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EncrypGen Is Giving People Back Control Of Their Genetic Data

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When a hospital or healthcare facility collects genetic data from a patient, it’s subject to what’s called the Health Insurance Portability and Accountability Act, or HIPAA. Essentially, this severely restricts and limits the way that the healthcare providers that collected the data can use and share it, allowing individuals to retain a degree of privacy.

What many people don’t realize, however, is that with the rise of do-it-yourself DNA testing kits, this privacy is being seriously undermined.

Ancestry sold 1.5 million DNA test kits between Black Friday and Cyber Monday. When people submit their DNA to companies like Ancestry, they are agreeing to various terms and conditions that basically allow the company in question to share the data generated with whatever and whoever they want, and store it in ways that sometimes result in breaches like the one after Christmas that leaked data of 300,00 users ( https://www.komando.com/happening-now/435921/ancestry-com-suffers-big-data-leak-3 00000-user-credentials-exposed ). For these companies, your genomic data is regarded as a company asset, meaning that Ancestry is essentially claiming ownership of the genome of those 1.5 million users of its test kits.

That’s a big problem.

So how is this problem solved?

One company thinks it has the answer – EncrypGen.

EncrypGen is harnessing blockchain technology to return the ownership of genomic data to individuals and to empower you to control who and what gets access to your data no matter who provides your tests.

Blockchain technology is quickly becoming the gold standard ledger and database tool in practically every corner of the global industry. It’s being applied to things like cloud storage, manufacturing, education and more. EncrypGen, however, is the first company to take this technology and use it in genomics.

The company’s lead product is called Gene-Chain and it is intended to mediate the searching, storing, buying and selling of genomic data. For anyone that knows how a blockchain works, the concept will be relatively clear. For those new to this sort of technology, a blockchain is a secure ledger that allows for the recording, time stamping and – critically – encrypting of data of any type.

When data is added to a blockchain, it’s recorded in a block along with other data, which is then encrypted and hashed. The hash means that the data can’t be tampered with or altered once it’s secure on the chain. Nodes on the blockchain constantly verify new blocks and maintain the integrity of the ledger against hacking and tampering.

What EncrypGen has done with Gene-Chain, is take this concept and created a secure database (blockchain) of genetic data. Anybody can store their genetic data on the Gene-Chain securely and, once it’s in the database, can control access to the data they’ve created and stored. They can also be reimbursed for its use through the Gene-Chain’s native cryptocurrency, aptly named DNA.

For example, imagine a woman who has her genetic information stored on Gene-Chain wants to allow a physician to see the data and use it to diagnose a condition or as the basis of a treatment. All she has to do is use the EnrypGen application (which can be accessed on pretty much any internet connected device) to grant the physician access to the data she has stored.

Now imagine the same woman wants to sell her genetic data to a research laboratory that wants to aggregate it with the data of other individuals to inform the design of a new drug. She grants access to the laboratory and the latter pays her for the privilege. And the best part? Her data is anonymised so it cannot be traced back to her!

Never before have people been able to take control of and monetize their own genetic data in this way. In this regard, Gene-Chain really is a first-of-its-kind application of blockchain technology to genomic science.

And the exciting thing is that this technology is real and it’s here now. The company was founded back in December 2016, funded back in July in part by way of a very successful token sale and started co-selling DNA test kits ( with Codigo46) in December 2017. In Jan 2018, the MyGene-Chain customer portal opened for genetic data uploading.

And what’s next?

EncrypGen is set to launch Gene-Chain Lite in Spring 2018. This is essentially a pared-down iteration of its primary technology. The full version, Gene-Chain V1 for heavy users, will go live in April.

The bottom line is this: in a world where genetic data is being increasingly collected, shared and used by a whole host of different parties, individuals need a way to retain control of their own information.

EncrypGen, through Gene-Chain, is the first and only technology that allows them to do exactly that.

For more information, check out the company’s website.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Caroline Davis2010 via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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