British Virgin Islands, Blockchain Firm Lifelabs.io Partner On Blockchain Emergency Transaction System

Blockchain, News | April 23, 2019 By:

The British Virgin Islands (BVI) has teamed with blockchain startup Lifelabs.io to create an alternative crypto payment platform for facilitating ongoing financial transactions across the network of islands.

BVI, a British Overseas Territory in the Caribbean, consist of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, along with over 50 other smaller islands and cays. BVI has an estimated GDP of over $1 billion, and suffered damages in excess of $3 billion during hurricane Irma. Swift response to natural disasters is one of the key focus areas for the government.

Lifelabs.io, a digital currency and tokenized reward system was founded in 2017 by a collective of tech-driven entrepreneurs who aim to bring the world of digital currency and blockchain technology to the masses, with a firm belief that everyone and anyone can be part of the cryptocurrency revolution. It is the research and development hub responsible for LIFEtoken, LIFEwallet, LIFEcard, and LIFEPaaS – four distinct yet intrinsically linked products.

Under the partnership, both parties will work together to provide Rapid Cash Response in the event of an emergency. Lifelabs.io will allow island residents to download the LIFEwallet app on their mobile devices, accessing an account that can have funds deposited into it whenever a disaster strikes. For users who do not currently have smart mobile devices LIFE will provision for digital currencies to be sent and received via SMS.

“The intrinsic value of LIFElabs.io’s platform is found in its trifecta of security, transparency, and efficiency,” said LIFElabs.io CEO Sanjay Jadhav. “It is estimated that adopters of our blockchain Platform as a Service (PaaS) will reduce their current transactional fees in excess of 50%, all while incurring zero out of pocket cost to implement it, speeding the average transaction time exponentially compared to Automated Clearing House (ACH) electronic payments, wired or over the counter cash transactions.”

The two parties will also be launching a blockchain-based Rapid Response Cash Fund that will accept emergency aid donations from people around the world. Local charities will also be able to play a key part in supporting communities that require immediate help. The charity platform will ensure the public can see exactly where their funds are being used and for their intended purpose, creating trust for communities in hardship and transparency for the donors, utilising the transactional service and ground-breaking technology provided.

“It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies,” said Andrew A. Fahie, Premier and Minister of Finance for the British Virgin Islands. “LIFElabs’ innovative financial technology comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting. It is with high expectations that we enter into this unprecedented partnership, together, building a better BVI for the future.”