A Bermudian-based healthcare technology firm is to partner with an Australian-headquartered company to provide a decentralised health technology network in Bermuda leveraging the Algorand blockchain.

MAPay, with global headquarters in Hamilton, said it will build its healthcare solutions in conjunction with Verida, which it said provides decentralised identity, trusted storage, private data ownership, decentralised messaging and connectivity to the Algorand blockchain.

MAPay said it is developing healthcare technology solutions on the island for health provider credentialling services, patient health data solutions and healthcare payments.

The company said Verida will complement MAPay technology and provide connectivity to Algorand as the blockchain of choice for smart contracts and stablecoin payments.

MAPay's solution, the company said, leverages the decentralised 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 protected health information.

MAPay solutions will also support cross-border blockchain-based stablecoin payments for healthcare services and a supporting token distribution and rewards to ecosystem users as part of broader incentivisation initiatives, the company said.

It added that 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 decentralised healthcare solutions such as preventive healthcare, clinical trial recruitment, permissioned sharing for healthcare research and new payment models, the company said.

Michael Dershem, founder and CEO of MAPay, said: "This 'digital highway' we are creating will allow for other DeFi (decentralised finance) 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."

Verida co-founder and CEO Chris Were said the partnership with MAPay will see decentralised blockchain-based technologies bring real-world benefits to the Bermudian health sector.

He added: "We are very excited to be working and building with Dersh and the team at MAPay to bring decentralised health management to residents of Bermuda supported by the capabilities offered through Verida's personal data protocol.”