Distributed Logging Technology (DLT) company Algorand has partnered with the Attestiv blockchain-based tamper-proof media verification platform to combat fraud in the insurance sector.
The companies will combine their technology to develop a single digital media verification platform for a multitude of stakeholders across the insurance industry, including insurers, customers, repair providers and insurance companies.
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The media are validated using Attestiv’s artificial intelligence-based platform „either at the point of capture or through forensic analysis“ before being „fingerprinted“ and loaded into the Algorand blockchain to create an immutable record of the validated documentation.
Algorand’s Chief Operating Officer, Sean Ford, described Attestiv as
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„a disruption to the insurance industry,“ adding, „We are excited to welcome the Attestiv team to Algorand’s ecosystem and also to help them transform the insurance industry.
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Disrupting insurance fraud with DLT
Speaking to Cointelegraph, Attestiv CEO Nicos Vekiarides said the two companies were connected last year through the Boston Blockchain Association.
Vekiarides explained that blockchain can be deployed to eliminate many redundancies in insurance record collection and maintenance.
„Within the insurance industry, DLT allows for greater data transparency and trust among a large ecosystem,“ he said, adding:
„When you look across the stakeholders, ranging from carriers, brokers, independent adjusters, construction and repair, to public safety, you find a lot of redundancy in record collection and maintenance along with varying levels of technical sophistication.“
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Ford told Cointelegraph that the partnership is Algorand’s first major use case in the insurance industry, indicating that the project „fits into Algorand’s overall approach to eliminating friction in the value trade.