Quick take:
- MAPay says it is creating 100 million NFTs for a blockchain-based healthcare data storage system.
- The company said on Wednesday it has partnered with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India.
- The new web3 data storage system will be built on Algorand’s proof-of-stake Layer 1 blockchain.
MAPay has announced a partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, a state in the western peninsular region of India. The region is estimated to have a population of about 125 million in 2022, with the last official count of 112 million reported in 2012.
The healthcare technology company said it is creating 100 million non-fungible tokens (NFTs) to store health records on the Algorand blockchain.
NFTs are blockchain-based digital files representing proof of ownership of a digital collectible, JPEG, artwork, or virtual merchandise. The technology can also be leveraged to create digital identities on the blockchain.
MAPay will use its proprietary NFT technology to store personal health data on web3 for the first time.
Healthcare records are an important part of patient diagnosis and treatment. However, this process can often take longer due to intermediaries that also make it expensive. MAPay claims the new blockchain-based data storage will eliminate these bottlenecks, thus eliminating several risks for the parties involved.
The company said it plans to use Algorand to deploy its services ins several parts of the world given the key healthcare partnerships it has established in leading economies like the US.
“In collaboration with leading organizations focused on advancing interoperability and payments in healthcare, MAPay seeks to implement a patient-driven data exchange that aids in population health management and better overall outcomes. The firm is working alongside large pharma, insurers, health systems, banks and governments,” MAPay wrote in a press release.
According to MAPay CEO Michael Dershem, the new personal health data storage system is part of the company’s commitment to democratising healthcare. “We want to truly transform Healthcare to Humancare,” he said.
Dershem sees data storage as a perfect use case for blockchain technology in the real world. “The impact on individuals and society as a whole is what we wake up to accomplish every day.”
Algorand blockchain is a leading layer 1 blockchain that utilises a proof-of-stake mechanism, thus lowering energy consumption. The platform claims to have never experienced downtime since its launch.
“As a clinician and a participant in shaping public health policy, I recognize the need for reliable integration and storage of clinical health records. This digital infrastructure is critical in building autonomous AI solutions, especially where accurate, accessible healthcare is not easily available,” said Dr Sabine Kapasi, UN Health Policy and Governance Strategy lead.
Note: Our efforts to reach for a comment from a person close to the story did not receive a response.
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