SINGAPORE, July 17, 2019 /PRNewswire/ — The human genome possesses life-changing and valuable pieces of information that can enable many research projects, industries, and products. It is for this reason that the DNA data all humans possess is so valuable. EDNA believes that the individual DNA data market is heavily plagued with unfairness, inefficiency and privacy concerns that can be greatly improved with the implementation of a distributed system like blockchain technology.
EDNA’s plan is to revolutionize the DNA data market and leverage multiple EOSIO chains to do so. Current operations within this market involve the exploitation of user’s personal data and general lack of understanding surrounding the value that they possess within their own DNA. Existing DNA data-farming businesses try to entice users through marketing techniques with the intention of acquiring the user’s data. In most cases, these organizations will sell the data for a significant profit. EDNA estimates that one sample of a person’s DNA can generate revenue upwards of $70,000, with donors likely seeing nothing of that money.
Along with technical development, WORBLI will help EDNA develop their commercial strategy. This will provide the financial and regulatory foundation to allow EDNA to operate within the various chains meeting the latest requirements for AML/KYC for Convertible Virtual Currencies. WORBLI believes this will be the first of many applications who wish to operate on multiple chains within the EOSIO ecosystem, while ensuring they stay current within the evolving regulatory landscape.
Sean Anderson, the Director of Business Development for WORBLI said, “We are pleased to be able to work with EDNA to bring the various abilities of the EOSIO chains collectively into a single app. EDNA will allow users to donate their data and participate in genetic research while still being able to fairly monetize and control that DNA data.”
The application will allow users to sequence their DNA on-chain and receive fair compensation. Contrary to current systems, users will also be queried via smart contracts before an organization can gain access to their data, giving them complete control over the use of their personal information. Users will be protected through IPFS and proprietary security code, ensuring data remains secured and tamperproof.
According to Anderson, the EDNA application will also feature a “DNA exchange”, enabling investors to put money towards individuals who wish to submit and monetize their DNA data but cannot afford the initial costs. This will open up DNA sequencing to potentially hundreds of millions of people who may wish to monetize it as well. The application also seeks to extend its benefits to the research of DNA, enabling the abolishment of the strict regulations imposed on genetic data by government organizations.
Domenic Thomas the CEO of WORBLI said, “We are very excited to be powering a project of this magnitude, one that can impact and benefit millions of people around the world. EDNA is at the cutting edge of this industry and seeks to be a major player in what will be a billion dollar market in the future.”
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