Vietnamese officials back new partnership to tokenize genomic profiles

Asia-based genomics firm Genetica and Web3 data management firm Oasis Labs have partnered to tokenize genomics profiles with the aim to enhance genomics-based precision medicine. 

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

The partnership is also backed by Vietnamese government officials who are very supportive of Web3 technologies and data rights. According to Nguyen Chi Dung, who is from the Ministry of Planning and Investment in Vietnam, their officials are firm supporters of Web3 and blockchain and believe that it brings true benefits to society. Chi Dung explained that:

“The technology sector in Vietnam has been continuously growing and brings practical solutions to issues such as healthcare, education, finance, and others. […] By empowering data ownership and privacy sharing, it can help drive real benefits to healthcare and precision medicine.”

Oasis Labs founder Dawn Song believes that data is “the new oil” and that it’s very important to develop technologies that are privacy-focused and allows the responsible use of data. He thinks that “once data can be viewed as property, it can propel the global economy.”

Tuan Cao, the co-founder of Genetica, expressed his delight as the partnership allows them to realize one of their goals. “The partnership enables us to turn the idea of issuing GeneNFTs to our users a reality,” said Cao.

Related: Crypto Stories: YouTuber CryptoWendyO shares how her healthcare skills helped with crypto trading

Meanwhile, the EU Blockchain Observatory recently published a report that highlights the applications of blockchain in the healthcare sector. According to the report, there are challenges that blockchain can fix on the way to what the report dubbed “Healthcare 4.0.”

All Dutch and English crypto news!

What is StrongBlock (STRONG) and how does it work?

The digital financial environment continues to develop almost every second, which is no surprise to those in the crypto sector. Among such technological advancements, a...

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced...

It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for...

Celsius Network hires advisers ahead of potential bankruptcy: Report

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday...

Beste exchanges

Koop je crypto bij Bitvavo