Your car insurance salesman is now an AI bot connected to blockchain

Published at: Nov. 13, 2020

Malta-based virtual assistant firm Vaiot has integrated IBM’s Watson Assistant with the Cosmos blockchain to sell car insurance.

The new platform features an end-to-end sales process that does not require human assistance to complete the car insurance contracts. The mobile app interacts with customers via voice or text, initially asking a series of questions to identify and suggest insurance options.

Once signed, the contract is stored on the Cosmos SDK in the form of a smart contract, underpinned by the Tendermint Protocol. The AI monitors the deal and automatically begins the insurance coverage once the payment goes through.

Although multiple providers have experimented with voice assistants to aid in the selling process, the announcement claims that none have been able to offer the service as an end-to-end solution that includes the actual sales process. Vaiot’s CEO Christoph Surgowt stated:

“The opportunities that come with AI on cloud and blockchain technologies allow companies from the insurance and InsurTech sectors to digitize and improve their current processes, and we are confident our solutions will jumpstart this transformation.”

IBM Watson is an AI computer system capable of answering questions posed in natural language, developed in IBM’s DeepQA project. The system was named after IBM’s founder and first CEO, Thomas J. Watson.

In September, Vaiot raised $5.9 million in a private sale, offering 30% (120,000,000) of its VAI token to investors. Surgowt explained that the funds will be used to help “deliver a product that can transform how businesses conduct their processes,” with the firm focusing on utilizing blockchain to aid in legal processes.

Last month, Vaiot received approval by the Malta Financial Services Authority as the first firm to offer a regulated digital asset in the form of its VAI token. The firm also plans to hold a public sale later this year offering investors 2% (8,000,000) of the VAI token supply.

Malta is among the first countries to implement a comprehensive regulatory framework for initial coin offerings, with blockchain assets being classed as either financial instruments, e-money, virtual tokens, or Virtual Financial Assets. The sale will be offered under the Virtual Financial Assets Act and will be one of the first Initial Virtual Financial Assets Offerings.

The VAI token will be used to incentivize users to utilize Vaiot’s solutions in the form of a rewards program and payment for goods and services offered within the program.

Last month, IBM Watson was also incorporated into a digital health pass called IBM Watson Health. The blockchain-based solution is designed to help organizations enable individuals to return to work or school during the pandemic.

Tags
Technology
Altcoin
Digital Asset
Ibm
Ai
Ico
Related Posts
Fetch.ai (FET) hits a 2-year high after DeFi integration and Bosch partnership
Artificial intelligence and machine learning are changing the face of commerce, computing and other technologies on a daily basis. In its most basic form, the information gathered by artificial intelligence is really just data that can be used to make interpretations and blockchains are built for the storage and transmission of data. Fetch.ai (FET) is a “Cambridge-based artificial intelligence lab” that has the goal of using distributed ledger technology to build a decentralized machine learning platform capable of securely transacting any form of data globally. Data from Cointelegraph Markets and TradingView shows that the price of FET has surged 720% …
Technology / March 7, 2021
First Hyperledger-based cryptocurrency explodes 486% overnight on Bittrex BTC listing
A little-known altcoin known as Metacoin (MTC) surged to 486% gains in just 24 hours on Jan. 18, after Bittrex Global announced it would be listing the coin against Bitcoin (BTC). Metacoin is built on the Hyperledger network, an umbrella project of open-source technologies focused around building permissioned blockchain ecosystems for large cross-industry enterprises. Metacoin became the first cryptocurrency of Hyperledger’s to achieve mainnet status when it went live in 2018. Hyperledger was founded by the Linux Foundation, and is overseen by a host of “premium members”, comprising leading technology and finance companies, such as IBM, J.P. Morgan, Fujitsu, Hitachi, …
Technology / Jan. 18, 2021
As healthcare goes digital, blockchain platform vows to fix industry’s flaws
A blockchain-powered platform is vowing to tackle some of the biggest problems facing global healthcare right now — with the long-running coronavirus pandemic exposing some of the inefficiencies and fatal flaws that exist within this system. Radiologex says R-DEE streamlines communication, collaboration and data transmission, meaning patient files become truly interoperable and available anywhere in real time. This is a stark contrast to fax machines and couriers that hard-pressed medical facilities currently depend upon. But beyond providing unmatched security and unrivaled speed, the project’s founders also say that they are determined to eradicate manual documentation errors that can have a …
Technology / May 12, 2021
Blockchain celebrates first anniversary with series of engaging contests
Champagne corks are flying as a blockchain network with decentralization at its heart celebrates its first anniversary. Free TON is holding a series of contests to mark its launch date on May 7, 2020 — and has invited passionate community members and newcomers to come together to build something special. As events are held online and offline to reflect on the past 12 months, one sub-governance group is encouraging artistically minded crypto enthusiasts to help design some of the first NFTs to be minted on this blockchain. Known as Numiz, these NFTs are designed to commemorate interesting events and historic …
Decentralization / May 6, 2021
Mastercard and R3 Join Linux Foundation’s New Data Privacy Project
Data privacy issues have been escalating in 2020 as personal data is increasingly being used to fight COVID-19. The Linux Foundation, a non-profit technology consortium, has today announced a new data privacy project featuring dozens of cross-industry giants like Mastercard and IBM. Called the ToIP Foundation, the new data trust coalition aims to provide a trusted exchange of data over the internet and establish a global standard to ensure digital trust. Blockchain consortium R3 outlines Corda’s potential for private transactions According to a May 5 announcement, the ToIP Foundation’s participants include a wide list of companies, governments and nonprofits across …
Technology / May 5, 2020