
Tierion: Record and Send Data with the Blockchain - tmlee
https://tierion.com
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modeless
So, what's a concrete example application that this makes practical that
wouldn't be possible otherwise?

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waynevaughan
Tierion Founder here. Very cool to see us on Hacker News!

Here's a real world example: We recently won the Coindesk hackathon by
building an insurance claims processing application that creates an audit
trail for the claims process by recording each step in the bitcoin blockchain.
Our solution offered two main benefits. First, Tierion generated a blockchain
receipt for the initial claim. This gives both the insurance company and the
claimant a verifiable proof of the claim's timestamp and contents. Second,
most insurance companies use an outside network of providers (call centers,
data processors, etc.) to handle claims. By using Tierion, we created an
immutable audit trail for the claims process. This gives the insurance company
a record of how the claim was handled without having to integrate all of their
external vendors.

An enterprise customer built a prototype that collects data from MRI machines
to track its usage and maintenance schedule.

There's a list of use cases at
[https://tierion.com/features](https://tierion.com/features).

We went live on September 1st. In the coming weeks, we'll be showcasing the
creative solutions that we're seeing customers build.

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modeless
I don't see the benefit for the insurance company. The data isn't stored in
the blockchain, so they will still have to maintain their own claims database.
Why would they pay for the privilege of putting proofs in the blockchain when
they already have their own database that they trust perfectly well?

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waynevaughan
The insurance companies are relying on an outside network of vendors. They are
currently exchanging data using FTP/email and .CSV files. The usual controls
for compliance, data-integrity, and fraud prevention are not in place. Our
solution gave them an easy way to build an immutable audit trail and maintain
data-integrity without having to incur the expense of integrating their
external vendors.

In a perfect world, the insurance company would maintain a central database of
claims data and everyone would work off that data. In the real world, data is
being shared in an inefficient manner.

Insurance companies spend $2billion annual on fraud and compliance. Our
solution helped them reduce their costs.

