The scale of global insurance market is developing rapidly. The global annual premium is more than 5 trillion US dollars, and it is still in rapid development. There is a hidden crisis behind the high growth data. The problem of trust system is always an insurmountable weakness of the traditional insurance industry, which has a serious impact on the sustainability of the insurance industry.
The centralized operation mode is difficult to realize the real trust of users with technology.
In recent years, with the characteristics of decentralization, data traceability and transparency, the effective combination of blockchain technology and insurance industry has changed the way of credit establishment, allowing participants to reach a consensus without establishing a trust relationship.
Through smart contract to deal with all kinds of affairs, reduce the risk caused by human intervention. Thus the insurance industry has been reshaped. According to McKinsey research, the potential of blockchain in the insurance field will be fully released in the next five years. Technological change will bring about the progress of productivity and improve the relations of production.
OMC is building a customizable, extensible insurance ecosystem based on blockchain technology, which can de trust, pay more quickly, have higher flexibility and avoid intermediary costs. For those who will participate in it in the future, holding money is holding shares. The implementation of community autonomy, voting decisions, to achieve real democracy and freedom.
OMC will use the smart contract technology to write the insurance underwriting and claims process and logic into the code of the smart contract for automatic execution to form a perpetual contract. The contract can provide third-party insurance companies with product research and development, policyholder identification, sales and underwriting, claims settlement, accounting and policy discounting services including professional service sharing, so as to meet the needs of various insurance customization.
At present, the capital in the field of defi has increased from US $780 million to US $8.8 billion (with a compound annual growth rate of 3830%), achieving a breakthrough in the order of magnitude; the existing defi insurance projects are mainly mutual insurance and financial derivatives, with a relatively limited number and type, and insurance finance still has a lot of room for development.
OMC perpetual Ecology: it will perfectly adopt the blockchain intelligent contract technology to enable the insurance industry and realize the real implementation of decentralized insurance protocol, so that the global users can enjoy the insurance digital financial ecosystem without threshold, and realize the maximization of the value of encrypted world currency.
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