We live in an age of connectivity. Technology has enabled us to stay in constant contact with the world, in real time. This connectivity has transcended communication, however, and changed the way we view our connectedness with others.
One company, by the name of Genobank, provides its clients with the ability to discover their origins, and connection with others. This is done through the examination of DNA.
What sets Genobank apart from the competition is their approach towards data ownership/privacy.
Deoxyribonucleic Acid (DNA) refers to the molecules held by all humans, which contain their unique genetic coding. By examining this code, we can learn about an individual’s ancestry, predispositions to mental and physical ailments, and more.
DNA first became popularized, and a household term, when it began being used as a means of identification – particularly in crime scenes.
In an effort to continue developing their product/services, and carve out their place in the industry, Genobank is currently hosting a crowdfunding campaign through equity investing platform, Republic.
This event, which has seen Genobank bring in roughly 175% of their minimum target, at the time of writing, is scheduled to remain live until March 14, 2020.
Investors partaking in the event will be compensated with a ‘Crowd Simple Agreement for Future Equity (Crowd SAFE)’. This is a form of agreement created by Republic, better structured towards use in crowdfunding campaigns than a traditional SAFE.
Essentially, those that hold a SAFE do not immediately acquire equity in the company. Transfer of equity only occurs when certain pre-set parameters are met, with regards to future progress/developments.
Our understanding of the insights, which the examination of our DNA can offer us, has led to a boom in companies such as Ancestry Health, 23andMe, and more. The data generated from services such as these represent the most important and intimate data of all – it represents you.
Unfortunately, we have seen time after time, in recent years, that data is abused, stolen, and generally misused. Naturally, this has resulted in large movements advocating for better privacy practices surrounding data generation and use.
Empowerment over your own data is the driving force behind Genobank. The company notes that they specifically make use of blockchain technologies to anonymize usage of their platform – allowing for clients to discover more about themselves, while retaining power over their most intimate data.
The company states,
“We use blockchain at its full potential by registering your DNA data as a unique digital asset also known as a non-fungible-token (NFT). This grants you exclusive ownership over it.”
For Better or Worse
While a lack of privacy may justifiably scare many, there are instances where access to DNA databases have proven beyond valuable.
A perfect example of this occurred in 2018, when one of the United States most infamous serial killers was identified and captured. Known as the ‘Golden State Killer’, Joseph DeAngelo was identified when a relative of his used a DNA service. This data was then able to be cross examined with DNA found at his crime scenes – providing authorities with enough information to deduce who their killer was.
While this particular instance had a positive outcome, it raises questions surrounding access to such data. If individuals who have never even used such a service can now be identified and tracked down, are any of us truly safe?
While you may not be able to control the actions of others, you can control your own data. Genobank plays to this, stating,
“Since there is only one private DNA Wallet per user, third parties will never have access to your DNA data without your explicit consent (digital signature). Only you can grant/revoke access and modify/delete biodata & records. YOU are in control!”
While Genobank has various plans for the usage of funds raised through their crowdfunding campaign, one of their more interesting plans is the launch of DNA kit ATMs.
These kiosks would deliver exactly what their name implies – a kit allowing for the analyzing of one’s DNA. The goal of which is to provide these services to everyone, as no personal information is required.
Genobank indicates that these ATMs represent one of their two projected revenue streams. The other will be a ‘white-label’ version of their kits, which is sold to health clinics, hospitals, etc.
Founded in 2014, Genobank maintains headquarters in Palo Alto, California. The company specializes in developing solutions which allow for analyzing ones DNA in a privacy centric manner.
CEO, Daniel Uribe, currently oversees company operations.