AI and blockchain solution for insurance industry BlockClaim raises seed funding 5437

BlockClaim

BlockClaim, the first hybrid artificial intelligence and blockchain technology solution developed for the insurance industry, has successfully completed its seed funding round with a £500,000 investment.

Developed at Imperial College London, BlockClaim uses the very latest advanced data science techniques to provide insurers with AI-powered fraud filtering and blockchain claim automation. It allows insurers to simultaneously detect fraudulent claims and process claims in record time thanks to groundbreaking capabilities such as intelligent claims-routing and self-learning fraud detection.

Features such as an image recognition AI module can be used to automatically detect damage to vehicles in the event of an accident claim and validate whether it’s genuine or fraudulent. The system can also scan phone and email conversations for inconsistencies and irregularities, helping insurers automatically weed out fraudsters, resolve claims faster and offer a better standard of customer service. BlockClaim delivers a cost per claim reduction of 20% along with significantly reduced settlement times.

The seed funding round attracted investment from global technology investor, Amadeus Capital Partners, whose previous investments include Graphcore. Amadeus is known for its focus on AI and machine learning, cybersecurity, healthcare and SaaS. It has invested over $1 billion since 1997 and specialises in taking high-growth companies global. A number of highly successful insurance executives and business angels also backed BlockClaim in its seed round.

Niels Thoné, CEO of BlockClaim, says, “BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience. The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.”

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Azarus Raises $1.8 Million for Blockchain-based Competitive Gaming Challenge Platform 7149

Azarus

Azarus has raised $1.8 million from some well-known investors to build out its blockchain-based “Smart Challenge” platform, which offers gamers the ability to compete for digital assets in both casual and competitive gaming challenges.

The money comes from from Galaxy Digital via its Galaxy EOS VC Fund, Kleiner Perkins, and SVK Crypto, among others. Launched in late 2018, Azarus’s “Smart Challenge” platform motivates players by using in-game applications programing interface (API) data and information pulled from Twitch extensions to measure victory conditions in online games, paying out rewards to the victors and theirs fans alike.

Bing Gordon, a partner at Kleiner Perkins, said in an interview with GamesBeat that retention and engagement are critical in successful online games. The Azarus challenge and reward platform gives players a bigger stake in what is happening in the game.

The “Smart Challenge” platform empowers users to create their own rules and challenges, the terms of which are notarized on the EOSIO blockchain in order to maximize transparency and fairness. (Blockchain is a transparent and secure decentralized ledger that powers innovations such as cryptocurrency or supply chain security).

“I like blockchain and competition, and I like the brand approach as well. I knew [cofounder] Erik [Whiteford] when he was at EA Sports and Madden. He hosted the Madden tournament at the Super Bowl for multiple years. I trust his nose for bringing competition to gamers,” said Gordon. “He has been doing high-level, head-to-head esports since the 1990s.”

Viewers and players earn AZA credits by watching Azarus-enabled amateur and professional esports streams and answering historical or predictive questions based on the broadcasts. AZAs can be redeemed at the Azarus Marketplace in exchange for rare in-game items, in-game currencies, digital assets, and more.

“Azarus’ implementation of blockchain tech and the EOSIO protocol is precisely what we look to invest in from the Galaxy EOS VC Fund: a scalable and consumer-friendly gaming platform that demonstrates the promise of blockchain technology,” said Sam Englebardt, cofounder of Galaxy Digital and the firm’s co-head of principal Investments, in a statement. “We have tremendous confidence in the team’s vision and ability to execute.”

Court Rules Bank Leumi Should Serve Crypto Exchange Bits of Gold 7022

Cryptocurrency exchange Bits of Gold received a huge boost this Monday after the Israeli Supreme Court ruled it could continue using an account with Bank Leumi.

The cryptocurrency exchange had previously been unable to access its account after the bank had restricted access to it, citing regulatory concerns. But after taking its case to the Supreme Court of Israeli, the bank will have to allow the exchange to use its services.

Though Bank Leumi continued to object in principle to the decision, it should mean that Israeli firms doing business in digital assets will be able to connect to local banking services.

“This is an exciting moment for us as a company and for the [cryptocurrency] community in general,” said Bits of Gold CEO Yuval Roash.

“We worked hard to set up a company which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right regulation.”

CEO NZIA Limited: Local startups must be at forefront of utilizing central bank’s digital currency 6975

digital currency

NZIA Limited’s Chief Executive Officer Jay Joe was adamant yesterday about the need for Bahamian entrepreneurs and tech startups to be at the forefront of Project Sand Dollar, the Central Bank of The Bahamas’ (CBOB) digital fiat currency project.

