MAPay is pleased to announce a partnership with Verida to provide a decentralized health technology network in Bermuda leveraging the Algorand blockchain. MAPay will build its healthcare solutions in conjunction with Verida, which provides decentralized identity, trusted storage, private data ownership, decentralised messaging and connectivity to the Algorand blockchain.
MAPay is developing healthcare technology solutions in Bermuda for health provider credentialing services, patient health data solutions and healthcare payments. Verida will complement MAPay technology and provide connectivity to Algorand as the blockchain of choice for smart contracts and stable coin payments.
MAPay’s solution leverages the decentralized identity, messaging and trusted storage capabilities of Verida’s framework. This will enable all stakeholders within medical commerce including governments, insurance companies, healthcare providers and patients to derive their own unique and distinct value proposition from the MAPay Network as a Service; delivering a consensual share of healthcare data across healthcare providers with a mobile “Vault” that secures PHI.
Additionally, the MAPay solutions will support cross-border blockchain-based stable coin payments for healthcare services and a supporting token distribution and rewards to ecosystem users as part of broader incentivization initiatives.
The Vault will connect with existing, legacy healthcare software to allow patients to send / request data, request payment for services, and provide post-care support services.
This enables innovative new decentralized healthcare solutions such as preventative healthcare, clinical trial recruitment, permissioned sharing for healthcare research and new payment models.
Michael Dershem, aka Dersh, founder and CEO of MAPay is excited about the announcement and beyond.
“This ‘digital highway’ we are creating will allow for other DeFi applications to ride on our rails, allowing both human and capital resources to be deployed much more efficiently and economically, ultimately accelerating these game-changing models,” said Dershem.
Verida co-founder and CEO, Chris Were, says the partnership with MAPay will see decentralized blockchain based technologies bring real-world benefits to the Bermudan health sector.
“We are very excited to be working and building with Dersh and the team at MAPay to bring decentralized health management to residents of Bermuda supported by the capabilities offered through Verida’s personal data protocol,” said Were.
The partnership between Verida and MAPay demonstrates our shared vision for providing greater open, secure and user-centric health services using decentralized Web3 technologies. Finally Dersh added, “…in this new world although New Jersey and Australia can be time zones apart we can walk in lock-step.”
About MAPay
MAPay is a global healthcare fintech company that is deploying distributed ledger technology to power smart contracts, transacting secure medical solutions. The company has developed a hybrid architecture of both centralized and decentralized protocols for multi-party medical payments and HIPAA-compliant data exchange. MAPay is working in association with hospital networks, practice management systems, drug companies, insurance payers and government entities.