Genetica, an Asian genomics firm, has teamed up with Oasis Labs, a Web3 data management firm, to tokenize genomics profiles in order to advance genomics-based precision medicine.
The Oasis Network will receive 100,000 genetic data profiles from Genetica. These profiles will allow data owners complete control and transparency over the handling of their genetic data.
Vietnamese government officials, who are passionate about Web3 technology and data protection, have also backed the coalition. According to Nguyen Chi Dung, officials from Vietnam’s Ministry of Planning and Investment are enthusiastic supporters of Web3 and blockchain, thinking that they provide significant societal benefits.
Data is the “new oil,” according to Dawn Song, CEO of Oasis Labs, and it’s vital to develop solutions that prioritise privacy and allow for ethical data use. He believes that if data is considered as property, it may fuel the global economy.
Tuan Cao, co-founder of Genetica, expressed his delight in the partnership because it allows them to accomplish one of their goals. “The collaboration allows us to bring the concept of issuing GeneNFTs to our customers to life,” Cao said.
Meanwhile, the EU Blockchain Observatory recently published a study emphasising the benefits of blockchain in healthcare. The report claims that blockchain can overcome difficulties on the way to “Healthcare 4.0.”
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