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July 28, 2018, 02:25:34 AM |
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Black is here to make a difference
Black will use the blockchain to transfer risk directly from clients
(insureds) to financial backers (Black Syndicate Token holders):
minimizing all inefficiencies
storing all data securely in blockchains
transparent business operations using smart contracts
faster innovation by platform members
Black will fix the insurance industry fundamentally. Black is an insurance platform like Lloyds of London on blockchain without the expense, delays and bureaucracy that we witness today.
Insurance business will be generated by local MGAs / Brokers / Agents whose responsibility is designing insurance products for a market, pricing and selling the product and organizing claims handling. Delegating business to local agents makes the Black business model scalable while bringing business decisions closer to end customers.
Black Insurance will use two types of tokens:
Black Platform Token (BLCK). BLCK powers the infrastructure, providing access to the platform and for conducting voting on system updates to the platform (utility token). All platform users will use BLCK for managing insurance on the Black platform, and demand for BLCK will increase as more insurance business is conducted on the platform.
Black Syndicate Tokens (BST) (issued when the platform is ready). BST is an investment in insurance capital, and a specific BST is created for each syndicate (security token), The profitability of the insurance portfolio for a specific syndicate will pass-through to the holders of it’s BST.
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