WeTrust: Trusted Lending & Insurance powered by Blockchain

in crowdfunding •  2 months ago

Introduction:

Today almost in all developed & developing nations, there are the large group of Financial Institutions and Insurance providers providing their services in exchange of trust. As an individual one cannot trust another because the claims are not accurate. So these people will work as financial institutions, and these intermediaries charge 10%-30% as their fee.


Image Credits

Products of WeTrust include, Trusted Lending Circle, Credit Profile, Decentralized P2P Lending and others. In the current system if there are any defaulters, loss is bearing by individuals by using WeTrust blockchain the risk can be decentralized to groups.

By using Blockchain technology, individuals from different communities can help themselves for all their insurance and banking needs without paying any fees to these companies. To contribute their part "WeTrust" came up with product call "ROSCA" which is using in the world for hundreds of years. ROSCA is abbreviated as Rotating, Savings and Credit Associations. It is used with different names in all different parts of the world, for instance in India, it is referred as "Chit Funds" and in South Africa, it is called as Stockvel.


Image Credits

ROSCA - Rotating, Savings and Credit Associations

To make it simple, ROSCA means Chit Funds or Stockvel. In developing countries, these are the backbone of some communities particularly women. In Andhra Pradesh, it is referred as Self Help Groups, where women from as a trusted group and agreed to contribute a fixed amount of money. The collected money will be disbursed to few members of the group as a loan.

They are three major parts like:

  1. Contribution Amount
  2. Duration of the Contribution
  3. Their own rules for disbursement of money

Group members can use that funds and will repay in fixed duration by the group. By joining these communities, any individual can get access to credit, fulfill their family needs and also use the funds to establish micro-ventures.

Using this same concept on top of the blockchain, WeTrust wants to bring value to the system. By using blockchain, we can provide other services like Insurance, Microlending, creditworthiness of the group and much more.

Conclusion:

In developing countries like India and South Africa, there are the large group of people who are unserved with these facilities. Also, there are so many communities working with Chit funds/Stockvel model, by using blockchain we can provide better service to these communities. We hope these people will get their rights in coming days.

All images are taken from respective websites as given in source, this is only my review about www.wetrust.io

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They appear to have a solid concept and team. Hopefully they start there marketing campaign soon ahead of the release of there first product. I'm not sure if they have a marketing team yet. Updates are few and far between. With a huge pool of unbanked individuals worldwide they have there work cut out for them to bring it all together. If they do this right they have "first movers" advantage.
Good luck Wetrust We trust in you

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Great Congratulations 🎉🎊 for your post

Blockchain is a much better technology and i hope one day everybody will understand is true potential and start using it.

Thank you for sharing your article, this can help people to know about blockchain.

We have to be, the change we want to see.

An ambitious, deserving concept. Bears watching!

Thanks for the info!

111 $ not bad bro....

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