Blockchain technology, which is often believed to be the solution to many of the world’s biggest problems, could be the basis for a number of new industries. One such industry could be the healthcare industry.
A groundbreaking innovation in the blockchain space, Algorand aims to disrupt the global healthcare industry through a new platform that offers benefits such as quick and secure transactions, credible auditing, and a shared ledger. Designed to support the decentralization of healthcare data, Algorand makes use of blockchain technology and a “proof of stake” algorithm for the platform’s consensus.
It is no secret that Bermuda’s healthcare system is expensive. The average annual cost per capita, in fact, is far higher than the US, Canada and most European countries, on average. But the high cost of healthcare in Bermuda is just one of the many factors that make it a difficult jurisdiction for cryptos.MAPay, a global healthcare technology company focused on decentralized payment networks, will use Algorand to issue Stablecoins to enable more than $800 million in healthcare spending in Bermuda, it was announced last week. The company has formed partnerships in healthcare in the US and elsewhere, and will use Algorand’s blockchain as the basis for its next advances in this area. IT WAS JUST NEWS: @mapaycorp announces they will be using the Algorand blockchain to transform healthcare in Bermuda, including $800 million in payments! Algorand’s MAPay payment solutions will improve efficiency and significantly reduce costs in healthcare https://t.co/4TFpHz2dfQ pic.twitter.com/ktzEFilAVo – Algorand (@Algorand) 3. June 2021
Traditional healthcare payment systems are slow, cumbersome, and full of unnecessary costs. But by using lightning-fast blockchain, MAPay aims to create efficiencies in a system that includes players like insurance companies, government healthcare providers and banks. This partnership will allow MAPay to provide Bermuda with a national implementation plan to reduce the transaction costs associated with paying for health services through the MAPay network, operated by Algorand. MAPay will also implement patient-centered data exchange to ensure interoperability of health services, manage population health, and improve overall outcomes. Our relationship with Algorand is a breakthrough for healthcare commerce and data exchange, said Michael Dersham, CEO of MAPay. Kevin Richards, head of portfolio and investment advisor Bermuda Asset Management (BAM), said Bermuda’s innovative regulatory framework for cryptocurrencies continues to attract transformative projects. This puts us at the centre of what could lead to global changes in the way health care is paid for in Bermuda and around the world, he said in a statement. At a conference earlier this year, Dersham said that if healthcare operating costs could be reduced by even 10%, it would free up about $1 trillion in capital worldwide, which could be preferentially used to provide vaccines in developing regions, access to healthcare in urban medical deserts, and research into drugs for rare diseases. Algorand’s blockchain runs at over 1,000 TPS and completes in less than 5 seconds on a platform proven to need no fork. In addition to providing an open and public infrastructure, Algorand’s technology is a powerful Layer 1 technology that offers instant transaction fulfillment, the security needed in healthcare, and advanced smart contracts that expand future capabilities.
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Algorand is a new method of blockchain computations which can be used in solving distributed computing problems for a variety of applications. These types of problems include the processing of healthcare records, DNA sequencing, and even the processing of digital distributions. This could lead to significant savings for Bermuda, where healthcare costs are among the highest in the world.. Read more about algorand review and let us know what you think.
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