Sei Foundation Revealed Its Plans to Acquire 23andMe on a Mission to Protect the Genetic Data of Millions of US Users
23andMe raised concerns across the US after announcing its bankruptcy. Data sovereignty has always been the biggest concern in today’s modern age. Blockchain technology is playing its part in giving control back to the rightful owners, who are users. Users can retain full control over their assets and data on the blockchain, which is impossible with centralized entities. Sei Foundation is promising to bring data sovereignty of genetic information by leveraging its blockchain platform. It made waves in the crypto industry last week on March 27 with its bold announcement of the 23andMe acquisition. Its announcement read,
What’s Happening With 23andMe?
23andMe is a seasoned direct-to-consumer genetics company that offers DNA testing kits to its customers. Since its inception in 2006, the company has helped millions of US customers find out their ancestry, health traits, and genetic risks. Approximately 15 million users’ sensitive personal data is in the hands of the 23andMe company. The company caused widespread fear across the country when it announced bankruptcy on March 23. Users panicked that their data would fall into the wrong hands after its bankruptcy announcement. The fact that its website traffic increased by 526% on the day of its bankruptcy filing announcement is noteworthy. While some experts believe this is the beginning of a much bigger problem we are yet to face, others say putting the genetic data of users on sale is a security disaster.
Can Sei Deliver Its Promise of Data Sovereignty?
Sei Foundation believes that 23andMe’s data falling into the wrong hands could lead to more complications. It also assured US users that it would return DNA data to users. The blockchain platform compares sovereign ownership of financial assets with “Sovereign Genome.” It promised to make the health of the US people survive on blockchain. Sei has also promised to give complete rights of their genetic data to users and give power to take back their consent at any time. It reminded the capabilities of blockchain and calls users to embrace this innovative technology.
Blockchain technology is known for its immutable and secure nature. But several blockchain hacks have succeeded in stealing financial assets from the robust blockchain networks. The recent Bybit hack is an example of how sophisticated hackers are stealing and laundering funds on-chain. Blockchain bridges are still vulnerable to hacks, even though blockchain technology is secure. The idea of bringing genetic data on-chain seems exciting and promising. However, we cannot say for sure that it is the best possible idea to protect the DNA data of millions of US users.
