AI in medicine – the greatest revolution of the 21st century?

Maciej Zieliński

23 Jan 2021
AI in medicine – the greatest revolution of the 21st century?

Will artificial intelligence change the face of modern medicine? All signs point to yes, and sooner than we might expect. 

A key feature of tools based on artificial intelligence technology is the ability to recognise relevant relationships in raw data. It turns out that this ability can be used in virtually all areas of medicine. Already, AI technology is enabling medical staff to tackle problems that are time-consuming and inefficient to solve on their own. On the Nextrope blog, we present what we believe are the 3 most interesting applications of AI in medicine.

 

Sorting out information chaos 

Dozens of clinical trials are published daily. Many experts and doctors agree that in such a plethora of data, it becomes increasingly difficult to select those relevant to the case of a particular patient. As in many other fields, also in medicine the demand for tools that will assist humans in combing through information seems to be higher than ever. This is where artificial intelligence comes to the rescue.

AI technologies allow doctors to find information in unstructured medical literature in a faster and more efficient way. This makes it easier for them to keep up with scientific developments, update procedures and make more accurate decisions about patient treatment. An example of such Technology is IBM Watson, used by doctors and researchers to extract valuable insights from millions of health reports, patient data records, clinical trials and medical journals.

Medical imaging 

Even tests carried out using the best quality equipment are always subject to the risk of observer error if the data acquired is analysed solely by a human. Such an error can be extremely costly for both patient and doctor. The use of AI algorithms can provide a much smaller margin of error than standard solutions. Machines are simply much more accurate than humans, faster and do not make mistakes resulting from, for example, fatigue. 

Recent studies, such as tests of an algorithm created by Google to detect early stages of breast cancer, show that artificial intelligence solutions are able to achieve results more than 50% better than traditional methods. Over the past few years, several solutions using AI in diagnostic imaging have hit the market. These include CT analysis tools from NVIDIAand Siemens, and Aidoc'sX-ray analysis software, which is already used in more than 100 hospitals worldwide.

Cancer diagnostics

In an effort to enable early diagnosis of various types of cancer, a Romanian start-up has developed the highly accurate AI-MICADIStool. Instead of the circulating DNA molecules or tumour cells commonly used for this purpose, it focuses on examining circulating microRNA molecules. It uses AI algorithms to analyse polymerase chain reaction (PCR), microarray and next-generation sequencing (NGS) data, which are important factors in detecting the earliest stages of cancer development. "By selecting relevant molecular alterations and using artificial intelligence, we have created the best available non-invasive method for diagnosis and early detection of many types of cancer" - explains Alexandru Floares, AI-MICADIS project coordinator. 

The tool is now able to not only detect 13 types of cancer, but also distinguish between malignant and benign forms. "Ultimately, we achieved a 99% accuracy rate and equipped the tool with the ability to distinguish between malignant and benign forms of the disease, "says Floares, "Furthermore, we have demonstrated that using data analytics and artificial intelligence to combine different tests outperforms a single large-scale test in terms of cost, efficiency and results."

AI in medicine - opportunities for development?

The use of AI in medicine has become a reality, not just an optimistic forecast for the future. Unfortunately, it will still be years before artificial intelligence is widely used in every hospital in the world.

 However, everything indicates that in the near future we can expect big increases in the market for AI solutions in medicine. According to the Yole report, its cumulative annual growth rate for 2020-2025 will be as high as 36%, making it one of the fastest growing markets in the IT sector. According to the company's analysts, its total value is expected to exceed $2.7 billion in 2025. Maybe a visit to a robot doctor isn't such a distant prospect after all?

Want to know more about using the latest IT technologies in medicine? Check out our article on howBlockchain is supporting the development of healthcare. And if you are interested in prospective areas of implementation of artificial intelligence algorithms, readour article on AI in education.

Most viewed


Never miss a story

Stay updated about Nextrope news as it happens.

You are subscribed

Aethir Tokenomics – Case Study

Kajetan Olas

22 Nov 2024
Aethir Tokenomics – Case Study

Authors of the contents are not affiliated to the reviewed project in any way and none of the information presented should be taken as financial advice.

In this article we analyze tokenomics of Aethir - a project providing on-demand cloud compute resources for the AI, Gaming, and virtualized compute sectors.
Aethir aims to aggregate enterprise-grade GPUs from multiple providers into a DePIN (Decentralized Physical Infrastructure Network). Its competitive edge comes from utlizing the GPUs for very specific use-cases, such as low-latency rendering for online games.
Due to decentralized nature of its infrastructure Aethir can meet the demands of online-gaming in any region. This is especially important for some gamer-abundant regions in Asia with underdeveloped cloud infrastructure that causes high latency ("lags").
We will analyze Aethir's tokenomics, give our opinion on what was done well, and provide specific recommendations on how to improve it.