NZIA has already started to scope the work required to implement the infrastructure for the Central Bank Digital Currency (CBDC), which is expected to be fully rolled out in Exuma before the end of the year.

Joe said through Project Sand Dollar, NZIA will demonstrate to the world how CBDC can be used to empower true financial inclusion, moving past the conceptual ideology of financial inclusion to practical, on-the-ground implementation.

He said the key to making this sort of financial inclusion a reality for Bahamian communities is through providing and encouraging opportunities for local banks, Bahamian small and medium-sized enterprises and entrepreneurs to create new products and solutions around CBDC, that would ultimately help foster widespread adoption and economic growth.

“When we look at typical CBDC projects out there, a lot of companies are trying to position themselves to kind of build the whole kit and caboodle, we’re not about that. Our vision from day one coming into this project was a people-first attitude. What we mean by helping to foster local economic development and growth is, we are about building that infrastructure,” he said during an official signing ceremony at CBOB in which the company was formally engaged.

“We are going to build the back end and we will open up the front end to allow local entrepreneurs, tech startups, whomever to be able to build new products and create new services around CBDC. We feel that this is going to be a key aspect of really making this thing become a real, living, breathing thing that people engage in.”

“If we try to be too greedy in terms of wanting to build everything, we know that it’s not going to succeed and that’s not what we want. We want to open up that front end to allow people to build new services and solutions and we know there is a lot of creativity out there, so we want to foster that.”

Binance and Cred Partner to Bring Decentralized Financial Services and LBA to Binance Chain 7361

Binance, the world’s largest cryptocurrency exchange by trading volume and developer of proprietary blockchain Binance Chain, and Cred, the leading platform for crypto lending and borrowing, today announced an agreement to work together to spur the decentralization of finance. As part of the agreement, Cred will migrate a portion of its ERC20 LBA tokens to Binance Chain and will become the official lending and borrowing platform for the DeFi ecosystem. As both an investor and partner in Cred, Binance will also look for opportunities to leverage and support Cred’s industry-leading services within the Binance ecosystem.

“We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred’s users will be fast, efficient and effortless,” said Ted Lin, Chief Growth Officer of Binance.

Cred is a licensed lender, based in California and has secured over $300 million in lending capital. Cred enables crypto wallet providers, custodians, exchanges and crypto application providers the ability to offer some of the most competitive lending and borrowing rates in the industry. This year, Cred has announced partnerships with several influential organizations and custodians in the crypto community. Cred LBA holders will be able to commit their crypto to a fixed term and have the option to rollover assets for additional periods. Customers receive the best rates when staking Cred’s LBA token. No account minimum is needed and interest is paid out in Stablecoin. The principal is paid back in the crypto amounts that were initially received.

“Binance has been a strong partner and investor from Cred’s inception and we are very happy to support Binance Chain and continue to collaborate with Binance to bring decentralized finance to everyone in a sustainable way,” said Dan Schatt, Co-Founder of Cred. “We look forward to continuing the Cred-Binance partnership.”

Cred is backed by some of the largest investors in crypto and tech including Binance Labs, 500 Startups, Arrington XRP Capital, Blocktower and FBG Capital. Cred is also a founding member of the Universal Protocol Alliance, a board member of the Blockchain Advocacy Coalition.

Dubai Land Department and Mashreq bank sign e-mortgage deal 7165

bz29-DLDMashreq

Dubai Land Department and UAE lender Mashreq bank unveiled a blockchain-based electronic mortgage system to speed up and strengthen the home loan registration process, as the emirate looks to digitalise its services and encourage greater investment in real estate.

“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said DLD director general Sultan Butti bin Mejren.

Under the licence agreement, Mashreq mortgage holders will be linked up with DLD’s new electronic mortgage registration system following a property sale to ensure all mortgages are properly registered and recorded via the new platform. Mortgages can also be modified through the system, and liquidations and payment defaults logged.

The e-mortgage system is the latest initiative by Dubai government’s real estate department to adopt blockchain, the digital ledger technology, in its administrative processes. Last year, it launched the blockchain-based Real Estate Self Transaction, or “Rest”, system, intended to enable “the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures”, DLD said at the time.

The initiatives are part of the Dubai 10x initiative, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate. It is a key part of the UAE’s plans to advance its digital economy and further diversify from oil.

Following the deal with Mashreq, DLD will seek new bank partners for its e-mortgage system, it said.

“Applying the e-mortgage system requires synergy with leading UAE banks … to spread its benefits to the largest number of investors,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD.

“We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services.”

