Algorand Partners with Attestiv to End Insurance Fraud Using Blockchain

Blockchain focused firm Algorand has collaborated with Attestiv, a blockchain powered immutable media validation platform to end fraud in the insurance sector.

Both firms will use their expertise to build a single platform for validating digital media for number of players in the insurance sector, including customers, carriers, repair vendors and most importantly insurers.

Document is verified utilizing Attestiv’s AI-based platform “either at the point of capture or via forensic analysis” prior to getting “fingerprinted” and made available online on Algorand blockchain to establish an unalterable track of the authenticated documentation.

Sean Ford, COO of Alogrand claimed that Attestiv is “disrupting the insurance industry.” He further stated that “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”

Nicos Vekiarides, CEO of Attestiv, revealed that last year’s Boston Blockchain Association brought them together.

Vekiarides detailed that blockchain can be employed to remove several loopholes in the collection and maintenance of documents related to insurance.

Nicos Vekiarides said “Within the insurance sector, DLT allows for greater data transparency and trust amongst a large ecosystem.”

“When you look across stakeholders, ranging from carriers, brokers, MGAs, independent adjusters, construction and repair, to public safety, you find a lot of redundancy in gathering and maintaining records along with varying levels of technical sophistication.”

For Algorant, it is the first important real life use case in the insurance sector , pointing that the venture “aligns with the overall focus of Algorand to remove the friction from the exchange of value.”

A week before, Algorand founder and Turing Award recipient Silvio Micali spoke about his suggestion for the creation of a blockchain powered contact tracing platform.

The system proposed by Micali intends to guarantee the privacy of participants while providing crucial information to health organizations regarding the place and time at which an individual came close to a confirmed Covid-19 infected person.

Micali stressed the benefits of utilizing a blockchain platform to establish “a shared truth” during the Covid-19 outbreak, stating:

“In situations such as the public health emergency we are currently facing, having public access to accurate data is critical. Truly decentralized blockchains can be of enormous value in this.”