Disclaimer: I am offering this information about a new company’s business plans “as is.” I am not endorsing the company’s service or recommending it in any way. I find the information in this article to be very interesting but I am not yet signing up as a customer of this new service. Instead, I plan to sit back for a while and watch what happens. You need to evaluate the company’s plans for yourself before you sign up.
A few weeks ago, Encrypgen launched what it claims is the world’s first blockchain genomic data marketplace. The company claims it can now begin generating revenues by bringing data buyers and sellers together through a cryptocurrency platform.
According to Encrypgen’s business plans, consumers and researchers will be able to transact with each other in a way that is beneficial to both parties and to Encrypgen. Consumers will be able to upload their genomic data and store it securely. The names, addresses, and all other identifying information of each consumer will be removed from the data and encoded in such a manner that researchers cannot identify the consumer but any payments made by the researchers will eventually be shared with the consumer who uploaded the DNA information.
NOTE: When Encrypgen refers to genomic data, it is referring to DNA of interest to medical researchers. Since genealogical uses are not mentioned in the company’s announcements, I assume that Encrypgen is not interested in the DNA markers that genealogists use to identify ancestry and ethnic origins.
Researchers will be able to pay for the data with a cryptocurrency called DNA tokens. These will operate in a manner similar to Bitcoins. However, DNA tokens are not the same as Bitcoins.
Encrypgen is currently registering both consumers and researchers to the platform. As the amount of uploaded data sets increases, and the number of participating researchers grows, Encrypgen expects the DNA token to rise in value.
You can learn more on the Encrypgen web site at: https://encrypgen.com.
I also wrote two weeks ago about another company that has announced a somewhat similar business plan: allowing consumers to sell information about their DNA. That article about Nebula Genomics may be found at: https://blog.eogn.com/2018/11/16/one-company-offers-to-sequence-your-genome-free-of-charge-then-let-you-profit-from-it/.
Does all this make business sense? You decide.