Nebula Genomics: Human DNA Data Sharing Blockchain Analysis?
Nebula Genomics is a platform that will use blockchain technology to decentralize genome sequencing. The field of genomes has become widespread and demand for its services is growing at an incredible rate. Incorporating the power of blockchain into this area by Nebula will help reduce costs and increase the efficiency of acquiring genomic data such a DNA.
Nebula Genomics Model
Since the discovery of DNA sequencing, the cost of acquiring this useful service has risen astronomically over the years. People have to pay a hefty fee to receive a genomic analysis. Genomic companies that collect this data store it to sell to pharmaceutical companies at a substantial cost.
The Nebula model being a peer to peer network eliminates these genomic brokers who link data owners with data purchasers. The key benefits arising from this model include:
Reduced Sequencing Costs
One of the ways that this happens is that a person who hasn’t shared their genomic data joins the network and undertakes a paid survey. Such surveys give access to data buyers to obtain phenotypes that can assist with research on various medical conditions. Those that have already given their data can charge for other companies to access the information provided
Increased Data Protection
Traditionally, data owners have no complete control over their genomic data. The Nebula network, on the other hand, uses blockchain technology to safeguard data on the system. Data owners can store their details on this platform and allow private access to those that meet their terms. Through the use encrypted communication, one’s privacy is safeguarded on this platform.
Hustle Free Data Acquisition
Data buyers can conveniently and efficiently acquire large sets of genomic data on this platform. Organizations with such data can offer it on the platform and still retain ownership over this data. Incentives on the platform encourage owners to avail current data rather than relying on existing datasets over and over again.
The Nebula network will depend on some things to grow. One essential element is technological advancements, especially of DNA sequencing. Technological growth in this field will lower the cost of genomic sequencing which in turn attracts people to the platform. Industry demand for DNA sequencing will also play a role in the growth of the Nebula network as more people get on board to take advantage of the subsequent convenience.
Nebula Genomics tokens will be used to fuel the network and will be the currency used to sell genomic data to interested buyers. The platform will be built on the Ethereum blockchain and will uphold the ERC 20 standard. When fully implemented the platform is capable of decentralizing the ownership and sale of genomic data through blockchain technology.