A NFT-based solution for storing health data is released by Algorand and MAPay.
The government of Maharashtra in India and the healthcare financial technology (Fintech) company MAPay have joined forces to create a non-fungible token (NFT)-based health data storage solution on the Algorand (ALGO) blockchain network.
Algorand is used by MAPay (ALGO)
For its NFT-based health data storage solution, MAPay, Algorand has incorporated blockchain technology. MAPay makes the claim that by utilizing blockchain technology to better and align incentives, cut costs, encourage transparency and data exchange, and empower patients and healthcare practitioners.
MAPay plans to use its distinct NFT technology powered by the energy-efficient Algorand blockchain in collaboration with the Government of Maharashtra’s Ministry of Public Health and Family Welfare to enable the secure and decentralized storing of people’s health-related personal data.
In accordance with a press statement from the team, the first implementation of the solution will offer over 100 million distinct NFTs for the storing of medical records, effectively eliminating middlemen from the healthcare system and simplifying things for patients and medical professionals alike. Additionally, it will eliminate any further risk.
The NFT-based health data system’s launch on Algorand was discussed by Michael Derscheme, CEO of MAPay, in the following manner:
“To democratize healthcare is in line with our vision and enthusiasm, as well as that of our international partners. We genuinely want to change healthcare to become humancare. An ideal use case for blockchain technology in the real world is this one. We get out of bed every day to make an influence on people and society as a whole.
Blockchain technology is becoming more popular in the global healthcare sector even though it is best known for serving as the basis for cryptocurrencies like bitcoin (BTC) and others.
By 2027, the blockchain-powered healthcare market is expected to be worth $77.76 billion, according to a recent study estimate.