Blockchain Insurance Solution Wins Consensus 2015 Makeathon

The Consensus 2015 Makeathon drew to a close today when Team 15 was awarded the event's $5,000 prize for a blockchain insurance app.

Sep 9, 2015 at 11:50 p.m. UTC
Updated Sep 11, 2021 at 11:51 a.m. UTC

The Consensus 2015 Makeathon drew to a close today when Team 15 was awarded the event's $5,000 prize for an application that envisioned how the blockchain could be used to produce verifiable, immutable receipts for use during an insurance claims process.

Led by Tierion CEO Wayne Vaughan, the four-member team included Citi credit and portfolio risk management associate Thulasi Nambiar; New York University computer science major Deepak Atal; Apttus sales engineer Dom Steil; and Coin Cafe's Emily Faber.

Introducing the concept, Vaughan said:

"Right now with our current insurance system there is a high risk of errors and a high cost to integrate with vendors. Our solution is to generate a blockchain receipt for every record that is collected. That will verify everything along the way."

Over the course of the two-day makeathon, the team created a mobile Android app branded for financial giant USAA.

The app was integrated with Tierion's blockchain receipt technology and Google Sheets so that claims could be both automatically checked against the bitcoin blockchain and organized in documents for end-users.

Armed with the $5,000 prize, Vaughan expressed his hope that the team at USAA would contact his company about potentially building such a solution.

"I hope the folks at USAA give me a call, we'll come back down to San Antonio and talk about trying to implement something like this," he told CoinDesk.

Presentations were judged on the originality of the idea, the potential impact of the solution and whether the problem the team was trying to solve necessitated the use of a blockchain.

Judges included Chain CEO Adam Ludwin; Yale Law School's Elizabeth Stark; International Rescue Committee economic recovery coordinator Alan Grundy; Citi senior vice president Ian Lee; Coinbase business development director Nick Tomaino; and KeepKey founder Darin Stanchfield.

CoinDesk - Unknown

consensus, makeathon

Sponsored by Braintree, Chain, Coinbase and KeepKey, the event saw 15 teams competing to uncover new blockchain applications that could promote improvements to financial infrastructure or increase global financial inclusion.

In total, the majority of respondents were focused on financial infrastructure, with 10 teams electing this brief and five choosing to focus on projects promoting financial inclusion.

The competition was designed to promote Consensus 2015, CoinDesk's flagship conference to be held tomorrow, 10th September at The Times Center in New York.

Images via Pete Rizzo for CoinDesk

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown