Yesterday Algorand, famous for its PPoS (Pure Proof of Stake) protocol, announced a partnership with the American company Attestiv to provide better security for insurance companies.
Attestiv’s core business is to provide immutable information about digital data, which can be photos, videos, documents and more.
And this is where the Algorand blockchain comes in, as these digital data are stored within the blockchain to provide an additional level of immutability of information; moreover, by exploiting this blockchain you have management costs that are incredibly lower when compared to other blockchain or traditional methods.
Why use the Algorand blockchain?
Nico Vekiarides from Attestiv chose Algorand precisely because of its scalability, as well as its security and affordability, he said:
“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. 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”.
Attestiv’s technology is highly disruptive to the insurance world, reiterated Algorand COO, W. Sean Ford:
“Attestiv is disrupting the insurance industry by helping organizations of all types build trust and transform their business by leveraging our open, decentralized blockchain. We are excited to welcome the Attestiv team to the Algorand ecosystem and help them to transform the insurance industry.”
Insurance on blockchain
This is the first step in an industry that still has a long road ahead: the insurance world could benefit greatly from using the blockchain to speed up payout waiting times and lower service management costs.