Algorand Announces First Insurtech Use Case: Attestiv Digital Media Validation for Fraud Prevention

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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.” 

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Nicos Vekiarides

Nicos Vekiarides

Nicos Vekiarides is the Chief Executive Officer & co-founder of Attestiv. He has spent the past 20+ years in enterprise IT and cloud, as a CEO & entrepreneur, bringing innovative new technologies to market. His previous startup, TwinStrata, an innovative cloud storage company where he pioneered cloud-integrated storage for the enterprise, was acquired by EMC in 2014. Before that, he brought to market the industry’s first storage virtualization appliance for StorageApps, a company later acquired by HP.

Nicos holds 6 technology patents in storage, networking and cloud technology and has published numerous articles on new technologies. Nicos is a partner at Mentors Fund, an early-stage venture fund, a mentor at Founder Institute Boston, where he coaches first-time entrepreneurs, and an advisor to several companies. Nicos holds degrees from MIT and Carnegie Mellon University.

Mark Morley

Mark Morley

Mark Morley is the Chief Operating Officer of Attestiv.

He received his formative Data Integrity training at Deloitte. Served as the CFO of Iomega (NYSE), the international manufacturer of Zip storage devices, at the time,  the second fastest-growing public company in the U.S.. He served as the CFO of Encore Computer (NASDAQ) as it grew from Revenue of $2 million to over $200 million. During “Desert Storm”, Mark was required to hold the highest U.S. and NATO clearances.

Mark authored a seminal article on Data Integrity, that was published in the online Wall Street Journal. Additionally, he served as EVP, General Counsel and CFO at Digital Guardian, a high-growth cybersecurity company.

Earlier in his career, he worked at an independent insurance agency, Amica Mutual Insurance Company as a claims representative, and later, was the CEO of the Bermuda captive insurance subsidiary of a NYSE company. Also, he was the president of WorldPath Health, an international healthcare company.