23andMe, a DNA-testing company that announced its intention to file for bankruptcy protection last week. bankruptcy, The speculations continued.
What will happen to all the genetic information collected from more than 15 million individuals worldwide over the past few years?
Sei Foundation’s governing body announced Thursday on X, that it was bidding for 23andMe.
According to the Sei Foundation, this acquisition will give individuals control over their genetic data via encrypted and confidential transfers. Individuals can decide on how to access their data, as well as how to monetize it.
Sei Foundation called this move the “boldest DeSci wager yet.”
Sei Network Writer. When an American pioneer in biotech faces bankruptcy the genomic information of millions is exposed to third parties who might not hold similar values as openness and transparency.
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“Traditionally, the control of health data rests with a few centralized players. Eleanor Davies is the Director of Decentralized Science for the Sei Foundation. Decrypt.
“Our high-performance blockchain is designed to handle the massive scale required for 15 million users' genetic datasets while ensuring privacy and security.”
Priority to data
Davies did not provide details about the architecture of data but said that Sei will create a platform which encrypts sensitive data and allows users to choose whether or not they want their data shared.
Davies explained that the hybrid approach would probably involve both public keys and private ones. This allows for the large genomic datasets to be handled while using blockchain as a data sovereignty system and permissions.
Davies continued, “We will partner with the best in class industry experts and specialists to guarantee data integrity.”
After the announcement of the acquisition on the 27th March, the You can also read about Sei The token price has dropped by nearly 18%. It went from $0.21 per token to $0.17.
Davies stated that “we take the control of your data extremely seriously and see it as an issue of national security.”
She also said there are “key mechanisms” that can be used to allow users to opt in and share certain data. They can choose where the data will be shared, as well as when.
Is this just another hype?
There are still questions about whether the Sei Foundation can realistically fulfill its promises.
Many blockchain ventures have grand ambitions. Is this the beginning of a new era or is it just techno-utopian hysteria?
23andMe was founded in 2006. It is a direct to consumer genetics company that offers DNA test kits at home. These tests help consumers explore their health and genetic traits as well as their ancestry.
The decline of DNA testing in recent years and difficulties in generating new customers have led to operational and financial setbacks.
Even Professor Ahmed Banafa of San Jose State University’s Department of Engineering, who is a leading technology expert, does not believe that the blockchain will be a good solution to store genomic data.
Banafa explained that “there are several problems.” The size of blockchain cannot handle human DNA. “They have to think outside the box.”
The author noted that a workaround would be to encrypt DNA data, and only store the encryption key in the blockchain.
He added, “Another issue is the access.” If it is my data, then I want to control who can see it. Smart contracts can help by letting users grant or revoke access instantly—no forms, no waiting.”
Success is not without its challenges
Banafa emphasized that Sei must also overcome legal and regulatory obstacles.
He added that “laws such as the California Consumer Privacy Act or the Genetic Information Protection Act may come into play.” Even if HIPAA does not apply to services provided directly to consumers, the government can still monitor them.
California’s Attorney General Rob Bonta sent a warning to consumers a week before the bankruptcy of 23andMe. Read more about Alert The company’s finances are a concern.
Customers were reminded that their right to delete genetic information was protected by the alert. The Attorney Generals of other states also participated in the alert. New York, Maryland, Alabama” Washington, D.CConsumer alerts were also released by.
Banafa pointed out that to safeguard user data, a system would need to be closed so that authorized personnel could only retrieve sensitive information.
Even with tight controls, it’s not practical to try and cram large datasets onto a limited space on the chain, particularly at scale.
He said that storing gigabytes in small blocks is not a good idea, particularly when there are millions of users. It would take too long. They’ll need a smart system—access codes, added security—where your encrypted data lives in decentralized storage, using something like SHA-256.”
Banafa has also highlighted security as being a key concern. Blockchain bridges are a possible attack vector within the blockchain ecosystem.
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He said that the core technology was secure, but these bridges were weak points. Hackers have used them to steal millions of dollars in cryptocurrency.
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