Health Tech Company MAPay Claims the ‘World’s First’ NFT Technology for Personal Health Data
Fast take:
MAPay says it’s creating 100 million NFTs for a blockchain-based healthcare knowledge storage system.The corporate stated on Wednesday it has partnered with the Ministry of Public Health and Household Welfare within the Authorities of Maharashtra, India.The brand new web3 knowledge storage system might be constructed on Algorand’s proof-of-stake Layer 1 blockchain.
MAPay has introduced a partnership with the Ministry of Public Health and Household Welfare within the Authorities of Maharashtra, a state within the western peninsular area of India. The area is estimated to have a inhabitants of about 125 million in 2022, with the final official depend of 112 million reported in 2012.
The healthcare expertise firm stated it’s creating 100 million non-fungible tokens (NFTs) to retailer well being data on the Algorand blockchain.
NFTs are blockchain-based digital recordsdata representing proof of possession of a digital collectible, JPEG, art work, or digital merchandise. The expertise may also be leveraged to create digital identities on the blockchain.
MAPay will use its proprietary NFT expertise to retailer private well being knowledge on web3 for the primary time.
Healthcare data are an vital a part of affected person prognosis and remedy. Nonetheless, this course of can typically take longer because of intermediaries that additionally make it costly. MAPay claims the brand new blockchain-based knowledge storage will remove these bottlenecks, thus eliminating a number of dangers for the events concerned.
The corporate stated it plans to make use of Algorand to deploy its companies ins a number of components of the world given the important thing healthcare partnerships it has established in main economies just 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 launch.
In line with MAPay CEO Michael Dershem, the brand new private well being knowledge storage system is a part of the corporate’s dedication to democratising healthcare. “We want to truly transform Healthcare to Humancare,” he stated.
Dershem sees knowledge storage as an ideal use case for blockchain expertise in the true world. “The impact on individuals and society as a whole is what we wake up to accomplish every day.”
Algorand blockchain is a number one layer 1 blockchain that utilises a proof-of-stake mechanism, thus decreasing power consumption. The platform claims to have by no means skilled 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,” stated Dr Sabine Kapasi, UN Health Coverage and Governance Technique lead.
Notice: Our efforts to achieve for a remark from an individual near the story didn’t obtain a response.
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