How can morphology and DNA be used to identify different shark species now and in the future?

Generally any use of DNA can identify almost any species in the future or past. People who study creatures keep records of DNA that are stored within the Shark. If we amplify a standard DNA barcoding gene (COX-I) sequences (658 bp) of a specimen/animal species of which no sequence/reference data is available on DNA information data bases, e.g., gene banks, NCBI etc. If blast/comparison with other related species give about 96, 97% similarity, then how will we identify the species in this way. In this case, are we totally dependent on traditional taxonomy to work out the species identification or some other ways are there?

Explanation: May I please get brainliest

"1. it should be, it has been for about 20 years, and it's really not much different in the end than breeding animals to have particular traits. there are always concerns about genetically engineered animals/plants affecting the environment in unexpected negative ways, but i can't think of an example where the fears didn't turn out to be baseless.  

first, as you point out, it would be a great advance in pharmacology, to be able to tailor drugs and their doses to me. the pros involve better medical treatment. the cons involve privacy issues like insurance companies denying coverage to people with genetic risk factors. looking at dna markers wouldn't affect the frequency of genetic diseases, but it would allow detection of them earlier. and ok, actually i suppose that if people used this information to avoid having children with genetic diseases, some might decrease in frequency."