Launching on the Polygon network, the LifeChain platform is intended to vastly reduce occurrences of fraud within the U.S healthcare system.
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MSP Recovery LLC, a healthcare recovery firm based in Miami, United States and valued in the region of $32.6 billion, has announced a collaborative partnership with Web3 solution Tokenology to launch a fraud-prevention blockchain platform, titled Lifechain.
Lifechain will seek to utilize the verifiable and transparent nature of blockchain technology to enhance the accessibility of healthcare charges, claims and medical records for patients and industry professionals.
MSP Recovery’s consumer application LifeWallet — which launched in January this year and has since registered over 1 million users, according to recent data — will house the technology alongside a tokenized solution LifeCoin.
The press release provided greater context into the scale of the task within the healthcare industry; notably, working in the field of reimbursing secondary medical insurance payments.
“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.”
— Polygon – MATIC (@0xPolygon) May 20, 2022
MSP Recovery became a publicly tradable company in mid-2021 following the acquisition of Lionheart Acquisition Corp II and operates on the Nasdaq under the ticker symbol MSPR.
The co-founder of Polygon (MATIC), Sandeep Nailwa, shared his assessment of the partnership, stating that the project is “truly impactful” and “a testament to the evolution of enterprising new solutions that developers like Tokenology are building using Polygon technology.”