna DNA’s, DNA platform qualified to offer the share amount of money to the owner. Therefore, Luna DNA became a major health data contributors.

You might feel that this is a good option to give data and get money. However, it doesn’t look like that. It is because the money comes to you directly in cryptocurrencies like BTC and FIAT.

Remember, we told you blockchain supports cryptocurrencies! Right from the start of data to money, everything is in favor of blockchain, genomic service providers, and blockchain.

“Finally, is blockchain really impacting the genomics industry or we are being let unknown what really is going on with DNA.”