Why buy BLCK token?

Do you like insurance? Almost no one does. Insurance is slow, costly and confusing.

Which problem is Black solving?

While almost all industries have changed profoundly in the last 20 years, insurance has remained pretty much the same. We are using 17th century insurance in 21st century.

Many entrepreneurs want to disrupt insurance but they can’t. In order to launch new insurance products, you need to have a licensed insurance company, also known as “insurance carrier”.

Launching a carrier costs tens of millions and only a few insurance startups have managed to do it.

And so, old incumbent insurance companies face little competition, are protected by governments with excessive regulations, and have no incentive to provide a better service.

What’s Black’s solution?

It sounds a bit crazy, but Black is building a platform where entrepreneurs can sell insurance… without insurance companies.

Black lets entrepreneurs form their own “virtual insurance companies”. These “virtual insurance companies” raise their capital from crypto investors by selling Security Tokens, and use Black’s insurance license to sell their products.

It’s a bit like applying the ICO model to insurance. Only, in this case, it’s security token offerings of STO, where each security token earns profits from the insurance business.

Black is thus creating an entirely new crypto asset class: security tokens backed by insurance revenues and profits.

Who are Black’s customers?

Black is a B2B solution. On one side, it services the entrepreneurs who want to launch new insurance schemes; and on the other side the investors who want to earn ROI from these schemes.

In often cases, these entrepreneurs are insurance brokers. Already 60 insurance brokers with a combined revenue of $350 million have signed up to use the Black platform.

How is Black using blockchains?

Our solution relies heavily on blockchains, in two main ways.

First, what’s blockchain? It’s a shared ledger of transactions. Currently, brokers, insurers, reinsurers and everyone else maintains their own ledgers, as the insurers can’t trust the ledgers kept by the brokers and vice versa. A large part of the cost in insurance is reporting and reconciling back and forth between these, and arranging payments between parties.

Black solves this by creating a shared ledger. Everyone involved sees the same data from the moment it was created, and it’s backed by cryptography instead of trust. This way, it’s almost a self-reporting business. It will decrease costs by a magnitude.

Secondly, and more importantly, Black is funding the reserve capital of the insurance schemes transacted on our platform through crypto token offerings. Syndicates sell tokens to investors, raise the capital, and then share the profits with token holders. These tokens perform like perpetual bonds with interest rate connected to the profitability of insurance portfolios. As these bonds are tokens it is very easy to trade with them and even small investors can invest into them.

Roadmap

In one year or a little more, we have written the first insurance policy from the Black platform at our home market, in the European Union. Once the concept is proven in practice, US and Asian markets are next.

Why buy BLCK token?

All payments on the Black platform will be made in BLCK utility tokens.

On the first day of operations, the premiums will be in thousands, and the token demand is very low.

However, our forecasts say that in 2021, the turnover will be in many hundreds of millions, if not billions. Everyone can guess herself, what the token demand and market price will then be.

Before the launch of the Black platform, the BLCK token price is based on the expectations the market has on the future demand of the token.

ICO key facts

• ICO pre-sale: Oct 1 — Oct 31
• ICO: Nov 1 — Nov 30
• Hard cap $5 million
• 1 BLCK = 0.2 USD
• Attractive bonuses apply to early buyers, see website for numbers