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Jyoti Singh
May 21, 2020
by Jyoti Singh

Algorand Collaborates With Attestiv To Track Fraud In Insurance Industry

Attestiv
The distributed ledger technology (DLT) firm Algorand has inked an agreement with Attestiv, a tamper-proof media verification platform based on blockchain, to trace the frauds happening within the insurance industry.

Algorand And Attestive Will Create Unified Platform

Algorand and Attestiv would integrate their technologies to create a unified platform that would authenticate digital media for a large group of stakeholders from around the insurance sector.

Before Media gets fingerprinted, it would be legalized by AI-based platform of Attestiv and then it will be uploaded to Algorand blockchain for developing an unchangeable record of the authenticated documentation.

While describing Attestiv as breach into the insurance industry, the COO of Algorand, Sean Ford, said that the Algorand is excited to bring some changes in the insurance industry along with a tamper-proof media verification platform.

The chief executive of Attestive, Nicos Vekiaridies, recently mentioned that in the year 2019, at the Boston Blockchain Association, the two firms got into touch with each other. 

Blockchain Will Bring Transparency

While talking about blockchain, he further said that in the insurance sector it would be used to eradicate so many redundancies which occur during the time of accumulating and maintaining records.

Vekiaridies, additionally said, “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”.

A week ago, Silvio Micali who is not only the founder of Algorand but also the awardee for Turing Award discussed his plan regarding the contact tracing system which is based on blockchain.

According to Micali’s proposal, when the blockchain-based system would inform the health organizations about the individual’s proximity to COVID-19 cases, it would secure the anonymity of that person.

He further stated that during the time of health emergency it becomes very difficult to have access to the patient’s exact data and in that case, the DLT would help the health organization.

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    Algorand Collaborates With Attestiv To Track Fraud In Insurance Industry
    Jyoti Singh
    Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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