Cord blood can be used to treat (and often cure) numerous diseases. One of the oldest uses is in the treatment of leukemia-cord blood from a matched sibling can be used to cure a child with leukemia. There is now a long list of hundreds of diseases and conditions that cord blood can be used to treat...most of them at this time use cord blood from a matched blood relative but new ones are being developed that use autologus donation (cord blood collected from the same person it is then used to treat).
Banking your child's cord blood can eventually benefit that child or another family member. Private banking can be expensive but it does allow you to retain control over the cord blood. Public banks, where available, are free but it is like donating blood-once donated, it can be used for whatever purpose the bank decides, it will not be there if your child or a relative needs it.
I agree with all that ChristineMP said. I banked my son Coltons Cord blood and like to think it will go to save a childs life and cure a diesase that couldnt be cured with out it.
When we opted to bank our sons last year, there was a list of about 75 different diseases/illnesses that could either benefit or be cured with stem cells. With advancements in technology, that number is growing. It is of course 100% compatible with your child, 50% chance of it being compatible with the parents, 25% with grandparents and so on. It also would be 100% compatible (I believe) with siblings providing both parents are the same. We went with a private facility as, as Christine said, we wanted to maintain it exclusively for our use.
benefit of cord blood banking is it saves your kids from many life threatening diseases in future.These stem cells when preserved under cryogenic conditions have potentially no expiry date and hence can have a lifetime of benefit.