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EncrypGen Uses Blockchain Technology to Store and Manage DNA Profiles

by Crypto Research by William ThrillJanuary 23rd, 2018

Too Long; Didn't Read

EncryoGen incorporates blockchain technology to create a monetized platform with which users can securely store and manage their DNA profile.

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EncryoGen incorporates blockchain technology to create a monetized platform with which users can securely store and manage their DNA profile.

By storing DNA data in blockchain the user not only has a secure place to keep their profile online, allowing others to access this information can be monetized through the use of crypto currencies.

The concept itself differs greatly from other crypto currencies. The team isn’t actually promoting it in the crypto market instead they have found a niche in the medical research industry where their innovative business idea could revolutionize the storage and transmission of genomic data.

Useful DYOR Information

CoinMarketCap URL : https://coinmarketcap.com/currencies/encrypgen/

Coin Name : EncrypGen (DNA)

Total Supply : 100,000,000 DNA

Circulating Supply : 38,017,502 DNA

Market Cap : $13,892,774 USD

Ico Price : 0.01102414001 USD / Token ( End of ICO price, 18 July 2017)

History of EncrypGen and $DNA

EncrypGen is relatively new on the market when compared with other crypto currencies. The first demo of the technology took place in Bio-IT Boston in May 2017, and since then the company has remained on track readying the product for its 2018 launch.

Following a conversation at the end of 2017, from the original multichain platform to Ethereum’s ECR20 token standard, the company is now beginning to roll out the accompanying Lite App, together with a marketing campaign designed to inform the public on how they can monetize their genomic data.

The value of the tokens is derived from the sale of DNA data to licensed institutions, and there are already a number of laborites registered as clients to use the product; proving that others also see the potential in such a platform.

Benefits of DNA Tokens

EncrypGen’s $DNA platform help overcomes the restrictions of traditional data storage and transmission, by providing a universal platform through which people can store and share their data with others, in return for payment in tokens.

All current genome data is store privately, in the cloud and on personal servers, which means there are no centralized databases where information can be indexed and extracted with ease, and thus a successful method to monetize this process also did not previously exist.

However, EncrypGen could be the first domino that leads to the successful adoption of a commercial platform to share, store and purchase genomic data on demand.

The field of genomics often involves comparing peoples genomes, therefore it make sense to compile worldwide database to store and share data. Since the size of the human genome is around 500GB, the system does not store the data in full, instead the blockchain will only keep records of meta-data and index files.

Although the currency comes as a solution to monetizing the storage and distribution of DNA data, rather than a form of money developed to be competitive on the crypto market, the fact that the tokens are tied to the field of DNA research means their value isn’t connected to the market in the same way as other crypto currencies.

The company has noted that there are already labs registered as clients, and with genomics being a breakthrough area of medical science that only seems to growing, the longevity of the currency looks promising.

In an era when the global genomics market is estimated to reach US$23 billion by 2020, innovators and early adaptors of the technology could be on to the next big thing in the medical industry.

In Conclusion

Currently there are many private genomic databases optimized to sell data for research and commercial purposes, however this process cuts out the individual, and steers all profits towards the organizations how own these databases. EncrypGen’s platform aims to give people control over their genomic data with the opportunity to share their information, and profit from the transaction.

By incorporating blockchain technology, research groups from all over the world can now securely share and request patient DNA profiles at the click of a button. And the systems informational and financial backbone, one that crowd sources its own network with the promise of monetary kickbacks, should ensure that its self-contained economy remains sustainable in the long run.

With medical research being the proverbial architect, and DNA the biological blueprint, the tokens have the opportunity and all the promise to become the trading asset of choice for those working in genomics, but whether or not $DNA will become an investment viable for those outside the medical field, only time will tell.