Algorand: Insurers investigate, blockchain corroborates

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Attestiv believes its AI-driven media validation technology can help insurers detect false claims that cost them $40 billion a year.

Algorand, a blockchain firm focused on decentralized finance, said it is working with an image tampering detection firm to help insurance companies detect when fraudulent claims are made.

Insurance fraud is a big problem in the U.S.—costing an estimated $40 billion a year according to the FBI. Difficult-to-detect Deepfakes photos and videos could make it even bigger, insurers fear.

Algorand said its open-source, permissionless, proof-of-stake protocol is going to be used to deliver “digital transformation across the insurance industry”—a very well-timed modernization considering that claims related to the coronavirus are going through the roof now. 

Plenty of insurance companies have been experimenting with blockchain for issues like providing proof of insurance, sharing information about health care providers with competitors, and even using smart contracts to automatically pay collision damage claims. 

Now, tamperproof validation platform Attestiv plans to build new tools on Algorand’s public blockchain, the platform said in a statement on May 20.

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