MAPay has announced its collaboration with the Ministry of Public Health and Family Welfare in Maharashtra, India.
MAPay is a tech startup that provides its customers with healthcare payment and data exchange services. The healthcare company was founded by Michael Dershem in 2018 and is based in Voorhees, New Jersey. Its primary product is a decentralized payment network solution that offers more security, reduced transaction fees, and improved payment efficiency for its growing client base.
Algorand is a blockchain platform that uses a pure proof-of-stake consensus mechanism to reach an agreement on the state of its distributed ledger. It was created by cryptography professor Silvio Micali and his team at MIT. Algorand aims to provide fast, secure, and scalable transactions for businesses and organizations. It is designed to support a wide range of applications, including supply chain management, digital identity, and decentralized finance.
MAPay sets to make history with 100 million healthcare records NFTs
Estimates show that the Maharashtra region presently has approximately 125 million inhabitants. The healthcare tech company intends to create 100 million NFTs to safekeep the health records of 100 million individuals. This would be the first time personal health records would be stored on Web3.
The health record is a crucial aspect of a patient’s diagnosis and treatment procedure. However, retrieving these records can take a while, which elongates the entire process. Although technology has made the storage and retrieval of health records easier than it used to be, there are still some intermediaries which make getting these records longer and more costly. With the introduction of the new storage system on the Layer 1 blockchain, Algorand, MAPay claims these intermediaries, as well as their associated risks, will be eliminated.
According to a press release by the healthcare startup, MAPay is working towards implementing a patient-focused data exchange that improves a population’s health management structure. The firm is working in collaboration with leading pharmaceuticals, banks, health systems, insurance companies, and governments, to advance healthcare interoperability and payments.
CEO Michael Dershem stated that MAPay’s vision and passion for democratizing healthcare are supported by its partners all around the world. By truly transitioning from Healthcare to Humancare, MAPay hopes to positively impact society as a whole.
Dr. Sabine Kapasi, the Health Policy and Governance Strategy Lead at the UN, shared:
“As a clinician and a participant in shaping 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. This technology is transformational. Its transference and acceptance globally once seemed unimaginable; but now it is within reach.”