Until now, the best approach for genomics companies has been to provide consumers with valuable and actionable use cases (ancestry, lifestyle reports) in return for sample and data submission. Despite a curiosity for learning about their DNA, many consumers have failed to see a clear value proposition for why they should do it now. The marketplace we create will increase the ways consumers can obtain and interact with their data.
“Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.”
“With the world’s population projected to top 8 billion by 2025, it is possible that as many as 25% of the population in developed nations and half of that in less-developed nations will have their genomes sequenced (comparable to the current worldwide distribution of Internet users.”
“Blockchain, also known as distributed ledger technologies, show significant promise in addressing the trust and transparency required for a digital world. Opportunities exist to rethink cooperation and control governance, financial control, flow of wealth, the trust gap, and transforming transparency of organizations. Consequently, society faces a unique opportunity with blockchain to transform how we engage with each other.”
When consumers participate in genetic testing, they typically grant these companies “a perpetual, royalty-free, worldwide, transferable license to use their DNA and to sublicense and distribute the resulting analysis” even after they stop using the website or service.
“Every company is at risk of being disrupted by a trusted version of itself.”