The Government of Maharashtra has joined hands with MAPay, a global healthcare technology firm, and Algorand blockchain to store the personal health data of citizens using the NFT (non-fungible tokens) technology for the first time.
Built on the Algorand (ALGO) blockchain, MAPay in partnership with the Ministry of Public Health and Family Welfare in the Government of Maharashtra, India, will create and deploy upwards of 100 million NFTs for digital health records in the first phase. MAPay is also working with healthcare providers in the US to shift related data onto the blockchain.
The main purpose of blockchain technology is to eliminate intermediaries, bring more transparency, and give control back to the participants/users in a system. Using its NFT technology MAPay will enable secure, decentralized storage in order to eliminate intermediaries in the healthcare system that routinely cause bottlenecks, introduce risk, and drive up costs for all parties- including patients; public, private, and government health providers; insurance companies; and banks.
The company’s aim is to democratize healthcare with its new web3-based health data storage system. “We want to truly transform Healthcare to Humarcare,” said MAPay CEO Michael Dershem. “This use case is a perfect real-world application of blockchain technology. The impact on individuals and society as a whole is what we wake up to accomplish every day.”
Saving health records digitally on the new web3 data storage system powered by blockchain technology could prove to be efficient, consistent, and reliable because of its immutable nature making the records accurate.
“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,” said Dr. Sabine Kapasi, UN Health Policy, and Governance Strategy lead.
“This technology is transformational. Its transference and acceptance globally once seemed unimaginable, but now it is within reach,” Dr. Kapasi added.
This is not the first time that the Maharashtra Government is showing its trust in the revolutionary blockchain technology and experimenting with the use cases. The state govt partnered with the Layer-2 Polygon blockchain in March this year to issue caste certificates. Other state authorities in India are also planning to explore the use cases of blockchain technology to harness its potential to the maximum.
NFTs?
Based on blockchain technology, NFTs are digital files that ensure proof of ownership of a digital collectible, JPEG, artwork, music, video, real estate, and more. The NFTs can’t be traded like other cryptographic assets such as tokens or cryptocurrency. NFT technology can also be leveraged to create digital identities on the blockchain.
Why Algorand?
Algorand blockchain is popular among crypto investors in India and around the world as it has experienced zero downtime since its launch in 2019. The Layer-1 blockchain is based on proof-of-stake (PoS) consensus and is considered green because of its low carbon footprint.
Being a sustainable and interoperable blockchain, Algorand’s aim is to reshape every industry and reduce the gap between traditional finance (TradFi) and decentralized finance (DeFi). Algorand offers immediate transaction finality, consensus and network-level security, and advanced smart contracts built for scalability.
