TOKYO — A startup affiliated with online brokerage Monex Group will soon use blockchain technology to compile information on people’s genomes in hopes of discovering new medicines.
The new service from Tokyo-based Genex will genetically analyze saliva and other bodily materials, integrating the data into a health-monitoring app.
With users’ consent, the information will be applied in drug development and elsewhere. Those who provide genetic data toward these ends will be rewarded with such perks as gift certificates.
The service will launch in April with dozens of participants, with the usage fee to be set at tens of thousands of yen (10,000 yen equals $96). The goal is to build a wealth of data from tens of thousands of people in five years. Data management and tracking will make use of the blockchain.
Monex has a roughly 40% stake in Genex. The startup is raising additional funds from Kaken Pharmaceutical and Sugi Pharmacy as part of its new operations.
“It’s unusual for a private-sector company to collect genetic information, including whole-genome data, for tens of thousands of people,” said Ken Yagi, Genex co-CEO. “That can be leveraged to develop treatment methods for hard-to-treat diseases and provide tailored medical care.”
Monex Group is involved in blockchain-related businesses inside and outside Japan and supports technology development at Genex.
The startup, founded in 2019, plans to seek out more partners going forward in addition to the investments from Kaken and Sugi.