The innumerable applications of blockchain technology have made it the most widely discussed and experimented with the technology of the current time. It has been observed that giant companies from a range of fields from trade to medical to banking and whatnot, have recognized the tremendous scope of blockchain and are investing a huge amount of resources to improvise blockchain and incorporate it to disrupt their own industry.

What Is Blockchain Technology? How Does It Work?

Development in the Genomics industry in Seoul, South Korea

The recent news of blockchain influencing one of the biggest sectors of society comes from South Korea. Here a DNA sequencing service provider, Macrogen has decided to implement blockchain to share genetic information with patients so as to avoid data theft and infringement.  In a press release last week, the company headquarters in Seoul confirmed that it is working with Big Data Firm, Bigster to develop a blockchain network for the distribution of genomic information. The company also predicted that the project is slated for completion by June 2019.

Genomic data have great utility in both the medical and pharmaceutical fields. The DNA data can be used for customized patient diagnosis and treatment in the medical field and for enhancing new drug synthesis and development of therapeutic agents in the pharmaceutical industry. Even after this serious significance of genomic data, it is not shared due to privacy breaches concerns of patients, and the sensitive as well as the emotive nature of their cases.

Also, read – Why do we need consensus in blockchain?

How will Macrogen use blockchain?

To end this concern of risk of hacking and infringement of patient’s privacy, Macrogen has come up with the brilliant idea of applying blockchain to revolutionize genomics industry. The plan is to design a system or network based on a consortium blockchain model allowing only invited parties – such as pharmaceutical firms, research institutes, hospitals and genetic analysis start-ups – to run as nodes on the decentralized network, limiting who can access the data.

Macrogen, not the only one

Though, Macrogen is not the first technology giant to apply blockchain technology to the genomics industry. An Israeli start-up named DNA. Bits had initiated using blockchain technology to store genetic and medical data in the year 2014 itself. Slowly and steadily, blockchain is engulfing every stratum of our society and making organizations more transparent and trustworthy.