Algorand Targets Insurance Fraud With New Partnership

Distributed ledger technology (DLT) firm Algorand has partnered with blockchain-based tamper-proof media verification platform Attestiv to target fraud within the insurance industry.

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.

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.

Alogrand COO Sean Ford described Attestiv as “disrupting the insurance industry”, adding: “We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”

Speaking to Cointelegraph, Attestiv chief executive, Nicos Vekiarides, stated that the two firms connected last year through the Boston Blockchain Association. Vekiarides explained that blockchain can be deployed to eliminate many redundancies in the gathering and maintenance of records in insurance.