🛣️Weather Derivative Flow

1. Contract Creation:

The platform owner creates weather derivative contracts, specifying contract terms, premium amounts, conditions and % Returns after completion of the contract (e.g., based on weather data like temperature or rainfall).

2. Contract Listing:

Newly created contracts are listed on a platform for potential buyers to browse and purchase.

3. Contract Purchase:

Buyers can choose and purchase contracts listed by the platform. Each buyer pays the specified premium amount.

4. Vault Management:

The total funds collected from all buyers for a specific contract are stored in a secure vault.

5. Data Monitoring:

Our Platform continuously monitors relevant weather data or external data feeds to determine if the contract conditions have been met.

6. Payout Calculation:

When the conditions are met, the platform calculates the payout for each buyer based on the contract terms.

7. Payout from Vault:

Payouts are automatically distributed to the wallets of the buyers from the vault. The smart contract ensures a fair and secure distribution of funds.

8. Contract Completion:

Once the conditions are met and payouts are made, the contract is considered complete, and it may be closed or expired.

9. Platform Fees:

Platform charges will be collected from the users, when they pay the premium.