The Bitfury Group, a blockchain technology company, has signed a memorandum of understanding (MOU) with Insilico Medicine, an Artificial Intelligence (AI) and bioinformatics company, to develop blockchain solutions for healthcare industry.

Under the terms of the agreement, the companies will collaborate in academic and commercial settings to develop solutions that could revolutionize the healthcare industry. According to the official release, the companies are collaborating to study and develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data.

“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,” said Alex Zhavoroknov, PhD., founder and CEO of Insilico Medicine, Inc. “We are happy to enter into a research collaboration with Bitfury to develop innovative solutions that could save lives and extend the human lifespan.”

The use of AI in healthcare has been relatively slower as deep learning systems need a large number of examples to learn from and can require millions of data sets to achieve a high level of accuracy. Blockchain technology, with its potential to track and validate large amounts of healthcare data in a secure and efficient way, can open the door to the necessary solutions to effectively organize data for deep learning systems.

“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,” said Valery Vavilov, founder and CEO of The Bitfury Group. “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.”

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