Member Spotlight | GenoBank.io
Read Time 3 MinutesBusiness: Blockchain-powered platform to help people keep their genomic data secure
Launched: 2018
HQs: Miami and Silicon Valley
Website: Genobank.io
When most people think of NFTs these days, an image of a melancholy monkey or a pixelated punk might be the first things that comes to mind. But one group of Miami-based entrepreneurs is working on leveraging this blockchain technology to empower users to maintain control of their genomic data.
GenoBank.io has developed a platform that tokenizes genomic data. By controlling their genomic sequence in a transparent way, users can decide who accesses this information, when they access it, and how.
“We call this a consent token,” explained GenoBank.io’s co-founder and CEO, Daniel Uribe. “It gives permission to share your genomic data with someone for research purposes, and it’s revocable by the donor.” This falls in line with the latest privacy laws, including those in California and Europe.
“Consumers have the right to know what data they have, the right to edit their data, right to port their data, and the right for erasure,” Uribe told South Florida Tech Hub. Before GenoBank.io, Uribe worked as an IT cybersecurity expert for multinational firms including Oracle, Sun Microsystems and Ericsson.
Diversity is a key part of GenoBank.io’s business model, asserted its COO, Sharon Holm. “We’re bringing equity to genetics,” she said. Holm highlighted the historical lack of transparency in the world of genomic research. For instance, the case of Henrietta Lacks – one of a diverse group of patients whose cancer cells were collected without her knowledge or consent.
The result of examples like this, according to Holm: “the African American community over time and through history has been very hesitant to participate in clinical trials.”
“We believe that our platform will enable them to feel more secure: having their results and being able to give consent to then possibly participate in trials to help with furthering medical breakthroughs,” said Holm. “To find cures for the health issues that happen in their particular race.”
GenoBank.io protects ethical researchers, keeping them compliant with data privacy laws and are B2B and license their technology to researchers.
Uribe has been working in NFTs since 2017. “We’re the only ones working with NFTs and genomic info,” he said. “It makes sense because the human genome is non-fungible by nature.”
Being based in South Florida has presented GenoBank.io with a wide range of opportunities. They just finished the Endeavor Miami scaleup program. “It feels like we’ve become part of their family,” noted Holm. She and Uribe hope that the connection with Endeavor will prove advantageous when it comes to raising capital.
“It was such a well organized program,” Holm said. “Very well thought through and executed wonderfully.” Now, GenoBank.io has its sights set on eMerge America’s CNB Startup Studio.
Moving forward, Uribe is excited about the prospect of using MiamiCoins, the City of Miami’s cryptocurrency, for public health. The theory is that through this blockchain, researchers could more easily track Covid-19 variants across the population. “This would be the first time that the MiamiCoin treasure would be used for a public health purpose,” Uribe said.