Every year tropical cyclones lead to huge damage to lives and properties, and for every affected victim Insurance Companies are ray of hope. But this insurance companies are heavily centralized, which leads to delayed payouts due to all the verifications that need to be done by human actors. So to cater to this problem we’ve come up with is a decentralized insurance system that makes sure that every user gets paid instantly and when a cyclone strikes without needing centralized companies to verify premium payments and payout conditions. With traditional finance we used to put our fiat money to good use by having fixed yield deposits, with this project we have added such feature which is under decentralised finance therefore no intermediary institution needed for putting your crypto assets to earn a fixed yield for upto 365 days.
The main objective of InstaBank is to decentralize the banking and insurance system, provide the power of money from some few hands to the common people. To provide people with seamless and smooth banking experience without manual work. After the completion of project following objectives will be achieved:
- Insurace and Dynamic Deposit Process will be easy and seamless.
- It will be completely transparent and with no human intervention.
- It will be decentralised with no central authority.
- It will be completely trustless and permissionless.
- Manual work will be minimized.
- Data will be highly secured and hack proof, and encrypted.