Common insurance fraud tactics like the one shown here cost insurance companies and their customers billions of dollars every year and can be hard to prove. Attestive aims to use Algorand’s blockchain to improve forensic handling of digital media assets related to insurance claims. Image credit Legal Dictionary
According to the FBI’s statistics, insurance fraud costs insurance companies and their customers $40 billion every year. As part of combatting the insurance fraud problem, the media validation company Attestive has selected Algorand to provide technological services based on Algorand’s proof-of-stake blockchain protocol for financial products.
Attestive makes use of patent-pending AI technology for digital media (photos, videos, and documents), sensor data, and metadata validation for forensic analysis. As part of the process, Attestive creates a tamper-proof “fingerprint” of the digital media asset. The fingerprints will be stored on the Algorand blockchain. The entire process makes it easy for forensic investigators to spot attempts to alter the assets.
“We are excited about our new offering and have selected Algorand because of the enterprise-level scalability, security, and economics that meet our customer needs,” said Nicos Vekiarides from Attestiv. “For us, being able to build our next-generation of insurance offerings on a robust, public blockchain platform that is easy-to-use and offers an extensive set of features for future enhancements is a huge plus.”
Attestive aims to provide a single platform that multiple users in the insurance industry, repair vendors, and public safety officials can use to eliminate costly redundancies and combat fraud by making it easier for all parties involved to share data on a decentralized platform. Attestive also has plans for a smart contract system that will increase automation of the process.