Algorand, the DLT firm, has partnered with Attestiv, the blockchain-based tamper-proof media verification platform, to target fraud within the insurance industry using distributed ledger technology (DLT).
It has been reported that the firms will combine their tech to develop a single platform for verifying digital media for a multitude of stakeholders across the insurance sector, including insurers, customers, repair vendors, and carriers.
However, media is validated using Attestiv’s AI-based platform “either at the point of capture or via forensic analysis” before being “fingerprinted” and uploaded to Algorand blockchain to create an immutable record of the validated documentation.
Sean Ford, the COO of Algorand, explained Attestiv as “disrupting the insurance industry” by saying:
“We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”
Nicos Vekiarides, the Chief Executive of Attestiv, stated that the two firms connected last year through the Boston Blockchain Association.
Likewise, Vekiarides explained that blockchain can be deployed to eliminate many redundancies in the gathering and maintenance of records in insurance.
Also, he said:
“Within the insurance sector, DLT allows for greater data transparency and trust amongst a large ecosystem.”
He further added:
“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.”
Thus, Ford said that the partnership is Algorand’s first major use-case in the insurance industry by noting that the project “aligns with the overall focus of Algorand to remove the friction from the exchange of value.”