Blockchain seems to be ubiquitous in the tech world, with countless ways for people to monetize information. This growing field of technology is used to build decentralized networks, and so it provides a platform for consumers to have access to and monetize personal data. There is a market, however, where substantial value has not been capitalized upon, though it is one of the fastest growing. This market is genomic data - the information coded into genes.
Genetic information has increasingly immense value. The market capitalization in just 2010 was approximately $5.9 bln, analysts project growth to increase tenfold by 2020, crossing $60 bln. This growth rate has been driven largely by growth in genetic testing technology, diagnostics, and preimplantation genetic screening, all of which have developed faster than anyone could have possibly predicted.
Zenome is a new company seeking to open a genetic database for the genomic data of consumers. The company was founded by PhDs in molecular biology/biochemistry and bioinformatics.
When information is secret but valuable
The difficulty today is that genetic data are generally difficult to come by, and for good reason. Privacy issues have been a deep concern to both regulators and consumers, and a very few genetic companies have powerful control over much of the data available.
Storage centers for genomic corporations, government, science, medicine and pharmaceutical companies have strong control over much genomic information. These centers maintain strict regulations, both to comply with privacy controls, and to functionally dismiss the economic realities.
While consumers sometimes sign agreements allowing information to be used, only the consumer is able to process this information. Within this environment, management, privacy and value are difficult and complex.
Blockchain to the core
Blockchain technology is the most promising way to build a sustainable decentralized network. In fact, Blockchain seems to be ubiquitous in the tech world. In fact, the technology has become so popular that many projects have attempted to use Blockchain for things it isn’t good at.
The most interesting applications of Blockchain technology, however, are those that cannot be implemented without Blockchain. These applications rely heavily on its unique features. Blockchain is all about security and is the opposite of centralization, so we can expect the most useful applications to emerge in areas where excessive restrictions exist due to security concerns.
For Zenome, the idea is to build a Blockchain-based genomics platform, allowing for storing, exchanging and analyzing of genetic information. Because of the particular characteristics of Blockchain technology, Zenome has built an infrastructure where genetic data can be stored securely, and at the same time, be accessed by outside users who purchase the right to use certain data. This can be done without violating the security of the system.
Zenome’s goal is to create a platform for storing, exchanging and processing genetic information, built on top of a P2P-network.
Science, genetics, and the power of freedom
The new Zenome platform is a peer-to-peer network with a decentralized market on top of it. The industry can use the platform to safely store the massive data that genetic research provides. Blockchain technology allows that information to be securely held and safely accessed.
Second, the platform provides access for research to millions data points within the genetic spectrum which privacy otherwise restricts. The distributed ledger allows permissions to create the world's first DNA advertising network that will use Zenome.io technology, without compromising the data of the entire network. For example, users could opt to sell their data to Google, where they might receive advertisements relating to their genetic predispositions.
Lastly, the platform would allow users the chance to share this data, help science and receive compensation through platform tokens (see below). By allowing payments for information through a distributed ledger, Zenome will grant consumers freedom of choice in how they use their own genetic data.
ICO is coming
Zenome pre-sale has already begun. You can join it until October 24th. Consumers who participate in this portion of the sale will receive a 100% bonus of ZNA tokens. ZNA will be used on the ledger as an internal valuation mechanism. Zenome has a current crowdsale cap of $960,000.
Zenome makes it possible for consumers to advance science, make money and meet the needs of the scientific and advertising communities through the secure use and monetization of their genetic information, all at the same time.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.