Asia-based genomics firm Genetica and Web3 data management firm Oasis Labs have partnered to tokenize genomics profiles with the aim of enhancing genomics-based precision medicine.
In an announcement sent to Cointelegraph, the firms noted that Genetica will be transferring 100,000 genomic data profiles to the Oasis network. These profiles will allow data owners to have complete control and knowledge about how their genetic data is used.
The partnership is also supported by Vietnamese government officials who are very supportive of Web3 technologies and data rights. According to Nguyen Chi Dung of the Ministry of Planning and Investment in Vietnam, his executives are strong supporters of Web3 and blockchain and believe that it brings true benefits to society. Chi Dung explained that:
“The technology sector in Vietnam is constantly growing and brings practical solutions to issues such as healthcare, education, finance and more. […] By empowering data ownership and privacy sharing, it can help drive the real benefits of healthcare and precision medicine.”
Don Song, founder of Oasis Labs, believes that data is the “new oil” and that it is vitally important to develop privacy-focused technologies that allow responsible use of data. He believes that “once data can be viewed as an asset, it can propel the global economy.”
Tuan Cao, co-founder of Genetica, expressed happiness because the partnership allows them to realize one of their goals. “The partnership enables us to turn the idea of issuing GeneNFT to our users into reality,” Cao said.
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Meanwhile, the European Union Blockchain Observatory recently published a report highlighting the applications of blockchain in the health sector. According to the report, there are challenges that blockchain could fix on its way to the report named “Healthcare 4.0”.
