The insurance sector will be getting improved support very soon, as Algorand teams up with Attestiv, another blockchain firm to combat insurance fraud. The partnership by both firms aims to produce a secure, trusted and tamper-proof mechanism for verifying insurance claims.
Algorand, a permissionless blockchain platform employs the concept of pure proof of stake as its consensus mechanism. The platform architecture was designed to solve issues like scalability, security and decentralisation, which most platforms have not been able to do concurrently. Some industry analyst and crypto enthusiasts have described Algorand as a blockchain 3.0 project because of some of these unique features.
On the other hand, Attestiv is a blockchain platform that combines artificial intelligence with blockchain technology to authenticate digital media, by verifying data at the source. After data capture, the platform automatically time-stamps entries while storing them on the chain. This process prevents any form of alteration and falsification of data.
How will the partnership work?
The road to this partnership started after the firms connected at the Boston Blockchain Association. Both firms will align their resources to build a robust platform that insurers and customers can use to validate claims data.
According to Nicos Vekiarides, CEO of Attestive, DLT will eliminate redundant processes in the insurance industry, which will result in faster processing time.
Source: Cointelegraph
