MSP Recovery and Tokenology plan to develop LifeChain as a totally tokenized Medicare, commercial and Medicaid claims retrieval platform safeguarded by biometric safety. The platform has been structured to address considerable issues prevalent in the healthcare sector, including cheating, incompetence in payments, and obsolete procedures by offering instantaneous decentralized facilities that enable channeling of medical data of patients to providers in a form never seen earlier.
LifeChain will be incorporated in MSP Recovery’s consumer app, LifWallet, a system structured to facilitate individuals with access to their own medical records and even live-saving tools, while rendering connectivity with providers, who also get access to other crucial resources in the platform. LifeWallet uses MSP Recovery’s state-of-the-art data analysis as the core for making smart decisions and enhance patient care to assist save precious lives on a highly safe, HIPAA compliant platform.
The efficiency of LifeChain, which is being built on carbon-neutral Polygon blockchain by MSP Recovery and Tokenology, is increased by Polygon’s top capabilities as a layer-2 Ethereum scaling solution. By 2024, the number of everyday medical claims getting tokenized is anticipated to cross 50 million per day and this demands excellent scalability, safety, and sustainability that can be delivered only by Polygon.
MSP Recovery Founder and CEO, John Ruiz, stated “As MSP Recovery has progressed, I have had the opportunity to see firsthand how severely faulty the healthcare information systems that providers and insurers employ for data capture are. As a consequence of this, we built LifeWallet, a sophisticated ecosystem that not only enables patients to optimize their health records but also offers vital resources for healthcare professionals. As a result, patient registration is now more efficient, and patient outcomes have improved. Through the use of biometric and blockchain technologies, both healthcare providers and payers will be able to authenticate that patients have received appropriate treatment and payment for healthcare services, while simultaneously eradicating fraud. In order to combine these platforms, we have formed a partnership with Tokenology, and in conjunction with Polygon, we are developing a cryptocurrency that will be known as LifeCoin.”
Ruiz further stated, “Because of these technologies, LifeWallet will be able to handle claims, and it will be able to profit from all of the claims it handles, not just the ones that were paid incorrectly.”