The decision by the Sei Foundation – the entity behind the layer1 blockchain Sei – to acquire the bankrupt genetic data firm 23andMe seems to be an unlikely gamble, perhaps even a mere publicity stunt. Nonetheless, it sparks a thrilling discussion that has captivated many.
If this acquisition were to materialize, we would witness a Web3 company coming to the aid of a Web2 firm, a move that would carry significant implications in its own right. Tech giants in the Web2 arena are already facing competition from smaller, more agile firms in the realm of AI. However, seeing a blockchain newcomer purchase what was once one of Silicon Valley’s most celebrated companies would represent a complete shift in perspective.
Furthermore, such a transaction would serve to enhance public awareness regarding data security and privacy issues. While many are somewhat cognizant of how companies like Meta, Google, and Apple manage and exploit our data, we often overlook these concerns in favor of the convenience they provide.
There is perhaps no clearer example than 23andMe, which retains DNA and other sensitive information from 15 million individuals. This situation highlights how exposed the most personal and intimate details of our lives can be when held by centralized corporations and institutions.
It is one thing for platforms like Facebook and Instagram to monitor our shopping and consumption behaviors, rendering our private communications vulnerable to breaches. With 23andMe, we are dealing with DNA data; the very essence of our being has effectively been marked for sale to anyone willing to pay.
If Sei’s attempt does not succeed, which seems the most probable outcome, that data could potentially be sold to health or life insurance providers. This could lead to discrimination against individuals regarding essential healthcare or insurance coverage, owing to the problematic dynamics of the U.S. healthcare system.
This moment might represent a pivotal shift towards public awareness concerning the necessity of data ownership. Perhaps more individuals will come to realize that, to keep their information truly secure, they need total control over it through decentralized blockchain solutions.
Not every blockchain offers the same level of security, of course. However, Sei purports to have robust security measures, and projects like Arweave – which operates on a “pay once, store forever” model for permanent data storage – provide individuals the means to privately, securely, and permanently upload and safeguard their information.
These represent just two options among an expanding array of choices available in the field, but the essential takeaway remains: there is no centralized alternative that rival even a document kept in a secure Swiss vault, buried with keys placed far away. Even then, those keys can be unearthed.
This represents a critical opportunity for individuals to grasp the value of data self-sovereignty, particularly in a period where trust in centralized entities like corporations and governments is eroding. Consequently, the potential sale of 23andMe could signify a genuine inflection point in history, reshaping perceptions and applications of Web3 technology.