Bit Life and Trust suspended operations in Oct 2017.
Prior to the modern age, communities formed around geographic locations. These communities shared in each others success and losses. When a member of the community suffered a loss, each of the community members would help in covering the cost of the loss. As the world modernized, companies formed to take over this assignment, in the form of insurance, and communities began to disconnect from the process. Today, the world is growing into a global community where geography is no longer a necessary limit. We believe the global community can be brought closer together and gain a vested interested in the well being of their fellow humankind through a globally shared trust, built and secured on the blockchain.
Blockchain technology is poised to create disruption in and across many industries. It’s power to bring communities closer together is driving new innovation. Traditional markets have been structured around centralization and consolidation of power. No longer does the power, money and influence need to benefit the very few. Through blockchain and smart contract technology, BitLifeAndTrust aspires to disrupt the conventional broker markets in the insurance industry by returning the power of the markets to the communities which support it. BitLifeAndTrust will build a protocol for insurance products that are selected, funded and managed for the benefit of society. Our participants are you and others who fund the work of this project, the insured, who are made whole after a loss and everyone who believes in transparency without geographic boundaries. We aim to reduce the cost of all insurance in life, property, consumer goods, legal and others by benefiting most, those who are insured. We aim to simplify claims processing by shifting the financial incentives from the seller to the claims processor and by creating competition among processors. Let’s together achieve the right to build a brighter future for you, those you care about and our global community. We invite you to participate in our shared beliefs, aspirations and desire for success. Thank you to the creators of blockchains, cryptocurrency and smart contract for making this all possible.
Contract focus areas: Term Life Insurance
Bit Life and Trust Project White Paper