Genecoin - a group of young US entrepreneurs are developing a DNA storage service that uses bitcoin technology to encrypt and store the data(Genecoin)

A group of young entrepreneurs from the US is offering to take peoples' sequenced DNA, convert it into data, and then back it up using the cryptocurrency bitcoin to keep it safe for future genetic engineering and even cloning. It's the stuff of dystopian nightmare futures with clone armies marching around demanding bitcoin for your life.

The Genecoinservice will offer users an easy-to-use DNA sampling kit which can be sent back to the startup through the mail. The firm will then perform the necessary DNA tests and then upload the genome data into a bitcoin storage network.

The creators, based in the Pacific Northwest, say that using bitcoin blockchain technology as a storage tool has great potential for the future far beyond being merely a ledger for bitcoin transactions.

"Bitcoin's core innovation is the idea of a blockchain, which is a decentralised ledger. Bitcoin isn't a currency rather it is a protocol for writing to a blockchain, and this opens the door to lots of disruptive software innovations," Genecoin's creators computer science graduates who currently want to remain anonymous told IBTimes UK.

"There are so many use cases for the blockchain, and 'currency' is only the first one. People are working on all sorts of ideas: smart property, proof of existence, assurance contracts, data storage these are all possible with bitcoin."

There are already other companies using this technique, such as Storj.io, a startup aiming to provide a super secure private cloud, but so far none focusing on genomics.

A physical representation of a Bitcoin(Reuters)

But the question is: would anyone really want to store their DNA to be used to make clones of themselves in the future, and will Bitcoin even be around for long enough to make it a reliable storage format?

"Most people think of Bitcoin as a currency but it is much more. Bitcoin stores records of transactions. Imagine if you sent Morse code messages by giving your friends money. If you're clever about it, you can encode data based on how you make those transactions," Genecoin's creators said.

Read more here:

Genecoin: Bitcoin DNA Backup Could be Used to Forge Your Clone Army