NEW You are able to (Reuters) – U.S. technology company The Bitfury Group has created a partnership with Insilico Medicine, a Baltimore-based medical artificial intelligence (AI) firm, to produce new applications for that medical industry using blockchain, Bitfury’s ceo stated on Friday.
Blockchain is really a digital ledger of transactions that acquired prominence because the software underpinning digital currency bitcoin. We’ve got the technology, being coded in the private and public sectors, has acquired attention globally for being able to permanently record and track assets or transactions across all industries.
The 2 companies signed a memorandum of understanding recently for collaboration to review and develop blockchain and AI solutions for discussing, managing, tracking and validating healthcare data, stated Bitfury founder and Chief executive officer Valery Vavilov within an email to Reuters. The collaboration is within an earlier stage there weren’t any details available about potential projects or specific uses.
Artificial intelligence within the healthcare sector uses algorithms and software to imitate human ability in analyzing complex medical data. Huge amounts of healthcare data are pushing the introduction of AI applications.
Vavilov stated both companies use Bitfury’s Exonum blockchain platform to keep and secure health data inside a system suitable for artificial intelligence.
“AI hasn’t arrived at its full possibility of the medical industry yet since it needs a large and various selection of data to understand from to guarantee precision and supply actionable results,” stated the Bitfury leader.
Healthcare AI is expanding by a yearly rate of 40 %, research firm Frost & Sullivan stated in research conducted recently. It stated 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 permit for improved interoperability between doctors and hospitals, whilst giving patients more possession over their very own records,” Vavilov stated.
Reporting by Gertrude Chavez-Dreyfuss Editing by David Gregorio