Algorand Targets Insurance Fraud With New-found Partnership

Distributed ledger advances ( DLT ) firm Algorand displays partnered with blockchain-based tamper-proof multimedia verification platform Attestiv to target rip-offs within the insurance industry.

The firms will combine their own tech to develop a single platform needed for verifying digital media for a many stakeholders across the insurance área — including insurers, customers, upgrade vendors and carriers.

Media is validated using Attestiv’ s AI-based platform “either with point of capture or as a result of forensic analysis” before being “fingerprinted” and uploaded to Algorand blockchain to create an immutable record with this validated documentation.

Alogrand COO Sean Ford described Attestiv as “disrupting the insurance industry”, introducing: “We are excited to welcome the particular Attestiv team to the Algorand eco-system and help them to transform the insurance bizz. ”

Disrupting insurance fraud with DLT

Speaking to Cointelegraph, Attestiv leader, Nicos Vekiarides, stated that the few firms connected last year through the Boston ma Blockchain Association.  

Vekiarides explained that blockchain is definitely deployed to eliminate many redundancies around the gathering and maintenance of records living in insurance.

“Within the sector, DLT allows for greater depending on transparency and trust amongst it gives you ecosystem, ” he said, putting in:

“When you look across stakeholders, ranging from storage, brokers, MGAs, independent adjusters, building and repair, to public security, you find a lot of redundancy in working and maintaining records along with differing levels of technical sophistication. ”

Ford told Cointelegraph that the partnership is Algorand’s the first thing is major use case in the strategy industry, noting that the project “aligns with the overall focus of Algorand to lose the friction from the exchange including value”.

Blockchain-based contact tracing

A couple of days ago, Algorand founder and Turing Grant recipient Silvio Micali discussed his proposal for a blockchain-based call tracing system with Cointelegraph.

Micali’s system aims to ensure that the anonymity of participants as long as delivering key information on when and where human beings come into proximity of a confirmed COVID-19 case to health organizations.  

Micali emphasized the price in using a blockchain ledger in making “a shared truth” amid unquestionably the coronavirus outbreak, stating:  

“In actions such as the public health emergency we are in recent years facing, having public access to fussy data is critical. Truly decentralized blockchains can be of enormous value obtainable in this. ”

Source: cointelegraph.com

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