Verida, a web3 data protocol has teamed up with MAPay, a global healthcare Fintech firm, to offer a decentralized health tech network in Bermuda by leveraging the Algorand blockchain platform. MAPay will reportedly develop their healthcare solutions with assistance from Verida, which offers decentralized identity, “trusted” storage, private data ownership, decentralized messaging and connectivity to the Algorand blockchain network.

MAPay is focused on creating healthcare tech solutions in Bermuda for health provider credentialing services, patient health data solutions as well as healthcare payments. Verida will aim to complement MAPay technology and offer connectivity to Algorand as the preferred blockchain for smart contracts as well as stablecoin payments.

MAPay’s platform will be using the decentralized identity, messaging and storage capabilities of Verida’s framework. This should allow stakeholders within medical commerce including government agencies, insurers, healthcare providers and patients to derive their value proposition from the MAPay Network as a Service; providing a share of healthcare data across healthcare providers with a mobile “Vault” that secures PHI.

The MAPay solutions also support blockchain or distributed ledger tech (DLT)-powered stablecoin payments for healthcare services as well as a token distribution and rewards ecosystem. The Vault will be linking up with traditional healthcare software to enable patients to send or request data, request payments for services, and offer post-care support services.

This supports healthcare solutions like preventative healthcare, clinical trial recruitment, permissioned sharing for healthcare research and various payment models.

Michael Dershem, Founder and CEO of MAPay, said that this “digital highway” that they are developing will enable other DeFi apps to access their rails, enabling human and capital resources to be provided more efficiently, which can help with accelerating these innovative models.

Chris Were, Co-founder and CEO, added that the collaboration with MAPay will see blockchain-powered technologies bring real-world value to the Bermudan health industry.

Were also noted that they are working with Dersh The and the team at MAPay so they can bring decentralized health management to Bermuda residents, supported by the capabilities provided via the Verida personal data protocol. The cooperation between Verida and MAPay aims to offer greater open, secure and user-centric health services using Web 3.0 technologies.

MAPay’s management further noted that they remain committed to deploying DLT solutions to support smart contracts while transacting highly-secure medical solutions. The firm has implemented a solution leveraging centralized and decentralized protocols for handling multi-party medical payments and HIPAA-compliant data exchange. MAPay is working closely with hospital networks, practice management systems, drug firms, insurance payers and government agencies.

MAPay says it’s focused on empowering patients and healthcare providers by harnessing the power of blockchain tech to align incentives, lower costs, and provide greater transparency and data exchange. The firm says it believes in permissionable, open-sourced system collaboration, and solution sets that are truly impactful.

Meanwhile, Verida serves as a network of personal data that’s owned and controlled by users, incentivizing them to tap into their data on centralized platforms. Builders are able to access this data for various use-cases like storage, messaging and single sign-on. User’s private data may be fed into smart contracts, allowing for connectivity to several different blockchains.

The Verida Vault is a mobile app that serves as a data wallet and crypto wallet for end-users.

It offers private key management as well as an intuitive interface for interacting with the Verida network and various DLT platforms. This serves as the entry point for end-users to effectively manage their identity, sign in to apps, take care of personal data, send and receive messages and also manage blockchain transfers/tokens.

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