Decentralized Insurance Innovation Model Supported by WCT
In the field of decentralized insurance, WCT has innovated the insurance model. Policyholders use WCT to pay premiums, while insurance companies (or insurance pools) provide insurance services by staking WCT. When a claim event occurs, compensation is completed quickly and fairly based on blockchain smart contracts, with the entire process free from cumbersome manual reviews. The governance function of WCT plays an important role here, as community members can vote to decide on key matters such as the terms of insurance products and rate adjustments. After the launch of a certain decentralized insurance project, leveraging the advantages of WCT, it attracted a large number of users, with the first month's premium income exceeding $1 million, and the claim processing time reduced from the traditional average of 7 days to within 24 hours. WCT brings increased transparency and efficiency to the insurance industry, making insurance services more aligned with user needs.