AUSTIN, Texas, Aug. 8, 2018 /PRNewswire/ -- Timicoin/TimiHealth (www.timicoin.io), the first operating blockchaindesigned to empower individuals through its TimiDNA platform to own, control, and monetize their genetic DNA data, will also be the first to actually pay them for it via LATOKEN (www.LATOKEN.COM).
On August 20, 2018,
"Instead of the current model where consumers are paying for the privilege for others to profit from their DNA, we at TimiHealth will be the first to pay consumers for the honor to secure their DNA in our proprietary TimiDNA distributed blockchain. We want to pay individuals a similar amount to what GSK paid 23andMe for their data, and to also empower them as consumers to tokenize and continue to profit from the genetic data that truly belongs to them," said Joyce Lignell, Chairwoman of TimiHealth's Advisory Board.
The recent announcement that GlaxoSmithKline (GSK) is investing $300M in 23andMe to access the genetic DNA data of five million consumers for pharmaceutical drug development, with a 50/50 split on future profits, exemplifies the fact that the very consumers who are sourcing that DNA data are being left out in the cold (https://www.gsk.com/en-gb/media/press-releases/gsk-and-23andme-sign-agreement-to-leverage-genetic-insights-for-the-development-of-novel-medicines/). GSK paid a transactional value of approximately $60 per consumer to simply to access their data, with a tremendous future upside for the development of blockbuster drugs that potentially could be developed, none of which the consumer will see a dime.
"We know how truly valuable genetic and DNA data is to the future of medicine and believe that consumers who choose to share or sell their data should receive the lion's share of the financial windfall that comes from it. TimiHealth is on a mission to tokenize consumers' DNA information and allow them to first compile their data in a highly secure, distributed TimiDNA blockchain, while also giving them the ability to sell or refuse to sell that data to researchers. We are opening the eyes of consumers to the fact that genetics companies are cutting deals with big pharma for tremendous amounts of money that should belong to the people that are the very source of the data," said Timicoin/TimiHealth's, founder Will Lowe.
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