It is estimated that, by 2025, around 15% of the world’s population will have had their genomes sequenced, resulting in the generation of several zettabytes of data. However, currently, there are not many reliable and secure data management resources that offer secure storage, seamless exchange of information, and a reliable transaction platform, for large volumes of genomic and clinical data. The blockchain technology has emerged as a viable option to store / exchange genomic data. The decentralized information management model used in blockchains has demonstrated significant benefits in banking and the fintech industry. Moreover, cryptocurrencies, which are based on the blockchain technology, are considered to be a powerful tool for peer-to-peer transactions without involving a third party to track the exchange.
Blockchain has emerged as a viable solution for efficient storage and management of genomic data; this is evident from the various initiatives undertaken by players in this domain
The market landscape features several new entrants offering blockchain-based genomic data related services
The rising interest in this field is also apparent in opinions expressed by industry stakeholders on prominent social media platforms, such as Twitter
In developing effective go-to-market strategies, companies are focusing on highlighting the key features of their blockchain products across a range of marketing / distribution platforms
Several pharmaceutical players and government bodies are already leveraging blockchain-based platforms to manage genomic data and related insights
Such insights have demonstrated the potential to address a variety of current and future needs of different entities involved in this domain
Ongoing promotions and development activity indicate that the market will experience commendable growth as blockchain platforms will likely witness wide adoption across various healthcare practices