May 20, 2020 — Boston, MA — Algorand, the company building the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol, announced today that Attestiv will use its technology to enable digital transformation across the insurance industry, addressing an over $40B opportunity to reduce P&C insurance fraud in the US alone.
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, a unique representation of the digital media asset, similar to a human fingerprint, that can identify future changes or alterations. These fingerprints are then stored onto the Algorand blockchain to ensure the data has not been altered from its original form.
By building on Algorand, Attestiv can ensure a range of privacy and security options that gives regulated businesses the required levels of compliance. In addition, Algorand offers Attestiv a competitive cost structure that can grow and scale with the company.
“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.”