Oracle ecological scenarios are diversified, forming an Oracle oracle machine network wealth system, bringing high returns to users

 Oracle blockchain insurance is essentially a financial product . Through blockchain insurance, it can guarantee the safety of user assets and the stability of income to the greatest extent. Oracle blockchain insurance uses intelligent and scientific guarantee methods to break users' worries and fears about blockchain investment, and creates a decentralized income system with the safest and most stable oracle technology.

Oracle greatly enhances the credibility and transparency of the insurance industry

Oracle can introduce external data sources and events into blockchain insurance applications, help decentralized insurance products make compensation decisions, and arrange future automatic compensation. Technological innovations such as blockchain and smart contracts that have emerged in recent years have the potential to solve the problem of insurance opacity for us and eliminate the mutual mistrust caused by lack of transparency.

 Combining blockchain, on-chain smart contracts, and decentralized oracle machines, it is possible to upgrade the insurance infrastructure, not only to solve the transparency problem, but also to simplify the entire insurance process and cover more vulnerable people around the world group. Decentralized insurance protocols can improve operational efficiency, reduce costs, and minimize trust, ultimately shortening insurance claims, arbitration, and payment processes. 

The starting point of blockchain insurance is the smart contract. Smart contracts are software that run and are stored on a distributed, decentralized ledger (the "blockchain"). Smart contracts are automatically executed based on if/then Boolean logic, which can replace the claims module in traditional insurance agreements, truly achieve credibility and transparency, and ensure that the arbitration process cannot be tampered with.

Oracle brings more convenience

These automatically executed if/then logic can be widely used in various insurance products. If the flight of the insured person is cancelled, then the insurance will trigger an automatic claim. If the insurance smart contract receives a verifiable death certificate, the life insurance will automatically start the claims process. 

Smart contracts are very robust and can automate most of the insurance processes, ensuring transparency and fairness while significantly reducing related costs. Whether it is weather insurance or marine insurance, there is unlimited potential for innovation to be realized for traditional insurance models. If smart contracts can seamlessly access external data and fully guarantee privacy and security, it will have the potential to subvert many traditional insurance models and give birth to countless new insurance models.

epilogue

Oracle oracles can continuously provide price feeds to insurance smart contracts to accurately calculate the collateral value of lenders. If the value falls below a certain threshold, compensation to borrowers will be automatically triggered, which will significantly reduce systemic risk for users of decentralized lending protocols.

The rich data accumulated by traditional insurance institutions in the past 100 years will also help blockchain insurance projects to better launch insurance contracts and price insurance products. Emerging blockchain insurance projects can operate robustly with advanced machine learning models and proprietary data sets, while traditional insurance companies can leverage data analytics to further improve existing underwriting models. 

Traditional insurance companies can use Oracle and smart contracts to monetize their proprietary data of more than 100 years and become an integral part of future blockchain insurance projects.