MAPay creates the first 100 million NFTs for digital health records on the Algorand Blockchain
Built at Algorand, and in collaboration with the Government of Maharashtra i IndiaNFT technology will be used to store personal health data for the first time
VOORHEES, NJ and MUMBAI, India, 7 December 2022 /PRNewswire/ — MAPay, a global health technology company focused on decentralized payment networks, unveiled its partnership with the Department of Public Health and Family Welfare of the Government of Maharashtra, India, to provide NFT technology that will store personal health data on the blockchain for the first time. Built on Algorand, the first distribution will introduce upwards of 100 million NFTs for this purpose.
MAPay will use its proprietary NFT technology to enable secure, decentralized storage. This application for NFTs will help eliminate intermediaries in healthcare that routinely cause bottlenecks, introduce risks and increase costs for all parties – including patients; public, private and public health providers; insurance company; and banks.
With key healthcare partnerships in the US and beyond, MAPay will use the Algorand blockchain as the backbone for future advancements in the sector. In partnership with leading organizations focused on advancing healthcare interoperability and payments, MAPay seeks to implement a patient-driven data exchange that helps manage population health and improve overall outcomes. The firm works together with large pharmaceutical companies, insurance companies, health systems, banks and authorities.
“Our vision and passion are aligned with our global partners: to democratize healthcare. We want to truly transform Healthcare into Humancare,” said MAPay CEO Michael Dershem. “This use case is a perfect real-world application of blockchain technology. The impact on individuals and society as a whole is what we wake up to achieve every day.”
The Algorand blockchain has experienced zero downtime since launch. Its sustainable, carbon-negative technology provides instant transaction finality, network-level consensus and security, and advanced smart contracts built for scalability. The open, public infrastructure empowers participation, transparency and efficiency with real-world applications spanning many industries, including healthcare, finance, humanitarian aid, government, sports, entertainment and more.
“As a clinician and a participant in the design of public health policy, I recognize the need for reliable integration and storage of clinical health records. This digital infrastructure is critical to building autonomous AI solutions, especially where accurate, accessible healthcare is not readily available.” so Dr. Sabine Kapasileads the UN’s health policy and management strategy. “This technology is transformative. Its transfer and acceptance globally once seemed unthinkable, but now it is within reach.”
About MAPay
MAPay is a global healthcare fintech company that implements distributed ledger technology to power smart contracts and execute secure medical solutions. The company has developed a hybrid architecture of both centralized and decentralized protocols for multi-party medical payments and HIPAA-compliant data exchange. MAPay works in partnership with hospital networks, practice management systems, pharmaceutical companies, insurance payers and government entities. The company is committed to empowering patients and healthcare professionals by leveraging blockchain technology to improve and align incentives, reduce costs and provide increased transparency and data sharing. The company believes in permissible open source system collaboration, and solution sets that have economic and social influence. For more information, please visit https://www.mapaycorp.com/
About Algorand Inc.
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance Layer-1 blockchain is unparalleled in bringing fast, frictionless and inclusive technologies to everyone. Algorand is transforming all industries – from TradFi and DeFi to new creative economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology enables more participation, transparency and efficiency for all. As the technology of choice for 2,000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and the exchange of value. For more information, visit www.algorand.com.
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