A new Blockchain-based solution, called Algorand, is set to become the go-to choice for the Bermuda Government for processing healthcare insurance claims. This new platform is designed to provide transparency, efficiency and cost savings to the island’s healthcare providers. The platform’s unique ability to scale and process millions of transactions per second has been proven in the private sector, and experts expect it to be a game changer in the healthcare world.
There has been a lot of buzz about Algorand , a startup that is creating a decentralized platform for storing data and issuing smart contracts. Recently, the company announced that they will be partnering with the Bermuda Government to store up to a lot of records, which include medical records, in a blockchain-based system.
Algorand, the new proof-of-stake protocol, will allow a single group of computers to process trillions of dollars’ worth of health care data in a secure and efficient way. Its ability to scale to handle a huge data set will make it a strong contender to process big chunks of health care costs in Bermuda’s global economy.. Read more about algorand mining and let us know what you think.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 DAG-based blockchain platform that promises to improve on the scalability of Bitcoin by processing up to 10,000 transactions per second (TPS) and speeding up the processing time of smart contracts.. Read more about algorand review and let us know what you think.
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