Oracle's New Opportunity Insurance "Foresees the Future"

 Blockchain technology is changing the financial business at an alarming rate. The decentralized nature of the blockchain endows it with unique security and transparency, which also enables blockchain technology to play a role in various fields. As an important financial service, the insurance industry has also been changed by blockchain technology.

Blockchain insurance provides insurance companies with more accurate and reliable data through Oracle technology, and improves the speed and efficiency of insurance. At the same time, blockchain insurance also provides insurance customers with better protection and services.

Layer 1: Insurance contracts can also be decentralized

In the traditional insurance model, the contract between the insurance company and the customer is centralized. In Oracle's blockchain insurance, the contract is decentralized. Insurance contracts are stored on the blockchain, and both the insurance company and the customer can view and access the contract content. This makes contracts more transparent, reliable, and has greater security.

The second layer: extremely accurate and secure data ·

Oracle technology can provide insurance companies with real-world data that can be used to determine the validity of insurance claims. Insurance companies can use oracle technology to obtain data and store it in smart contracts. In this way, insurance claims can be assessed more accurately, while also better protecting the privacy of policyholders.

Layer 3: Fully automated claims settlement

Blockchain insurance can also increase efficiency through an automated claims process. Once the insurance claim is approved, the smart contract will automatically initiate the claims process. This makes the claims process faster and simpler, while also reducing human error and once this risk arises, traditional insurers face a conundrum: how to prevent fraud while keeping insurance costs low? This calls for a new insurance solution, and blockchain insurance is one of those solutions.

Blockchain insurance refers to an innovative model that uses blockchain technology to realize insurance business. Through blockchain technology, insurance companies can manage risks more effectively, reduce fraud rates, and at the same time improve the transparency and credibility of insurance.

At present, blockchain insurance has been widely used and explored. Among traditional insurance companies, Swiss Re, a world-renowned Swiss reinsurer, has already begun to integrate with blockchain technology, using blockchain technology to realize the automation and digitization of insurance business. In addition, domestic insurance companies are also actively exploring and applying blockchain technology. For example, China Life Insurance Co., Ltd. has reached a strategic cooperation with blockchain technology companies to jointly develop blockchain insurance business.

In addition to traditional insurance companies, some new insurance companies have also begun to set foot in the field of blockchain insurance. For example, Soteria Insurance is a blockchain-based.