Bitfury Group announces partnership to develop AI healthcare blockchain solutions

The Bitfury Group, a leading full-service blockchain technology company has announced a collaborative agreement with Insilico Medicine, Inc., a Baltimore-based Artificial Intelligence (AI) and bioinformatics company, to develop innovative solutions for healthcare applications using blockchain technology.

The two companies signed a memorandum of understanding (MOU) to collaborate in academic and commercial settings to develop solutions that could reform the healthcare industry.

With the healthcare industry and the future of data collection ripe for innovation, Bitfury and Insilico are collaborating to study and develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data.

Valery Vavilov, founder, and CEO of The Bitfury Group said:

“Blockchain can secure and streamline our medical systems, while AI has the potential to revitalize data management and machine learning to help identify trends and diseases. By partnering with Insilico, we will be able to combine their expertise in deep learning and bioinformatics with our blockchain proficiency and real-time solutions to create bespoke and innovative new products for the healthcare sector.”

Alex Zhavoroknov, PhD., founder, and CEO of Insilico Medicine, Inc. said:

“Bitfury is one of the most reputable blockchain companies, developing their own end-to-end blockchain solutions trusted by the major corporations and governments worldwide. We are happy to enter into a research collaboration with Bitfury to develop innovative solutions that could save lives and extend the human lifespan.”

Blockchain and AI

Recent advances in AI have surpassed human accuracy in image and voice recognition and are transforming multiple industries, including manufacturing, transportation, finance, and entertainment. However, the use of AI in the healthcare industry has been comparatively slower, as deep learning systems need a large number of examples to learn from and can require up to tens of millions of data sets to achieve a high level of accuracy.

Blockchain has the potential to track and validate large amounts of healthcare data in a secure and efficient ways opening the door to the necessary solutions to effectively organize data for deep learning systems. The Bitfury and Insilico Medicine partnership will explore the ways blockchain can be used to accelerate progress in biomedicine and deliver innovative healthcare solutions to people around the world.

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