September 3, 2020 – Boston, MA – Borderless Capital, a venture capital fund that invests in category-leading businesses leveraging Algorand technology has announced its investment in Attestiv Inc. This funding represents a commitment to blockchain technology to provide security within digital transformation initiatives across insurance and a variety of industries with Attestiv’s digital media validation platform.
Attestiv helps industries such as insurance accelerate digital transformation, without the increasing threat of fraud from deepfakes and media alterations. Using the Algorand blockchain as a system of record for fingerprinting media at the point of capture or after AI-based forensic analysis, Attestiv serves as a foundational platform for any organization reliant on digital photos, videos and documents. Furthermore, Attestiv fills a growing need for self-service and remote operations.
Paul Gagliotti, CEO of Harbor.ai, an insurance exchange provider that uses Attestiv’s platform to enable self-service inspection processes, stated, “Tamper-proof self-service inspections have streamlined the underwriting process for commercial insurance lines, providing a richer information set to make decisions”.
Blockchain is a transformative technology that is able to disrupt many traditional processes in insurance with its combination of trust and automation. Not only does it provide the ability to automate manual tasks for straight-through processing, but it also can take a bite out of the annual $40B P&C fraud experienced in the US alone. In particular, Attestiv is leveraging the Algorand blockchain because it was designed from the ground up to power complex applications that require speed, scale, finality and security, while being cost-effective and precise.