Deloitte to use Avalanche blockchain (AVAX) to accelerate reimbursements after a disaster

Deloitte to exploit the Avalanche blockchain (AVAX)

Deloitte, one of the 4 largest networks of audit firms in the world, has partnered with Ava Labs, the team behind the Avalanche blockchain (AVAX). In a press release published on November 16, 2021, Emin Gün Sirer’s company announced the creation of Close As You GoTM (CAYG), a platform that relies on the Avalanche blockchain.

According to Deloitte, this platform was designed to help governments “simplify and streamline disaster reimbursement claims” submitted to the Federal Emergency Management Agency (FEMA). This American federal agency is responsible for coordinating the response to a disaster in the United States.

The agency notably provides financial aid to local governments to support reconstruction. According to Deloitte, the FEMA reimbursement process is often too complex and time consuming. It often involves unnecessary transfers and the duplication of sensitive documents. As such, the firm recalls that FEMA’s grant files concerning Hurricane Katrina remained open for 16 years.

“When disaster strikes a community, state and local officials must act quickly. Our new Close As You Go platform can play a critical role in helping these leaders gather and validate the necessary documentation to demonstrate their eligibility for funding and reduce the risk of adverse findings, ”said Alex Haseley, Senior Director, Deloitte.

👉 Also read: DEX ParaSwap aggregator joins the Avalanche blockchain ecosystem (AVAX)

A blockchain to reduce the risk of fraud and administrative costs

By leveraging Avalanche, Deloitte hopes to “improve the security, speed and accuracy of refunds” and reduce the risk of fraud, waste and abuse. Concretely, individuals who claim a grant and FEMA employees will be able to exchange documents securely on the blockchain. The network will process and authenticate the documentation provided in full transparency. The blockchain will also make it possible to act in an emergency.

“Close As You Go features a user-friendly interface backed by the ultimate in blockchains, helping state and local governments focus on their collection, rather than dragging claims processes,” said congratulations John Wu, president of Ava Labs.

For Ava Labs, the platform designed with Deloitte will above all make it possible to organize the efforts of the authorities in the event of a natural disaster, simplify document retention, improve the resilience of the process and reduce administrative costs. The blockchain will indeed centralize all the necessary documents and limit unnecessary exchanges between services.

This is not the first time that Deloitte has taken an interest in blockchain. In 2019, the British multinational already had a blockchain-based platform, “Blockchain in a Box” (BIAB). This solution was only meant to offer demonstrations of blockchain functionality.

For its part, Avalanche has been on the rise in recent weeks. After investing $ 180 million in its new Avalanche Rush program, the Avalanche Foundation has managed to raise $ 230 million from institutional investors. In the process, the price of Avax broke a record.

👉 On the same subject – The stablecoin Tether (USDT) launches on the Avalanche blockchain (AVAX)

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About the author: Florian Bayard

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