April 17, 2021

Algorand and Attestiv collaborate to combat insurance fraud

Algorand Partnerships Attestiv Blockchain Platform to Fight Insurance Fraud industry. Companies will verify the accuracy of the transmitted data.

Firms will combine their technology toDeveloping a unified platform for verifying the digital media of a multitude of stakeholders in the insurance sector, including insurers, customers, repair service providers, and carriers.

Devices will be scanned using the platformAttestiv based on AI “either at the capture point, or using expert analysis”, and then the data will be uploaded to the Algorand blockchain to create an immutable record of the verified documentation.

Algorand COO Sean Ford (SeanFord) called Attestiv "a revolutionary mechanism for the insurance industry." He also noted that this partnership is the first major example of the use of Algorand in the insurance industry. Ford said:

“We are pleased to welcome the Attestiv team in the Algorand ecosystem and assist them in changing the processes of the insurance industry.”

Attestiv CEO Nikos Vekiarides(Nicos Vekiarides) said that last year, companies began to collaborate through the Boston blockchain association. Vekiarides added that the blockchain can be deployed to eliminate many unnecessary processes when collecting and maintaining insurance records:

“In the insurance sector, DLT provides moredata transparency and trust between participants in a large ecosystem. If you look at interested parties, starting from operators and brokers, you will find that they do a lot of extra work when collecting and maintaining records. ”

Earlier this month, it became known that Veradywill implement Algorand for audit and accounting. In addition, in December, the Italian Society of Authors and Publishers (SIAE) announced a collaboration with the Algorand project to develop a new copyright management ecosystem.