Genomics company explores NFTs in hopes of advancing precision medicine
Non Fungible tokens (NFTs) are expected to have a significant impact on society. Given this, it’s no surprise that the trillion-dollar healthcare industry is looking into using NFTs to advance medicine.
It’s also worth noting that blockchain technology has the potential to become increasingly relevant in the healthcare industry. This was recently highlighted in a report by the European Union Blockchain Observatory, which details how blockchain technology might help the healthcare industry overcome obstacles.
The article, for example, argues that patient participation and data openness, as well as the effective sharing of information and data, are still issues in the healthcare sector.
Tokenization in the form of nonfungible tokens may serve as a solution to many of the difficulties plaguing today’s healthcare industry as the blockchain field advances.
Precision medicine will be revolutionized thanks to GeneNFTs.
According to the Precision Medicine Initiative, precision medicine is “an developing method for illness treatment and prevention that takes into account individual diversity in genes, environment, and lifestyle for each person.”
Cao believes that tokenizing genetic profiles can help patients keep control of their data and get transparency into their insights while also providing various benefits not generally connected with standard genomic testing. He elaborated:
For example, Genetica, an Asia Pacific-based genomics company, has teamed up with Oasis Labs, a Web3 data management company, to tokenize genetic profiles. The purpose of this relationship, according to Tuan Cao, Genetica’s CEO and co-founder, is to enhance precision medicine by providing patients data ownership and rights through GeneNFTs.
“This could be one of the most significant NFT uses ever.” Our genetic profile is distinct, and an NFT should be used to reflect it. GeneNFTs are digital tokens that represent one’s genetic data. This allows each of us to have complete control over and benefit from our data contributions.”
Traditional genetic testing companies, such as 23andMe, rely on intermediaries to obtain patient data for research, according to Cao. As a result, users must have faith in centralized bodies to securely keep sensitive health data. Furthermore, there are no incentives for users who choose to share their data with third parties. However, tokenizing genetic data as an NFT has the potential to completely change this concept.