Verida, MAPay Use Blockchain Technology to Create Decentralized Healthcare Network

Verida, a personal data network owned and controlled by users, is joining forces with global healthcare FinTech MAPay to provide a decentralized health technology network in Bermuda using the Algorand blockchain, according to a recent press release.

MAPay, which has developed a hybrid architecture of centralized and decentralized guidelines for multi-party medical payments and HIPAA-compliant data exchange, will build its healthcare solutions in tandem with Verida, which provides decentralized identity, trusted storage, personal data ownership, decentralized messaging and connectivity to the Algorand blockchain.

MAPay is creating health technology solutions in Bermuda for health provider credentialing services, patient health data solutions and healthcare payments, according to the announcement. Verida will leverage Algorand for smart contracts and cross-border blockchain-based stable coin payments for healthcare services.

As part of the partnership, healthcare data can be consensually shared across healthcare providers via a vault, according to the announcement. In addition, the vault will connect with current healthcare software to enable patients to send and request data, payment services and provide post-care services.

“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 Michael Dershem, founder and CEO of MAPay.

The MAPay and Verida announcement comes on the heels of a recent $500 million cash infusion aimed at developing projects created on the Algorand blockchain, according to PYMNTS.

The ALGO Fund II will work specifically with digital assets that power new decentralized apps.

Read more: Borderless Capital Debuts $500M Fund for DeFi, NFT Investments Built on Algorand Blockchain

In September, the Algorand Foundation created the Viridis DeFi Program, a $300 million fund aimed at supporting DeFi innovation on its network, according to PYMNTS. One-third of funds have been earmarked from the AlgoGrant fund, which would support the development of DeFi frameworks and applications.

See also: Algorand Foundation Announces $300M Fund to Grow DeFi Innovation