Luna DNA Uses Blockchain to Share Genomic Data as a “Public Benefit”
Summary
Co-founder and CEO Bob Kain told Xconomy in a recent interview that Luna DNA uses blockchain technology so that individuals who get their genome sequenced can take ownership of their personal genomic data as a “digital asset.” Kain said part of the appeal of using blockchain technology to store sensitive health information is that such systems operate as “a decentralized and immutable ledger,” meaning it would be very difficult for the data to be altered or destroyed.The underlying idea is to incentivize users to make their personal genomic data available for biomedical and health-related research for the greater good of medical discovery.Luna DNA would not charge users for joining its blockchain community, but would generate revenue for both contributors and its own operations from the fees paid by pharmaceutical companies to access the database.It’s still early for Luna DNA, and the startup will likely have its work cut out accumulating users and navigating the challenges that come with running a business that touches both a well-established, heavily regulated industry (healthcare) as well as the wild and wooly world of blockchain technology.Last month, Luna DNA said it has raised $2 million in a seed funding round that included individual investors and former executives from Illumina (NASDAQ: ILMN), the San Diego-based maker of DNA-sequencing equipment and related technologies.