Genomics Company Explores NFTs In Hopes Of Fostering Precision Medicine
Non-fungible tokens (NFTs) are expected to significantly impact society. With that in mind, it's no wonder that the $1 trillion medical sector including the genomics company explores NFTs in hopes of fostering precision medicine.
It is also important to note that blockchain technology can play an increasingly important role in healthcare. This is highlighted in a recent report by the European Union Blockchain Observatory.
This report about a genomics company explores NFTs in hopes of fostering precision medicine and demonstrates how blockchain applications can solve the healthcare industry's challenges. For example, this paper states that patient involvement and transparency in storing data and effective dissemination of knowledge and data are still issues for the healthcare sector.
GeneNFT's Goal Is To Revolutionize Precision Medicine
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According to the Precision Medicine Initiative, for those unfamiliar with the term, precision medicine refers to "induction and preventive attacks on emerging infectious diseases associated with individual variability, successful genes, environment, and species." increase.
More specifically, Cao believes that tokenizing the family profile of the supporting patient supports ownership and transparency of the information regarding the portion of the evidence.
For example, Genetica, one of the genomic companies serving the Asia-Pacific region, has formed a precocious partnership with Web3 information absorption company Oasis Labs to tokenize its genomic profile.
Genetica CEO and co-founder Tuan Cao told that the final point of this concern is to anticipate precision medicine by giving patients ownership and rights to GeneNFT.
“„“This whitethorn beryllium 1 of the astir important NFT applications successful the world. Our familial illustration is unsocial and it should beryllium represented by an NFT. GeneNFTs are the tokenized ownership of one’s familial data. This enables each of america to genuinely instrumentality power and payment from our information contribution.”
According to Cao, traditional genetic testing companies such as 23andMe rely on intermediaries to collect patient data for research purposes.
Therefore, users need to trust a centralized entity to securely store sensitive health information.
In addition, users are not encouraged to share their data with third parties. However, tokenizing genomic data in NFT format may be able to completely transform this model.
For example, Cao explained that the partnership between Genetica and Oasis Labs allows users to perform traditional genetic testing and then receive a GeneNFT that represents true ownership of the gene profile.
More importantly, Cao pointed out that the owner of GeneNFT will be the gatekeeper of the data.
That is, you need to provide access to the third party to that you want to use that information. He said:
“„“A user holding a GeneNFT also holds the private key for that data. If a pharmaceutical company for instance wants to run a genetic study, they must send a proposal for access. A user can then sign the proposal to approve the access.”
Cao further explained that GeneNFT has both economic and medical benefits.
“Financial benefits involve revenue sharing, so users will get paid when third parties request to access their data. We are able to issue these payments automatically due to blockchain technology and smart contracts,” says Cao.
Cao believes that GeneNFT's medical benefits outweigh its financial incentives.
“When users participate in a genetic study, a smart contract is leveraged to ensure patients will receive treatment first if they contribute to a clinical trial. Precision medicine profiles for treatments of certain diseases based on genetic variants, which is how this model is ultimately advancing precision medicine,” he said.
Oasis Labs founder Dawn Song told that GeneNFT can be seen as a data-backed, irreplaceable token.
“Typically people think of NFTs as JPEG images, but data-backed NFTs combine blockchain with privacy computing to utilize certain pieces of data while still complying with data usage policies like the EU’s data protection regulations, or GDPR,” she said.
Technically, Song explained that Oasis Network's Genetica Parcel uses a privacy-protected application programming interface (API) to tokenize genomic profiles. She states:
“„“Given that genomes are the quintessential identity of individuals, it is critical that any platform that stores and processes genomic data provides confidentiality to the data at rest, in motion and, more importantly, in use. Parcel provides these capabilities via the use of encryption of data at rest and in motion and trusted execution environments to maintain data confidentiality in use.”
Given the size of the genomic data and the complexity of the computations performed there, Song also enables Parcel to store and perform genomic data by using off-chain storage and a secure off-chain execution environment. I explained that it will be.
“Parcel also supports a policy framework that is used by data owners, or individuals as owners of their genomes, to specify who can use their data and for what purposes,” she added.
