Vietnamese Officials Back New Partnership To Tokenize Genomic Profiles

Vietnamese Officials Back New Partnership To Tokenize Genomic Profiles

Asia-based genomics company Genetica and Web3 data management company Oasis Labs have partnered to tokenize genomic profiles with the goal of improving genomics-based precision medicine.

In an announcement sent to Cointelegraph, the companies noted that Genetica will migrate 100,000 genomic data profiles to the Oasis Network. These profiles will allow data owners to have full control and insight into how their genetic data is used.

The association is also supported by Vietnamese government officials, who are very supportive of Web3 technologies and data rights.. According to Nguyen Chi Dung of the Vietnamese Ministry of Planning and Investment, his officials are strong advocates of Web 3.0 and Blockchain technology and believe that it brings real benefits to society. Chi Dung explained that:

“The technology sector in Vietnam has not stopped growing and provides practical solutions to issues such as health, education and finance, among others. […] By empowering data ownership and shared privacy, it can help drive real benefits for healthcare and precision medicine.”

The founder of Oasis Labs, Dawn Song believes that data is “the new oil” and that it is very important to develop privacy-focused technologies that enable responsible use of data. He believes that “once data can be considered property, it can power the global economy.”

Tuan Cao, co-founder of Genetica, expressed his joy that the partnership allows them to make one of their goals a reality. “The partnership allows us to make the idea of ​​issuing GeneNFTs to our users a reality,” Cao said.

For its part, The EU Blockchain Observatory has recently published a report that highlights the applications of this technology in the health sector. According to the report, there are challenges that blockchain technology can solve on the way to what the report calls “Health 4.0.”

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