Binance's former CEO, Changpeng Zhao (CZ), has shared a personal update, reflecting on his recent experiences and future aspirations. He emphasized his intention to focus on various projects related to education, blockchain, artificial intelligence (AI), and biotechnology (Biotech).
The Biotech field, a relatively new aspect in the crypto space, is one that CZ expressed confidence in, believing that the opportunities in the future will be superior to those in the past.
What is Biotech?
Biotech or Biotechnology is the use of biological systems and living organisms to develop or produce products, or "any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use".
Belonging to the DeSci (Decentralized science) field, the Biotechnology sector represents a new step in the field of scientific research, bringing superior benefits compared to traditional methods. By leveraging blockchain technology, DeSci creates a more trustworthy, open, and efficient research environment.
Read more: What is DeSci?
Practical applications of Biotech:
- Medical Biotechnology: Developing therapeutic drugs, gene therapies, personalized medicine, and diagnostics.
- Agricultural Biotechnology: Genetic engineering to improve crops, pest resistance, and nutritional value.
- Industrial Biotechnology: Using enzymes and microorganisms to produce biological products like biofuels, biomaterials, and pharmaceuticals.
- Environmental Biotechnology: Bioremediation, waste treatment, and pollution control.
Future prospects for crypto:
This industry is growing rapidly with advancements in fields like synthetic biology, gene editing, and bioinformatics, aiming to find more sustainable and efficient solutions to global challenges. The combination of biotechnology and blockchain is opening up a new horizon of potential, promising to revolutionize many sectors from healthcare to agriculture. Here are some notable prospects:
Secure and transparent storage and sharing of medical data:
- Personal health records: Blockchain can create a secure, tamper-proof personal health record, allowing patients to actively manage and share their medical information.
- Clinical research: Clinical research data can be stored on the blockchain, ensuring transparency, traceability, and preventing fraud.
More efficient drug development and clinical trials
- Pharmaceutical supply chain management: Blockchain can help track the production, transportation, and distribution of drugs, ensuring quality and preventing counterfeits.
- Decentralized clinical trials: Clinical trials can be decentralized across multiple blockchain platforms, increasing transparency and efficiency.
Protecting intellectual property in the biological field:
- Digital patents: Blockchain can create a digital patent registry system, helping to protect the intellectual property of scientists and businesses.
Creating new markets for biological data:
- Genomic data: Genetic data can be encrypted and stored on the blockchain, creating new markets for the secure and transparent trading and sharing of this data.
Developing new applications in agriculture:
- Food traceability: Blockchain can help track the production, processing, and distribution of food, ensuring safety and quality.
- Crop breeding: Crop data can be stored on the blockchain, helping to protect intellectual property and drive sustainable agricultural development.
Risks of Biotech
The integration of Biotech and blockchain brings significant potential, but it also comes with considerable risks.
One of the biggest concerns is data security. Personal genetic information is highly sensitive and can be misused if not properly protected. Additionally, the lack of a clear and unified legal framework poses challenges in managing and utilizing biological data on the blockchain.
Furthermore, high implementation costs, slow processing speeds, and a shortage of specialized human resources are also significant obstacles.
Finally, the over-exposure of genetic information (which is publicly visible for all to monitor) can lead to privacy issues and discrimination concerns.
These factors also raise questions about the potential redundancy between blockchain and Biotech.
Some projects in the Biotech field
Bio Protocol
BIO Protocol is a platform that allows people to contribute together to carry out scientific and medical research projects. Instead of relying solely on large organizations, BIO creates opportunities for everyone to participate, decide, and benefit from the research results.
Belonging to the DeSci field, this is a pioneering project in the DeSci area that has been invested in by Binance Labs, promising to mark the growth of this field since CZ's statement.
Other projects
Some other new projects launched in 2024 in the Biotech field include Molecule, IXO,...
Summary
Allinstation has answered the question of what Biotech is and provided information about its potential application with blockchain technology. Please explore and evaluate together to make the most informed investment decisions. Good luck!!!
