A new biotechnological start-up TimiDNA keeps the genetic data of its users on the blockchain, guaranteeing them complete confidentiality and providing an opportunity to earn on selling their DNA data.
The transfer or sale of genetic data to third parties by default is legal in the United States. However, not all people who have passed DNA tests know that their genetic code can be used without prior notification of it. Many large biotech companies, including 23andMe and Ancestry, are accused of making large profits by selling the genetic data of their customers. Another common reason why people agree with the existing policy is the conviction of many that companies use the customer’s DNA data to support non-commercial research, so refusing to transmit them will be unethical.
The creator of the TimiDNA platform, TimiHealth, provides users with the ability to independently manage their genetic data, for example, sell them and make a profit or give them for non-commercial research. The TimiDNA platform tokenizes the DNA data and stores it on the blockchain, giving users full control and ownership of them. If the user of the platform decides to sell his genetic code, he will receive 70% of the profit from the sale, which is carried out only in the case of prior permission of the data owner.
According to TimiHealth, one of the most serious health system problems is that “personal health data” of patients is not used effectively, because health records of the same person can be stored in different places. Confidentiality problems and competition between medical institutions make the creation of a “non-blockchain” general database of patients almost impossible. In the future, the startup is aimed at creating a platform for free and confidential exchange of medical data, which will work on the same principle as TimiDNA.