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. She 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."