Counteracting insurance fraud, using Blockchain technology

Originally posted in Sak & Liv Magazine by Gunnar Loxdal (Dec 2023): https://sakochliv.se/2023/12/01/motverkar-forsakringsbedragerier-med-blockchain-teknik/

“Swedish company TRUE has developed a new digital tool intended to, among other things, counteract insurance fraud by managing Certificates of Authenticity using Blockchain Technology.”

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Certificates of Authenticity are becoming increasingly important due to the difficulty in distinguishing between genuine watches and counterfeits.

Many insurance companies even require Certificates by Accredited Dealers, on top of receipts and other documentation, to insure valuable watches. At the same time, counterfeit Certificates are becoming more common.

Traditionally, these Certificates are issued on paper, with seals, stamps and physical signatures. However, as new, more advanced methods for forging documents emerge, there is an increased need to verify the authenticity of these certificates.

The Swedish company True Original has developed a platform which allows organisations to issue secure and verifiable Certificates by utilizing Blockchain Technology. With this new solution, it becomes possible to secure all data on the documents, and verify them forever, both when documents are published digitally as well as when they are downloaded and printed on paper.

Documents issued with TRUE also become impossible to lose or destroy, which is of great value both to the issuing organisation as well as the recipients of them.

The technology is being used by established retailers in the nordics such as Nymans Ur and Kaplans Auktion House.

The founder of TRUE, Patrik Slettman, comments:

“So far, about 200 companies and institutions are using our technology for various types of documentation. It ranges from colleges like IHM Business School and Berghs School of Communication who issue graduation Diplomas and Course Certificates, to Accredited Bodies issuing ISO Certifications for Compliance. Certificates of Authenticity are relatively new for us, but something we stronly believe in, because this technology helps both the organizations issuing Certificates, the individual who receives them, and everyone who wish to evaluate if they are authentic. We believe that we will grow significantly within this segment as more and more companies try the technology.“

Example of a Certificate of Authenticity (ROLEX) Issued by Nymans Ur :

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