I think this whole 23andMe situation might be the watershed moment where in the future, people will likely end up owning their data, and blockchain technology will be a big part of that solution.
In the wake of 23andMe's bankruptcy, the conversation around medical data ownership has sparked intense debate and fears surrounding who has access to 15 million customers' data. How to properly protect data in an environment that feels more dangerous and dystopian by the day is a question plaguing businesses, countries, and everyday citizens.
Junaid Mian, Venture Partner with 1435 Capital, which focuses on growth stage companies from Seed through Series C across multiple industries, believes the answer lies in blockchain, adapting the technology to fit protecting vulnerable health data.
Creative destruction: "Health data can be misused in so many ways," Junaid warns. "I'm a big proponent of people owning their own data. Before, we didn't have the mechanisms to do that, so we just gave it up in order to get free products. The 23andMe situation represents another instance of creative destruction."
Blockchain as defense: According to Junaid, blockchain technology offers unique advantages for authenticating and protecting personal health information. "Blockchain provides a system that enables individuals to protect their privacy and validate their identity as they interact with other entities through their data."
Watershed moment: Junaid suggests that 23andMe's struggles could serve as a valuable lesson for future companies handling sensitive health information. More importantly, he believes it could mark a turning point in how we approach medical data ownership, leaning on blockchain as a form of protection. "I think this whole 23andMe situation might be the watershed moment where that transition happens," Junaid explains. "In the future, people will likely end up owning their data, and blockchain technology will be a big part of that solution."
Blockchain represents a way to maintain health data integrity and privacy. If we continue on our current path, the outcome won't be benevolent—it will be malevolent. The market simply doesn't incentivize positive behavior when it comes to data privacy.
Selling your data: The transition toward personal data ownership could have economic implications as well. "Eventually, in what might be called a post-labor economy, people will probably earn income by selling their data in various contexts," Junaid predicts. "But to get paid, you need to prove the data is yours. Blockchain offers the most viable path to accomplish that."
Benevolence vs. malevolence: Junaid emphasizes that the current trajectory of health data management is concerning without tech intervention. "Blockchain represents a way to maintain health data integrity and privacy. If we continue on our current path, the outcome won't be benevolent—it will be malevolent. The market simply doesn't incentivize positive behavior when it comes to data privacy."
A series of numbers: The advantages of blockchain for medical privacy extend to security concerns as well. "With blockchain, it's difficult to determine who owns specific data because it's anonymized," Junaid explains. "Even if someone hacked the system, they wouldn't know whose data they accessed. It's just a series of numbers. That anonymity prevents anyone from exploiting your personal information."
Minority report: Junaid paints a concerning picture of what could happen without better protections: "We need to avoid scenarios where companies say, 'We're going to deny you service because your genetic profile indicates you'll develop a health issue in five years.' It's reminiscent of 'Minority Report'—and it's already beginning to happen."
