In spite of the fact that it sounds bizarre, still these are legitimate policies as they cover life insurance. In any case, there are much more crazier insurance ideas. For example, across the world, there is a strange insurance policy worth $10 million that covers alien abduction.
So we can say that insurance companies important for the mankind, However, in 21st century due to rise in cyber crimes overall trust on insurance companies has been baffled as some companies share their user's data to the third parties.
So let’s know more about DeFi insurance on how do we deal with this, we will know how could we turn a business into a profitable one using DeFi insurance.
Decentralized finance’s centre base is blockchain technology. It's made secure by cryptography calculation and private wallet keys. Security is a public concern however decentralization frameworks have easily re-established the wellbeing of clients' assets and information.
The decrease of HR doesn't hamper the work. In their place, smart contracts, the automatic pre-set codes (or) arrangement among association and clients, execute the capacities dependent on the conditions set. Henceforth, efficiency is 100%, costs are profoundly diminished, and clashes are essentially zero.
Since the framework is decentralized and there's no outsider or an incorporated organization included, it boosts more trust and certainty among clients. Each transaction made is public on chain and pseudonymous. Likewise, with government tokens clients will order the usefulness of the system.