The Proof of Trust launches Nimbus product for COVID-19 fraud resolution

New technology product specifically designed for governmental COVID-19 support schemes

· Nimbus is the latest product from The Proof of Trust, which sits within their Nebula platform for government and government organisations

· Designed to help ease pressure on governments brought about by the increasing number of fraudulent claims in COVID-19 support schemes around the world

· Integrates with existing legacy technology to provide a remediation decision within days, while facilitating learnings for future fraud prevention

LONDON 19 October 2020: The Proof of Trust, the globally patented smart contract validation and automated dispute resolution technology company, announces the launch of a new revenue related fraud detection platform, Nimbus. Nimbus has been specifically designed to address the issues raised by the growing number of fraud cases identified in COVID-19 support measures implemented by governments around the world, including the furlough and bounce back loan schemes in the UK.

Nimbus was created in collaboration with IBM, in a continued effort to improve the ease of doing business around the world. Through its unique combination of technology and human delegates, The Proof of Trust is able to provide world class judgements on disputed matters in a fraction of the time taken by traditional judicial processes, reducing the need for long hearings and physical court rooms.

On current information, the UK Government will either be forced to write off its losses or fight the fraudulent claims long after the effects of the pandemic have abated. Both options will result in detrimental impact on public finances and undermine the efforts of the government and citizens far beyond COVID-19.

In response to this issue and to preserve the good in the COVID support schemes, The Proof of Trust has developed the Nimbus product. Nimbus will help governments and government organisations maintain the integrity of the schemes that were deployed quickly to address an urgent need. A clear use case is assessing "high-risk" claims of potential fraud in the UK's Coronavirus Job Retention Scheme, by analysing the claim data and expediting the screening process.

Acknowledging the understandable limitations of governmental resources, Nimbus has been created to work with legacy technologies, meaning governments will not need to overhaul their IT infrastructure. Once integrated into a governmental system, the technology begins to work by identifying which of the potential fraud claims are genuine, and those which need to be pursued by legal means.

Nimbus assigns cases anonymously to expert delegates drawn from relevant industries who identify the correct course of action. The Proof of Trust algorithm analyses the success of these cases and provides feedback, which is used to refine its method, allowing Nimbus to learn which cases are invalid more quickly increasing its efficiency exponentially.

Dean Armstrong QC, CEO of The Proof of Trust, said: "Nimbus is the world's first SaaS (Software as a Saviour) platform designed specifically to preserve the good in governmental COVID-19 support schemes around the world. We believe now is the perfect time for governments to adopt new technologies to improve their capabilities, for today and in the future. We at The Proof of Trust firmly believe that we are best placed to provide the right support for the government and look forward to working with them to reclaim funds and ensure they are allocated properly."

Kevin Gill, Distinguished Engineer and CTO of IBM's European & UK Blockchain Practice, said: "Enterprises are now seeking to manage data as an asset, so it is vital that data sources are trusted and verifiable. The Proof of Trust is a new player that aims to solve this issue by providing a digital protocol powered by distributed consensus. The development of The Proof of Trust protocol is now complete and there are exciting times ahead."

Nimbus is not just a product designed for today but will be used to preserve the good for the future. The very essence of DLT means that data and intelligence remain intact and unchanged for future events. The adjudications and learnings made over the course of the COVID-19 pandemic could be used in the future to protect governments against similar types of other misuse.

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About The Proof of Trust

The Proof of Trust is a UK based company which has designed, and patented, an innovative and disruptive technology that is set to reshape traditional legal, business, and governmental processes. The Proof of Trust has the only globally patented protocol specifically designed to act as an assurance layer, validating data and preventing invalid or insecure smart contracts from executing.

The Proof of Trust provides a system of resolution that is extra judicial and extra jurisdictional. The technology can be seamlessly integrated into both blockchain based and legacy technology with enterprise grade security. Decisions are reached rapidly and with integrity, increasing productivity, providing clarity, reducing resolution time, and reducing associated costs. In a world that demands speed and security of resolution, The Proof of Trust is a true disruptor.

For further information, please visit www.theproofoftrust.com or contact info@theproofoftrust.com 

About Nimbus

For further information on Nimbus, the new COVID fraud resolution platform, please visit here: https://theproofoftrust.com/covid-fraud-resolution-platform/