Blockchain technology company The Bitfury Group said Friday it is collaborating with Insilico Medicine, Inc., a Baltimore-based Artificial Intelligence (AI) and bioinformatics company, to develop “novel” solutions for healthcare applications using Blockchain technology.

Both companies signed a memorandum of understanding (MOU) to collaborate in academic and commercial settings to develop solutions which they say could revolutionize the healthcare industry. Bitfury and Insilico are collaborating to study and develop blockchain and AI solutions for sharing, managing, tracking and validating healthcare data.

“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.”

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.