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Algorand Targets Insurance Fraud With New Partnership

Distributed ledger expertise (DLT) agency Algorand has partnered with blockchain-based tamper-proof media substantiation platform Attestiv to cente fraud throughout the coverage trade.

The companies will mix their tech to develop a single platform for validatory digital media for a mess of stakeholders throughout the coverage sphere – together with insurers, clients, restore distributors and carriers.

Media is valid utilizing Attestiv’s AI-based platform “either at the point of capture or via rhetorical analysis” earlier than being “fingerprinted” and uploaded to Algorand blockchain to create an changeless report of the valid documentation.

Alogrand COO Sean Ford depicted Attestiv as “disrupting the insurance industry”, including: “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”

Disrupting coverage fraud with DLT

Speaking to Cointelegraph, Attestiv chief govt, Nicos Vekiarides, acknowledged that the 2 companies related final 12 months by means of the Boston Blockchain Association.

Vekiarides defined that blockchain may be deployed to remove many redundancies inside the gathering and upkeep of information in coverage.

“Within the insurance sphere, DLT allows for greater data transparency and trust amongst a large ecosystem,” he mentioned, including:

“When you overlook stakeholders, ranging from carriers, brokers, MGAs, independent adjusters, construction and repair, to public safety, you find much of redundance in gathering and maintaining records on with variable levels of technical sophistication.”

Ford instructed Cointelegraph that the partnership is Algorand’s first main use case inside the coverage trade, noting that the mission “aligns with the overall focus of Algorand to remove the friction from the exchange of value”.

Blockchain-based contact trace

Last week, Algorand founder and Turing Award recipient Silvio Micali mentioned his proposal for a blockchain-based contact trace system with Cointelegraph.

Micali’s system goals to make a point the anonymity of individuals whereas delivering key info on when and the place people come into proximity of a confirmed COVID-19 case to well being organizations.

Micali emphatic the worth in utilizing a blockchain ledger to create “a shared truth” amid the coronavirus outbreak, stating:

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

Algorand Targets Insurance Fraud With New Partnership

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Patricia Bakely

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