Blockchain technology being used to validate, store and track healthcare data.
The Bitfury Group has entered into an alliance with Insilico Medicine, a Baltimore-based medical artificial intelligence (AI) firm, to create new applications for the healthcare industry using blockchain.
Blockchain technology, being developped in the private as well as in the public sector, has gained global attention as well as traction for its ability to permanently record and track assets or transactions across industries.
Last month, the two companies signed a memorandum of understanding for collaboration to study and develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data, said Valery Vavilov, CEO and founder of Bitfury founder.
Since the colloboration is at an early stage, details of possible uses or potential projects are too early to state.
Both companies with use Bitfury’s Exonum blockchain platform to store and secure medical health data in a system that’s 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,” said Vavilov.
As per a recent study by Frost & Sullivan, healthcare AI is expanding at an annual rate of 40% a year. It expects global revenues from AI systems to touch $6.7 billion in 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,” said Vavilov.