Evaluation Summary

Aethir Tokenomics Structure

The total supply of ATH tokens is capped at 42 billion ATH. This fixed cap provides a predictable supply environment, and the complete emissions schedule is listed here. As of November 2024 there are approximately 5.2 Billion ATH in circulation. In a year from now (November 2025), the circulating supply will almost triple, and will amount to approximately 15 Billion ATH. By November 2028, today's circulating supply will be diluted by around 86%.

From an investor standpoint the rational decision would be to stake their tokens and hope for rewards that will balance the inflation. Currently the estimated APR for 3-year staking is 195% and for 4-year staking APR is 261%. The rewards are paid out weekly. Furthermore, stakers can expect to get additional rewards from partnered AI projects.

Staking Incentives

Rewards are calculated based on the staking duration and staked amount. These factors are equally important and they linearly influence weekly rewards. This means that someone who stakes 100 ATH for 2 weeks will have the same weekly rewards as someone who stakes 200 ATH for 1 week. This mechanism greatly emphasizes long-term holding. That's because holding a token makes sense only if you go for long-term staking. E.g. a whale staking $200k with 1 week lockup. will have the same weekly rewards as person staking $1k with 4 year lockup. Furthermore the ATH staking rewards are fixed and divided among stakers. Therefore Increase of user base is likely to come with decrease in rewards.
We believe the main weak-point of Aethirs staking is the lack of equivalency between rewards paid out to the users and value generated for the protocol as a result of staking.

Token Distribution

The token distribution of $ATH is well designed and comes with long vesting time-frames. 18-month cliff and 36-moths subsequent linear vesting is applied to team's allocation. This is higher than industry standard and is a sign of long-term commitment.

  • Checkers and Compute Providers: 50%
  • Ecosystem: 15%
  • Team: 12.5%
  • Investors: 11.5%
  • Airdrop: 6%
  • Advisors: 5%

Aethir's airdrop is divided into 3 phases to ensure that only loyal users get rewarded. This mechanism is very-well thought and we rate it highly. It fosters high community engagement within the first months of the project and sets the ground for potentially giving more-control to the DAO.

Governance and Community-Led Development

Aethir’s governance model promotes community-led decision-making in a very practical way. Instead of rushing with creation of a DAO for PR and marketing purposes Aethir is trying to make it the right way. They support projects building on their infrastructure and regularly share updates with their community in the most professional manner.

We believe Aethir would benefit from implementing reputation boosted voting. An example of such system is described here. The core assumption is to abandon the simplistic: 1 token = 1 vote and go towards: Votes = tokens * reputation_based_multiplication_factor.

In the attached example, reputation_based_multiplication_factor rises exponentially with the number of standard deviations above norm, with regard to user's rating. For compute compute providers at Aethir, user's rating could be replaced by provider's uptime.

Perspectives for the future

While it's important to analyze aspects such as supply-side tokenomics, or governance, we must keep in mind that 95% of project's success depends on demand-side. In this regard the outlook for Aethir may be very bright. The project declares $36M annual reccuring revenue. Revenue like this is very rare in the web3 space. Many projects are not able to generate any revenue after succesfull ICO event, due to lack fo product-market-fit.

If you're looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

Nextrope Partners with Hacken to Enhance Blockchain Security

Miłosz

21 Nov 2024
Nextrope Partners with Hacken to Enhance Blockchain Security

Nextrope announces a strategic partnership with Hacken, a renowned blockchain security auditor. It marks a significant step in delivering reliable decentralized solutions. After several successful collaborations resulting in flawless smart contract audits, the alliance solidifies the synergy between Nextrope's innovative blockchain development and Hacken's top-tier security auditing services. Together, we aim to set new benchmarks, ensuring that security is an integral part of blockchain technology.

Strengthening Blockchain Security

The partnership aims to fortify the security protocols within blockchain ecosystems. By integrating Hacken's comprehensive security audits with Nextrope's cutting-edge blockchain solutions, we are poised to offer unparalleled security features in our projects.

"Blockchain security should never be an afterthought"

"Our partnership with Hacken underscores our dedication to embedding security at the core of our blockchain solutions. Together, we're building a safer future for the industry."

said Mateusz Mach, CEO of Nextrope

About Nextrope

Nextrope is a forward-thinking blockchain development house specializing in creating innovative solutions for businesses worldwide. With a team of experienced developers and blockchain experts, Nextrope delivers high-quality, scalable, and secure blockchain applications tailored to meet the unique needs of each client.

About Hacken

Hacken is a leading blockchain security auditor known for its rigorous smart contract audits and security assessments. With a mission to make the industry safer, Hacken provides complex security services that help companies identify and mitigate vulnerabilities in their applications.

Looking Ahead

As a joint mission, both Nextrope and Hacken are committed to continuous innovation. We look forward to the exciting opportunities this partnership will bring and are eager to implement a more secure blockchain environment for all.

For more information, please contact:

Nextrope

Hacken

Join us on our journey to deliver top-notch blockchain tech and a safer future for the industry!