Since there is an enormous amount of information, this project needs to be a trully international effort. Pharmacologists can use this data to design drugs and prolong, create, or help sustain life
Advantages:
some mad scientist anywhere in the world could do research based on this data and further explore the field and publish his findings for a greater good of humanity
Disadvantages:
same mad scientist can patent a genetic cure from cancer and hike up the prices (although intellectual property is essential for breakthroughs in sciences, etc). or in our day and age, some terrorist can design a trully incurable virus and cause world-wide pandemic