To date, Oasis Lab's technology has enabled the tokenization of 30,000 genomic profiles, and the partnership with Genetica will increase that number to 100,000.
Healthcare Product Manufacturing Is Already Using Tokenization
NFTs or NFTs crypto is a new concept in the healthcare sector, but it's interesting to admit that tokenization has been successful and that the completely opposite perception of NFTs has become the importance of much joint arsenic and prudent privacy.
For example, Seqster, a successful healthcare organization established in 2016, provides tokenized information to encode the privacy needs of the entire healthcare industry. Ardy Arianpour, Seqster's CEO and laminitis told that the agency is tokenizing various forms of hard-working data, including genomic DNA data, for healthcare providers.
“„“Seqster tokenizes a patient’s idiosyncratic accusation fields specified arsenic their name, address, phone, day of commencement and email into a acceptable of unsocial tokens that a institution tin past usage to place a diligent wrong its network. Tokenization allows each organization, provider, payer and researcher to person their ain interior unsocial ID representing a existent diligent without revealing to the different enactment successful a transaction whom the diligent really is.”
According to Arianpour, tokenization in this regard is essential to avoid disclosing the patient's personal health information without explicit consent.
This violates the Health Insurance Portability and Accountability Act (HIPAA). Arianpour, on the other hand, explained that tokenization is useful, but not always necessary.
“In certain environments, like clinical trials, the sponsoring organization can generate a ‘subject_id’ that uniquely identifies the patient. That ID can be shared within their organization or with partners without revealing the patient’s actual identity. This is a more widely used standard among the clinical trial space and also meets FDA compliance,” he said.
Medical data company Datavant also uses tokenization to ensure that patient data is private yet accessible. McKinsey & Company recently published an interview with Datavant CEO Pete McCabe to explain how to use tokenization.
According to McCabe, Datavant defines tokenization as “cutting-edge, patent-pending de-identification technology that replaces private patient information with an encrypted token that can’t be reverse-engineered to reveal the original information.”
McCabe in this regard uses tokenization to “can create patient-specific tokens in any data set, which means that now two different data sets can be combined using the patient tokens to match the corresponding records without ever sharing the underlying patient information.”
Education Is Very Important
It's worth noting that NFTs are starting to use beryllium in healthcare, but some challenges are hampering the adoption of white thorns.
For example, Robert Chu, co-founder, and CEO of Embleema, an information platform for personalized medicine, successfully met re-expectations after the required beryllium was successfully anonymized by the United States in a health survey at the EU Blockchain Observatory.
Identified by careful allegations HIPAA. However, Chu said this is a challenge for a small number of patients who have successfully implemented the dataset.
In Chu's point, Cao said that people who participate in clinical trials using GeneNFT are treated first when providing data. It also means that those data are identifiable and can lead to regulatory concerns in certain regions, such as the dangers of the United States.
In addition, Cao shared that 90% of Genetica users are not native to cryptocurrencies. Therefore, Cao believes that education is the biggest challenge when adopting GeneNFT.
“We have to put in extra work to educate almost all of our users on the benefits of GeneNFTs, explaining how these provide data ownership, accessibility and utilization,” he said. Cao commented that user training is actually the biggest hurdle to hiring. “Many users understand what an artwork NFT is, but they are not familiar with data-backed NFTs.”
This is true now, but Song believes that data-driven NFTs have the potential to transform society as the world economy becomes data-driven.
“This approach could grow fast, but we first need to get users to understand this model better. Compared to a few years ago, user awareness has fortunately been much higher in regards to emerging data protection methods.”
People Also Ask
Can A Human Become An NFT?
Currently, there is no mechanism to prevent the person who sells the genome as an NFT from exercising ownership or preventing the owner of the NFT genome from using the data.
Can NFTS Solve The Challenges Of The Healthcare Industry?
However, as the blockchain space continues to advance, tokenization in the form of non-fungible tokens can serve as a solution to many of the challenges facing the healthcare industry today.
Does The NFT Tokenization Fail In Healthcare Industry?
NFTs are a new concept in healthcare, but it's interesting to admit that tokenization was successful.
Conclusion
What are your thoughts on this news in which a genomics company explores NFTs in hopes of fostering precision medicine?
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