Monday and Algorand Join Forces for a Payment System to Reduce Healthcare Costs in Bermuda
In an important announcement, a partnership agreement has been signed between MAPay and Algorand blockchain. Monday is a well-known organization in healthcare technology with a specific focus on payment networks based on blockchain technology. In the latest development, the organization now aims to introduce its stable coin on the blockchain system of Algorand that will help to improve the overall efficiency of the healthcare sector. The company will introduce its new system first in Bermuda and then take this innovation to other parts of the globe.
There are a lot of inefficiencies associated with traditional payment systems used in the healthcare sector. Besides being expensive, conventional payments are slow, and their use is not very intuitive either. This leads to a lot of wastage of essential resources, which ultimately drags down the overall efficiency of the sector.
With the help of an advanced blockchain network, MAPay helps all stakeholders across the value chain enhance their efficiencies. The use of blockchain means no intermediary, which, in turn, reduces the time and cost factor associated with transactions. The blockchain technology of Algorand is one of the most credible solutions we have available in the market today. The network is known for its fast transactions. Thanks to the performance-oriented Layer-1 protocol, Algorand is expected to prove instrumental in heralding a new era of efficiency in the healthcare sector.
Bermuda will get the pan-country infrastructure and network of MAPay that will be based upon the blockchain capabilities of Algorand. The mechanism used for the transaction system will be based upon the patients’ data, and to make the process seamless, the blockchain solution will be fully interoperable. This will ensure better utilization of the resources while delivering efficient outcomes for all the stakeholders involved in the sector. Both organizations have expressed their happiness on this coming together and hoped that this collaboration would further expand to other countries.
This particular union is expected to prove beneficial not only for the healthcare sector of Bermuda but also for the entire domain of blockchain technology and cryptocurrency. The collaboration will encourage other organizations to join hands to further the influence of open ledger technology across industries, including healthcare management.