MAPay, a healthcare financial technology (Fintech) business, has partnered with the government of Maharashtra in India to establish a non-fungible token (NFT)-based health data storage solution on the Algorand (ALGO) blockchain network.
MAPay taps Algorand (ALGO)
Algorand has incorporated blockchain technology for its NFT-based health data storage solution, MAPay, which claims to empower patients and healthcare practitioners by leveraging blockchain technology to better and align incentives, cut costs, and encourage transparency and data interchange.
In conjunction with the Government of Maharashtra’s Ministry of Public Health and Family Welfare, MAPay wants to facilitate the secure and decentralized storing of individuals’ health-related personal data utilizing its unique NFT technology powered by the energy-efficient Algorand blockchain.
According to a press release by the team, the first deployment of the solution will provide over 100 million unique NFTs for the storage of health records, effectively removing middlemen from the health care system and making it easier for all parties, including patients and healthcare providers. It will also eliminate the risk for even more.
Michael Derscheme, CEO of MAPay, commented on the debut of the NFT-based health data system on Algorand as follows:
“Our vision and passion are aligned with those of our global partners: to democratize healthcare. We truly want to transform healthcare into humancare. This use case is an ideal real-world application of blockchain technology. Individuals and The impact on society as a whole is what we wake up to accomplish every day.”
While blockchain technology has garnered recognition as the foundation of bitcoin (BTC) and other cryptocurrencies, it is also gaining traction in the global healthcare industry.
A recent research analysis projects that the blockchain-powered healthcare market will reach $77.76 billion by 2027.
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