Health Tech Company MAPay Claims ‘World’s First’ NFT Technology for Personal Health Data
Quick take:
- MAPay says it is creating 100 million NFTs for a blockchain-based healthcare data storage system.
- The company said on Wednesday that it has partnered with the Ministry of Public Health and Family Welfare of 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 Department of Public Health and Family Welfare of the Government of Maharashtra, a state in the western peninsular region of India. The region is estimated to have a population of around 125 million in 2022, with the last official count of 112 million reported in 2012.
The health 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 that represent proof of ownership of a digital collectible, JPEG, artwork or virtual goods. The technology can also be used 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.
Health records are an important part of patient diagnosis and treatment. However, this process can often take longer due to intermediaries which also make it expensive. MAPay claims the new blockchain-based data storage will eliminate these bottlenecks, thus eliminating more risks for the parties involved.
The company said it plans to use Algorand to deploy its services in more parts of the world given the key healthcare partnerships it has established in leading economies such as the United States.
“Partnering 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 with major pharma, insurance companies, health systems, banks and authorities”, wrote MAPay in a press release.
According to MAPay CEO Michael Dershem, the new storage system for personal health data is part of the company’s commitment to democratize healthcare. “We want to really transform Healthcare into Humancare,” he said.
Dershem sees data storage as a perfect real-world application for blockchain technology. “The impact on individuals and society as a whole is what we wake up to achieve every day.”
Algorand blockchain is a leading layer 1 blockchain that uses a proof-of-stake mechanism, thus reducing energy consumption. The platform claims to have never experienced downtime since its launch.
“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 essential for building autonomous AI solutions, especially where accurate, accessible healthcare is not readily available,” says Dr Sabine Kapasi, head of the UN’s health policy and management strategy.
Note: Our efforts to reach for comment from a person close to the story did not receive a response.
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