US tech company The Bitfury Group is partnering with medical artificial intelligence firm Insilico Medicine to create healthcare-focused applications using blockchain, Bitfury CEO Valery Vavilov said last Friday.
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Both companies inked a memorandum of understanding for a collaborative study looking to develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data, Bitfury CEO Vavilov said. The deal is still in the early stages, and no additional details were released about specific uses or potential projects.
Vavilov said both companies will use Bitfury’s Exonum blockchain platform to store and secure health data in a system compatible with artificial intelligence.
“AI has not reached its full potential for the healthcare industry yet because it requires a large and diverse range of data to learn from in order to ensure accuracy and provide actionable results,” Vavilov said.
Healthcare AI is expanding by an annual rate of 40%, research firm Frost & Sullivan said in a recent study. It said global revenue generated by artificial intelligence systems will soar to $6.7 billion by 2021 from $811 million in 2015.
“A blockchain-based medical records system could safeguard patient data and allow for improved interoperability between doctors and hospitals, while also giving patients more ownership over their own records,” Vavilov said.
Material from Reuters was used in this post.
