Bit Life and Trust promises to secure your future using automated blockchain-based life insurance. Find out how it works today in our review.
What is Bit Life & Trust?
Bit Life & Trust plans to use blockchain technology to disrupt the insurance industry. The platform aims to reduce the costs of all life insurance, property insurance, consumer goods, and more, leading to more benefits for those who need it most – the people who pay for the insurance in the first place.
Bit Life & Trust plans to simplify the claims process by shifting the financial incentives from the seller to the claims processor and by creating competition among processors.
The system uses blockchain technology and smart contracts.
Ultimately, Bit Life & Trust aims to bring insurance back to its roots. In the early days, communities formed around geographic locations. These communities shared in each other’s successes and losses. When a member of the community suffered a loss, the community members would come together to help cover the loss. As the world became modernized, insurance companies began to take over this assignment. Today, we’ve reached a point where the global insurance industry is overpriced and bloated. That’s where Bit Life & Trust sees an opportunity.
The Bit Life & Trust Token
The ecosystem revolves around the Bit Life & Trust token, or BLT. The currency is designed to be used by the insured, their beneficiaries, and other market participants within the platform.
As a holder of BLT tokens, you’ll have the right to participate in voting. Votes will be held to modify contracts and platform-specific parameters, including insurance caps, market availability, fraud detection, and more.
There’s a total supply of 100 million BLTs. 70 million of those will be distributed, while 30 million will be kept by Bit Life Insurance Corp. The tokens are set at a price of 1 ETH = 400 BLT tokens. The price remains fixed throughout the token sale.
The BLT Token Sale
The pre-ICO for Bit Life & Trust took place between September 12 and 20, 2017. It was available to registered purchasers. The main ICO takes place between September 25 and October 30.
Who’s Behind Bit Life & Trust?
Bit Life & Trust is led by Michael Howton (Lead Founder, Strategy and Marketing), Mustafa Maqbool (Co-Founder, Business Development and Product Leadership), and Patrick Durling (Co-Founder, Technical Lead).
How Does Bit Life & Trust Work?
Bit Life & Trust is a network of participants that facilitate reimbursement after a loss related to life and property. These participants fall into four categories: the insured, validators, assistants, and token owners. Here’s the role each party plays in the ecosystem:
The insured face several issues in today’s insurance market, including the weakening of payouts due to inflation, high costs, and denial of valid claims. Bit Life & Trust plans to solve these problems by splitting the incentives between policy underwriting and policy payouts. For policy underwriting, the insured can interact directly with the smart contract to sign a policy agreement while also paying their premiums. The smart contract takes the place of the traditional underwriting insurance company. The insured can assign and change beneficiaries by providing cryptographic keys to these parties.
Validators, or processors, will include licensed organizations (LOs) and autonomous validators (AVs). LOs are companies licensed to process claims in jurisdictions that require licensing. AVs are verified sources of truth, including DAOs and oracles.
Assistants are anyone (individuals or organizations) willing to assist the insured in the process of entering into a contract. The assistant will receive BLT tokens as a reward for their service.
Token holders vote on changes within the platform, and can hold onto tokens or trade them on exchanges.
In terms of technical details, the Bit Life & Trust platform is built on the blockchain and smart contracts. The company uses Solidity as the language of choice.
Bit Life And Trust Conclusion
Bit Life & Trust is a decentralized insurance marketplace focused on life and property insurance. The platform uses blockchain technology and smart contracts to create a more efficient, less costly insurance marketplace. The end result is fairer payouts for the insured and a more transparent insurance process.
To learn more about Bit Life & Trust, or to participate in the company’s upcoming ICO, visit online today at BitLifeAndTrust.com.