Revolutionized genomic testing by GeneNFTs will occur, but user education is still required for this paradigm to succeed. Nonfungible tokens (NFTs) are expected to impact society significantly. 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 European Union Blockchain Observatory report, which details how Blockchain technology might help the healthcare industry overcome obstacles. The article, for example, argues that patient participation, data openness, and the effective sharing of information and data are still issues in the healthcare sector. Tokenization in the form of nonfungible tokens may solve many of the difficulties plaguing today’s healthcare industry as the Blockchain field advances. Stay with Antidolos Latest Blockchain News for more information. The precision medicine initiative is a developing method for treatment. Also, it takes into account genes, environment, and lifestyle. Cao believes that tokenizing genetic profiles can help patients control their data and get transparency into their insights while 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 genomic testing by GeneNFTs. According to Cao, traditional genetic testing companies, such as 23andMe, rely on intermediaries to obtain patient data for research. As a result, users must have faith in centralized bodies to keep sensitive health data securely. Furthermore, there are no incentives for users who share their data with third parties. However, tokenizing genetic data as an NFT has the potential to change this concept completely. Cao highlighted that Genetica’s collaboration with Oasis Labs allows customers to take a regular genetic test and then acquire a GeneNFT, which signifies actual ownership of their genetic profile. Cao also pointed out that GeneNFT holders become the gatekeepers of their data, which means they must authorize access to third-party groups who want to use it. Cao said that genomic testing by GeneNFTs had both economic and medical benefits. “Revenue sharing is one of the financial advantages, implying consumers will be reimbursed if other parties seek access to their data. Because of Blockchain technology and smart contracts, we can make these payments automatically,” Cao explained. Cao is convinced that the medicinal benefits of GeneNFTs exceed the financial incentives. “When users participate in a genetic study, a smart contract ensures that patients who contribute to a clinical trial receive therapy first.” He said that precision medicine profiles for treating specific diseases based on genetic variants are how this paradigm is ultimately promoting precision medicine,” he said. GeneNFTs, according to Dawn Song, creator of Oasis Labs, can be considered data-backed nonfungible tokens. “Most people think of NFTs as JPEG photos,” she explained, “but data-backed NFTs combine Blockchain with privacy computing to use specific pieces of data while still adhering to data usage standards like the EU’s data protection regulations or GDPR.” Song highlighted that Genetica would tokenize genetic profiles using Oasis Network’s Parcel, a privacy-preserving data governance application programming interface (API). Song went on to say that because of the amount of genetic data and the complexity of the calculations that run on it, Parcel’s usage of off-chain storage and off-chain secure execution environments allows it to store and analyze genomic data. She said Parcel can provid3 a policy to the data owners or individuals that everyone can use their data for any purposes. Oasis Lab’s technology has already tokenized 30,000 genomic profiles, and the agreement with Genetica will increase that number to 100,000. While NFTs are still a new concept in healthcare, it’s worth noting that tokenization (in a different sense than NFT) is becoming increasingly popular as patient privacy becomes more important. Seqster, a healthcare technology business formed in 2016, for example, delivers tokenized data to solve privacy concerns in the field. Tokenization is necessary in this case, according to Arianpour, to avoid disclosing personal health information about a patient without their explicit agreement, which would be a breach of the Health Insurance Portability and Accountability Act (HIPAA). On the other hand, while tokenization is beneficial, it is not always necessary, according to Arianpour. “The sponsoring organization can develop a subject id’ that uniquely identifies the patient in particular contexts, such as clinical research.” That ID can be used without disclosing the patient’s genuine identity. He explained that this is a more generally used standard in the clinical trial industry and iomplies with FDA regulations,” he explained. Datavant, a healthcare data company, has also used tokenization to keep patient information private while making it accessible. Pete McCabe, CEO of Datavant, was recently interviewed by McKinsey & Company and described how tokenization works. According to McCabe, tokenization is “a cutting-edge, patent-pending de-identification technique that replaces sensitive patient data with an encrypted token that cannot be reverse-engineered to reveal the original data.” “Any data collection may be tokenized to produce patient-specific tokens for genomic testing using GeneNFTs.” While it’s encouraging to see NFTs being used in healthcare, there are a few obstacles to overcome. In the EU Blockchain Observatory’s healthcare report, Robert Chu, co-founder, and CEO of Embleema — a data platform for customized medicine — explained that data must be de-identified in the United States without reidentifying patient information to comply with HIPAA. Cao responded to Chu’s point by saying that patients who use Genomic testing by GeneNFTs to participate in a clinical study will be treated first if they give their data. This would also make their data recognizable, raising regulatory concerns in places like the United States. Cao further revealed that 90% of Genetica users are not Crypto locals. As a result, Cao feels that education is the most significant barrier to genomic testing by GeneNFT adoption. “We have to work extra hard to educate almost all of our users about the benefits of GeneNFTs, emphasizing how they enable data ownership, accessibility, and utilization,” he said. Song agreed with Cao that user education is the most significant barrier to adoption. “While many consumers are accustomed to artwork NFTs, they are unfamiliar with data-backed NFTs.“ Despite this, Song believes that as the world’s economy becomes more data-driven, data-backed NFTs have the potential to revolutionize society. Do you like this kind of news? We always aim for continuous improvement in our work while ensuring excellent professionalism. Suppose you know friends interested in getting started in the top NFT markets. Invite them to Antidolos. We’ll do our best by providing safe and reliable media for all our users. 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GeneNFTs aim to revolutionize precision medicine
Scientists explanation of genomic testing by GeneNFTs
The Healthcare industry already uses tokenization
Education is critical for genomic tests
Last words about genomic testing by GeneNFTs
References:
https://cointelegraph.com/news/genomics-company…
https://www.investing.com/news/cryptocurrency…
https://crypto-shop.io/en/genomics…
https://cryptosaurus.tech/genomics-company-explores…
Genomic testing by GeneNFTs to get precision medicine
