ALGORAND AND INSURANCE

INTRODUCTION

Block-chain, as we do know, is a ledger-block technology that offers, security, de-centralization and transparency. Block-chain Technology so far, has inarguably transformed the digital sphere. Block-chain, as we all know, addresses many issues in the industry and brings about significant progress in the operations of many other industries of the world that are applying it. The introduction of block-chain was the real start of ledger-block technology, peer-to-peer networks and de-centralization.

Nonetheless, block-chain isn't without setbacks. One main challenge is known as the block-chain trilemma. These setbacks are what ALGORAND is solving.
ALGORAND, therefore, can be said to be an advanced block-chain, or an improvement on the common block-chain. It's the Solution to this block-chain problem. Algorand is the world's first open-source, pure proof-of-stake block-chain innovation, that facilitates the transformation and improvement of adaptable, scalable block-chain.

ALGORAND AND INSURANCE!

ALGORAND IS A GOOD IDEA AND SOLUTION

It is the block-chain trilemma that helps us to understand Algorand better and to understand why Algorand is not only a good idea but also a much needed project in the digital sphere today.

The block-chain trilemma is about 3 inter-related features of the block-chain, namely, Security, Scalability and De-centralization. The challenge is that block-chain can not offer at once and effectively, these 3 features, unless, at most 2 of them. But, then, the 3 features are all very essential and practically needed together.

ALGORAND was born as a result of a lot of research into how the trilemma of de-centralisation/speed/security could be satisfactorily felt with. With the ALGORAND innovation, we wouldn't need to give up security for scalability or scalability for de-centralization or vice versa. That makes Algorand very important and with loads of benefits.

BLOCK-CHAIN ON INSURANCE!

Block-chain has disrupted many spaces. Wouldn't it be nice if we considered it in relations to the Insurance Sector? Now let's see how a blockchain solution of Algorand is set to restructure and revolutionize the world's finance sector.

BLOCKCHAIN AND FINANCE SECTOR

We know how block-chain has helped finance generally, one of which is De-centralized Finance. De-Fi can be thought of as an open financial environment where you can manage different money-related tools, products and services in a decentralized way by block-chain. Since these are applications based on a specific block-chain, they can be consolidated, altered, and incorporated by your requirements (as you deem fit).
Hence, it is would be nice if we can disrupt the Insurance Sector too, which is a 'relative' of the basic finance sector.

ALGORAND'S BLOCK-CHAIN WILL REALLY HELP INSURANCE!

The insurance industry still needs to go a long way. Incorporating block-chain into it will be a very good step, given the overall success rate in various applications. Some of the ways it will help Insurance include:

1.IMPROVED SPEED

Of course, with ALGORAND'S block-chain which is said to be an improved block-chain, Insurance activities or transactions will experience improved speed which is a very crucial thing.

2.MINIMAL MANAGEMENT AND SERVICE COST

Block-chain will facilitate a better and more efficient way of carrying out insurance services, thereby minimizing insurance management and services costs.
ANIA, the Italian National Association of Insurance Enterprises, with some insurance companies such as Reale ITES GEIE, Axa, etc, recently made it known that an experiment is ongoing that tries blockchain technology by using it to improve how dispute resolution and liability claims are being are being managed. This experiment will so help to unravel other benefits of block-chain in insurance sector.

3.TRUSTED SMART-CONTRACTS

The use of blockchat in the Insurance Sector helps in the creation and management of Reliable Smart-Contracts for payments and other basic agreements.

Not quite long, Algorand famous for its Pure Proof of Stake protocol, striked a partnership with the American company ATTESTIV to provide better security for insurance companies.

4.DETECTING AND DEALING WITH FRAUD

Fraud is definitely a big problem in any sector that is experiencing it. In the insurance sector, according to the FBI, fraud accounts for approximately $40 billion per annum.

Algorand, a company that really focuses on De-Fi (De-centralized Finance), has revealed their work concerning how they could help insurance firms for detection or dealing with fraudulent claims or activities in the industry. This can be widely seen when the Algorand Ecosystem partnered with the American company 'ATTESTIV' to provide better security for insurance companies.

5.DIGITAL TRANSFORMATION OF THE INSURANCE SECTOR.

Algorand has assured that its open-source, permissionless, proof-of-stake protocol will be utilized in order to be ensure or provide the transformation of the insurance industry, digitally. This move will help a lot, considering how the Coronavirus pandemic has affected physical interactions.

ALGORAND PATNERS WITH FIRMS!

On this same issue, Algorand is partnering with a couple of firms such as PlanetWatch, ATTESTIV, etc. This is for the same of achieving more feats in disrupting the overall finance industry.

ATTESTIV: ALGORAND'S FOREMOST INSURANCE USE-CASE!

1.ATTESTIV'S TAMPERPROOF DATA/TRANSACTIONS VALIDATION

Attestiv is a platform that specializes in tamper-proof validation. Tamper-proof validation helps to make security stronger.
Attestiv's technology is so powerful that it allows digital materials like pictures, docs and videos to be secured by the use of AI. They will make use of fingerprinting system and process that gives digital assets unique representations and the fingerprint data will be secured on Algorand's block-chain.

2.ROBUST, BLOCK-CHAIN BASED INSURANCE SERVICES
Attestiv in conjunction with Algorand are building a robust, block-chain Insurance system with easy-to-use and wide-range set of features that are open for improvements in the future. This is a big advantage for the insurance sector.

3.PRIVACY AND HIGH LEVEL SAFETY.
By leveraging on Algorand's block-chain and De-Fi, Attestiv can be able to provide various options for security and privacy that will then ensure the the level of compliance needed by regulated sectors.

4.COMPETITIVE COST STRUCTURE
Moreover, with Algorand, Attestiv is able to achieve a competitive cost structure that is scalable with the company (Attestiv). This cost structure provided by Algorand is also able to be improved upon with time.

CONCLUSION

ALGORAND has been proving to be an improved version of block-chain which makes it much more influential and applicable than the traditional block-chain.
Block-chain has disrupted many spaces. Wouldn't it be nice if we considered it in relations to the Insurance Sector? Taking this step will help revolutionize and improve the Insurance sector.
Attestiv is a company that leverages on Algorand towards ensuring more security, better management processes, trust, improved digitization, and better experience of customers' satisfaction.

For more information about Algorand Ecosystem, visit the resources provided below!

OFFICIAL RESOURCES ON ALGORAND ECOSYSTEM:

WEBSITE: https://algorand.com/

TELEGRAM: https://t.me/Algorand

MEDIUM: https://medium.com/Algorand

TWITTER: https://twitter.com/Algorand