MAPay, a healthcare financial technology (fintech) company, has joined forces with India’s Maharashtra government to launch an NFT-based health data storage solution on the Algorand (ALGO) blockchain network.
MAPay taps Algorand (ALGO)
MAPay, claiming to empower patients and healthcare practitioners by using blockchain technology to improve and align incentives, reduce costs, and foster transparency and data exchange, has adopted the Algorand blockchain for its NFT-based health data storage solution.
In collaboration with the Ministry of Public Health and Family Welfare in the government of Maharashtra, MAPay is aiming to use its proprietary NFT technology powered by the energy-efficient Algorand blockchain, to enable secure and decentralized storage of health-related personal data of individuals.
Per a press release by the team, the first deployment of the solution will introduce over 100 million unique NFTs for the storage of health records, effectively eliminating intermediaries in the healthcare system, while also eliminating risks for all parties, including patients, healthcare providers, and more.
Commenting on the launch of the NFT-based health data system on Algorand, MAPay CEO, Michael Dershem said:
“Our vision and passion are aligned with our global partners: to democratize healthcare. We want to truly transform Healthcare into Humancare. 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 accomplish every day.”
The Algorand Foundation recently partnered with the world football governing body, FIFA, and others.
While blockchain technology has gained popularity as the building blocks of Bitcoin (BTC) and other cryptocurrencies, the nascent technology is also gaining significant traction across the global healthcare sector.
According to a recent research report, the blockchain-powered healthcare market size is expected to grow to $77.76 billion by 2027.