MAPay Launches First World NFT Technology for Personal Health Data
The company will create 100 million NFTs to store data on the blockchain network.
The Partnership For NFT Health Storage
MAPay has partnered with the Ministry of Public Health and Family Welfare of Maharashtra. The region is found in the western peninsular region and will have about 125 million in 2022. MAPay has said it will create 100 million Algorand-based NFTs to store health data. Health records are crucial to patients' diagnosis and treatment, but the storage process is often complicated by bottlenecks that MAPay aims to solve.
The company said,
"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 works alongside large pharma, insurers, health systems, banks, and governments."
Algorand Blockchain is a top layer 1 blockchain that uses a Proof-of-Stake Consensus mechanism to lower energy consumption. The network claims it has never experienced downtime since it was launched. NFTs are blockchain-based products that represent the proof of ownership of a digital collectible, JPEG, virtual merchandise, or artwork.
MAPay Will Change Healthcare
According to the CEO, Michael Dershem, the company is committed to democratizing health data storage and transforming Healthcare into Humancare. Dershem expressed his optimism that one of the perfect use cases of blockchain technology in the real world is data storage. "The impact on individuals and society as a whole is what we wake up to accomplish every day," he said.
Dr. Sabine Kapasi, UN Health Policy, and Governance Strategy Lead, said,
"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."