U.S.-based Algorand is teaming up with blockchain-based verification platform Attestiv to develop the next-generation of insurance offerings based on blockchain technology to help prevent insurance fraud.
Attestiv is disrupting the insurance industry by addressing an over $40 billion opportunity to reduce property and casualty (P&C) insurance fraud in the U.S. alone. It will integrate with Algorand’s open-source, permissionless, pure proof-of-stake decentralized blockchain protocol to develop the solutions.
Attestiv is a tamper-proof media validation platform and product provider in the insurance, IoT, public safety, financial services, and news media industry.
It utilizes artificial intelligence and blockchain technology to provide authenticity of digital media captured by any person or device, helping organizations of all types build trust and transform their business with new services, cost savings, and fraud prevention.
Attestiv’s core technology enables digital media (photos, videos, and documents), sensor data, metadata, and more to be validated using patent-pending AI technology either at the point of capture or via forensic analysis.
Once media is captured, it becomes tamper-proof via a “fingerprinting” process, similar to a human fingerprint, which can identify future changes or alterations. These fingerprints are then stored onto the Algorand distributed ledger to ensure the data has not been altered from its original form.
Insurance stakeholders ranging across insured, agencies, adjusters, carriers, repair vendors and public safety can initially leverage the immutability, scale and sharing attributes of the Algorand distributed ledger. They can benefit from a single system that validates assets across parties, removing unnecessary redundancies and reducing the risk of fraud.
The addition of smart contracts can bring even further automation and efficiencies to transform the industry.
The combination of Attestiv and Algorand represents the beginning of a transformation in the insurance industry to enable trust, automation, and new levels of customer satisfaction.
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