Users can protect themselves from hacking attacks, phishing attacks, and technical bugs in smart contracts. It can also be used for safeguarding the Crypto wallet and collateral protection for Crypto-backed loans.

The traditional insurance industry is affected by a lot of issues like lack of trust, poor security measures, high chances of manual error, mismanagement of funds, and the heavy influence of external factors. Hence, DeFi insurance is a viable and more efficient alternative.

The advantages offered by a DeFi insurance platform are

• A high level of cybersecurity is ensured through the use of cryptographic techniques and private keys. This enables the protection of the funds and data of the users.

• Complete automation is facilitated. This ensures a high level of accuracy, reduction in operational expenses, and prevents the occurrence of conflicts or disputes.

• A high level of transparency is ensured through the use of the distributed ledger that discloses the activities on the platform on a real-time basis to the users.

• Governance tokens are provided to the users and they can participate in the decision-making of the platform by exercising their voting rights.

• The tokenized crypto can be immediately redeemed by the users.

Take efforts for DeFi Insurance platform development now and advance in the market quickly.