The renowned Miami-based healthcare recovery company, MSP Recovery LLC, has announced that it is in a collaborative partnership with the Web3 technology solutions company Tokenology. The two companies aim to bring a fraud-prevention blockchain platform named Lifechain.
Patients and industry professionals will have easier access to healthcare charges, claims, and medical information thanks to Lifechain’s verified and transparent blockchain technology.
The MSP Recovery has enrolled over one million users on its January 2022-launched consumer application, LifeWallet, which will house the technology with a tokenized solution, LifeCoin, with a value of $32.6 billion.
Working in the field of refunding secondary medical insurance payments, the press release provided more perspective on the scope of the task within the healthcare business.
“The massive number of daily medical claims being tokenized is expected to surpass 50 million/day by 2024, requiring the kind of scale, security, and sustainability that only Polygon can deliver.”
Following the acquisition of Lionheart Acquisition Corp II in mid-2021, MSP Recovery became a publicly-traded company with the ticker symbol MSPR on the Nasdaq.
Sandeep Nailwal, the co-founder of Polygon (MATIC), commented on the collaboration, calling it “truly impactful” and “a testament to the evolution of enterprising new solutions that developers like Tokenology are building using Polygon technology.”
A first-of-its-kind commercial platform for fully tokenizing healthcare services.
Learn more 👇https://t.co/kEaYUQltnN
— Polygon – MATIC 💜 (@0xPolygon) May 20, 2022
Healthcare system and Blockchain technology
This is not the first time some company from the healthcare sector is using blockchain technology for the betterment of society. In March, the renowned CVS Pharmacy filed a trademark to enter NFT and the metaverse worlds amid the massive NFT adoption.
In October last year, the medical service company MDS Mexico launched a platform for Covid test reports integrating Blockchain technology.
Physical distribution of the reports with a QR code was also available from the company. The code can be scanned to validate the results and have the patient’s immunization history recorded on the company’s Blockchain.