Blockchain platform Algorand has teamed with tamper-proof media validation platform Attestiv to reduce insurance fraud.
Founded by MIT professor and Turing Award winner Silvio Micali, Algorand is the inventor of an open-source, pure proof-of-stake blockchain protocol that enables the development of scalable blockchain-native solutions for real-world use cases. The firm aims to power a financial evolution by enabling the creation and exchange of value, building new financial tools and services, while providing responsible privacy features.
Established in 2018, Attestiv is a product provider in the insurance, IoT, public safety, financial services, and news media spaces. The company’s platform verifies the authenticity of digital media and data, helping organizations build efficient processes, improve customer experience, and provide the highest standard for information exchange.
Under the partnership, Attestiv will use Algorand’s technology to enable digital transformation across the insurance industry, addressing an over $40 billion opportunity to reduce P&C insurance fraud in the US alone. Attestiv provides authenticity for digital photos, videos, and documents by registering a “fingerprint” when a digital asset is captured. The fingerprint also contents and key metadata such as timestamp and location. Once captured, these fingerprints are stored onto the Algorand blockchain to ensure that the data has not been altered from its original form.
The Algorand platform will reportedly enable Attestiv to ensure a range of privacy and security options that gives regulated businesses the required levels of compliance. Algorand also offers Attestiv a competitive cost structure that can grow and scale with the company.
“We are excited about our new offering and have selected Algorand because of the enterprise-level scalability, security, and economics that meet our customer needs,” said Nicos Vekiarides from Attestiv. “For us, being able to build our next-generation of insurance offerings on a robust, public blockchain platform that is easy-to-use and offers an extensive set of features for future enhancements is a huge plus.”
According to the firms, the partnership represents the beginning of a transformation in the insurance industry to enable trust, automation, and new levels of customer satisfaction. By initially leveraging the immutability, scale and sharing attributes of the Algorand distributed ledger, insurance stakeholders ranging across insured, agencies, adjusters, carriers, repair vendors and public safety, can benefit from a single system that validates assets across parties, removing unnecessary redundancies and reducing the risk of fraud. In the future, the platform will add smart contracts to bring even further automation and efficiencies.
“Attestiv is disrupting the insurance industry by helping organizations of all types build trust and transform their business by leveraging our open, decentralized blockchain,” said W. Sean Ford, COO of Algorand. “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”
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