U.S. blockchain company in tie-up on medical artificial intelligence

FILE PHOTO: An illustration photo of Bitcoin (virtual currency) coins are seen at La Maison du Bitcoin in Paris
FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo

August 11, 2017

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – U.S. technology company The Bitfury Group has formed a partnership with Insilico Medicine, a Baltimore-based medical artificial intelligence (AI) firm, to create new applications for the healthcare industry using blockchain, Bitfury’s chief executive officer said on Friday.

Blockchain is a digital ledger of transactions that gained prominence as the software underpinning the digital currency bitcoin. The technology, being developed in the public and private sectors, has gained attention globally for its ability to permanently record and track assets or transactions across all industries.

The two companies signed a memorandum of understanding last month for collaboration to study and develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data, said Bitfury founder and CEO Valery Vavilov in an email to Reuters. The collaboration is in an early stage and there were no details available about potential projects or specific uses.

Artificial intelligence in the healthcare sector uses algorithms and software to mimic human ability in analyzing complex medical data. Vast amounts of healthcare data are pushing the development of AI applications.

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,” said the Bitfury chief executive.

Healthcare AI is expanding by an annual rate of 40 percent, 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.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio)

  • claymore cluepile

    there is no doubt that robots can practice clinical medicine, just like robots can fly jumbo jets. They will make different decisions in very different ways only superficially based on human experience. Will things improve? the only answer to that is a political answer. If you think that diesel locomotives are an improvement over steam trains then the answer would be yes. But most people still secretly yearn for steam trains and was anything ever so hulking, distant, dumbass emotionally dull and uninteresting as a diesel locomotive.

  • john kirkland

    healthcare for the poor, go to the free hospitals when your sick….as for the debacle in the carolinas, at least you know who the unemployed dope smoker are now…both sides. that said, those whote dudes are probably still mad after finding out that their white ho’s had black pimps, groomed em in….ouch

  • It’s going to be chipping us and then tracking us using AI. Uh, no!

  • Info geek

    If patients rated their condition, cost, and treatment plan, other patients could evaluate where and how to get the most bang for their buck.

    • nevertrump

      Then we could get Amazon into healthcare. Get a prime membership and get free shipping. or we could rely on our doctors to recommend the best treatment from the best doctors. But none of this is about the article at all

      • Leroy

        That was the stupidest remark I’ve read here all day. Try again when you get a functioning brain. Idiot.

        • nevertrump

          Did you read the story? I was using sarcasm. The story is about medical data, not about customer satisfaction and performance ratings. Stupid ass-ole.

          • Leroy

            You are the stupid ass hole. Idiot.

      • Info geek

        All Healthcare info and decisions should be validated before execution of an action plan since lives are at stake. Patients need accurate supportive data resources to get from point A to desired point B. Can’t never did anything.

      • Info geek

        If we never thought outside to box, the world would stay in the same box.