Algorand Teamed Up With Blockchain Firm to Resolve Insurance-related Fraud Issues

By Katelyn James | May 21, 2020

DLT company Algorand has reportedly forged an alliance with blockchain-powered tamper-proof media verification service provider Attestiv, to resolve fraud issues across the insurance sector. 

Specifically, both parties will reportedly bring their tech together to build a unified solution for digital media verification, available for a wide array of stakeholders, throughout the insurance industry – nominally insurers, customers, repair vendors, and carriers.

The AI-operated Attestiv platform will reportedly run validation work “either at the point of capture or via forensic analysis”, prior to the “fingering” sequence, and upload to Algorand blockchain for immutable recording. 

Alogrand COO Sean Ford reportedly claimed that Attestiv can be considered “disrupting the insurance industry”, adding that “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”

Nicos Vekiarides – Attestiv CEO -reportedly shared that both companies have had previous encounters being in the Boston Blockchain Association. 

Vekiarides further claimed that blockchain can be the viable solution for canceling out unnecessary steps, in terms of gathering and maintenance of records in insurance.

“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.”

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