Tokenized Protocol for Bitcoin SV (BSV) – Beta Release 7521

Bitcoin SV

Tokenized Group Pty Ltd has announced the official public release of the Tokenized Protocol Beta. The Tokenized Protocol is a comprehensive, regulation-friendly solution for businesses to create tokens for real world assets on the Bitcoin SV (BSV) blockchain.  This is a huge milestone for the Tokenized team, and they are excited to share their work with the world.

“We look forward to helping everyone in the ecosystem add support for the open-source Tokenized Protocol in their own projects. We also welcome all users, organizations, developers, governments, and investors to reach out and find out how the Tokenized Protocol can benefit them. The best place to engage with us is in our Telegram group or our community forum,” said James Belding, Founder and CEO of Tokenized. “We believe our solution is the best token and smart contract system on the market, by far, and combined with the unrivalled scaling capabilities of the Bitcoin SV (BSV) network, we believe we can systemically improve the way our world engages in voluntary exchange.”

The beta version represents a major upgrade from the alpha version, and the Tokenized team released a comprehensive set of documentation to allow developers to get a proper sense of what it can do. The documentation has also been created in such a way that less technically inclined people will still be able to understand and get value out of reading through it.

The beta version has introduced many important and innovative features that make Tokenized a very compelling value proposition for tokenizing real-world assets on the BSV blockchain. The team focused on building a system that works ‘out of the box’. To make sure they achieved this goal, the Tokenized team tailored the protocol to work within the realm of current regulatory frameworks and within the confines of law in common jurisdictions around the world.

James adds, “There is still a lot of work to be done in educating regulators, however, we are confident that all of the pieces are now in place to allow the protocol to be adopted globally as a replacement for all of the current financial messaging protocols.”

Key Features of the Tokenized Protocol Beta:

  • Support for a diverse array of asset types: Common Shares (SHC), Loyalty & Reward Points, Coupons, Currencies, Admission Tickets, and Memberships (with many more assets types to be announced soon)
  • Multi-asset atomic swaps
  • On-chain messaging for orchestrating the signing of multi-signature, threshold signature, and token exchange transactions (and more)
  • Smart contract support for Identity Oracles ensuring issuers can comply with KYC, AML, CTF laws, even in secondary trading, all whilst maintaining user privacy
  • Governance features that allow for an improved UX for organizational governance, all on-chain and completely managed by smart contracts
  • Customizable voting systems that will allow for pseudonymous, secure and corruption-free votes. Votes can be cast from a smart phone or laptop computer.
  • The voting system is technically capable of being used for all types of votes from local all the way up to national elections. (Citizenship tokens coming soon)
  • Enforcement features that allow for legal authorities to issue on-chain and digitally signed court orders which can provide justification for smart contract-controlled freezing, thawing, and confiscation of tokens
  • Capable of allowing banks and governments to tokenize national currencies ushering in a new paradigm of ultra-low-cost transactions, microtransactions and ~2 second clearing and settlement times.
  • The Tokenized Protocol can replace traditional bank-to-bank financial messaging systems as well as payment systems provided by credit card companies
  • Business friendly and sensitive to the real needs of different regulatory environments worldwide.

Tokenized is a company on a mission to build tools and solutions to unlock the value in Bitcoin for mainstream business and consumer users. They are firm in their belief that BSV is the only protocol that adheres to Satoshi Nakamoto’s original design of Bitcoin, and they believe firmly that it’s the only protocol that can work at scale. Tokenized intends to release their 10-year plan publicly in the next 6-18 months. This Beta release represents their first step in the 10-year plan which is to bring practical smart contracts and tokens to Bitcoin SV.

In 2018, the Tokenized team was selected as winner of CoinGeek’s £5M tokenisation solution contest for Bitcoin. CoinGeek, founded by billionaire technology entrepreneur Calvin Ayre, is one of the key backers of Bitcoin SV (BSV) as the only project following Bitcoin’s original design, protocol and massive-scaling vision. Ayre comments:

“The original Bitcoin design and protocol – created by Craig Wright – had everything it ever needed to power a vast array of technical capabilities – including creating tokens of real-world assets.  Bitcoin is also massively scaling now, only in the form of BSV. Businesses will soon see their token needs won’t be satisfied by Ethereum’s scaling problems, but will instead be powered on BSV as the only blockchain with the scaling roadmap for enterprise token usage made easily possible by the Tokenized protocol.”

To learn more about the Tokenized solution, come to the CoinGeek Toronto conference on May 29-30 in Toronto, Canada. Tokenized CEO James Belding will be speaking about the updated Tokenized Protocol.