What is Red Cat?
Like the internet and GPS before them, drones are evolving beyond their military origin to become powerful business tools. They’ve already made the leap to the consumer market, and now they’re being put to work in commercial and civil government applications from firefighting to farming. That’s creating a market opportunity that’s too large to ignore. Source: Goldman Sachs 2017
The FAA, Insurance Companies and Drone Service Providers do not have the required detailed information about commercial drone flights to determine fault or to make risk assessments.
Globally, insurance companies lose over $80B USD to fraud every year. One of the biggest challenges faced by insurance companies in combating fraud is that adjusters primarily rely on physical processes. The recent hurricanes have amplified the antiquated paper system of insurance adjusters, causing avoidable costs for the underwriters and frustrated customers. One of the newest tools for the insurance industry are drones. But the new tool comes with new regulations and challenges including how to insure these expensive and sometimes dangerous tools.
This white paper describes a distributed analytics platform combined with a marketplace and service utilizing smart contracts for Drone Service Providers (DSP’s), insurance companies, home owners, private insurance adjusters, contractors and government entities such as the FAA and FEMA.
Red Cat’s 2 products both use drone analytics and artificial intelligence.
• Blockchain Black Box
• Airsurance
In this paper, we present Red Cat’s blockchain-based Black Box analytics and storage. This product replicates a traditional black box recorder required by the FAA for commercial aircraft. This service will allow companies and drone pilots to view diagnostic metrics with Red Cat analytics to understand crashes or to fine tune their drone performance.
We will also demonstrate Airsurance. A marketplace bringing home owners, insurance companies, contractors and government agencies into a secure blockchain ecosystem. Red Cat starts the process with an automated drone flight to inspect the roof top and feeds the camera vision into our Artificial Intelligence engine. Then home owners can share this analysis with verified contractors and vendors while preventing fraud and double payments for the insurance companies.
In contrast to many other companies launching token sales, we already have a functioning platform.