• Deepfake detection firm chooses Algorand

    Algorand: Insurers investigate, blockchain corroborates

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

    Algorand and Attestiv believe they can use blockchain technology to help insurance companies detect when claims are accompanied by difficult-to-detect deepfake photos and videos.

  • car wreck
    Innovators,  Technology

    As industry contemplates DLT, State Farm test drives blockchain technology for auto insurance

    Streamlining complex policies and processes, as well as fraud prevention, are also prime insurance uses

    On Dec. 10, insurance giant State Farm announced that it is testing a blockchain-based solution to improve the speed and accuracy with which auto insurance claims are settled. In testing the solution, the largest provider of auto insurance in the United States is following up on several years of study and interest by the insurance industry in ways the distributed ledger technology underlying blockchain and cryptocurrencies can benefit various lines of coverage offered by the multi-trillion-dollar industry. Specifically, State Farm is looking into blockchain’s use in subrogation, the process by which the at-fault insurer compensates the injured party’s insurer for costs paid to settle a damages claim. “Today, subrogation is…