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British Virgin Islands has partnered with LIFElabs.io, a blockchain startup focused on philanthropic causes.
Under the partnership, the entities will work towards providing “Rapid Cash Response” during emergencies and developing a crypto payment method for facilitating ongoing financial transactions across the network of islands.
The British Virgin Islands 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.
Founded in 20117, LIFElabs.io is a digital currency and tokenised reward system. It is the research and development hub responsible for LIFEtoken, LIFEwallet, LIFEcard, and LIFEPaaS – four distinct yet intrinsically linked products.
Under the partnership, island residents would be able to download the LIFEwallet app on their Apple iOS or Google Android mobile devices and access an account that can have funds deposited into it whenever a disaster strikes. For users without smart mobile devices, LIFE will provision for digital currencies to be sent and received via SMS.
“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,” Sanjay Jadhav, LIFElabs.io CEO, said.
In addition, BVI and LIFElabs.io are launching blockchain-based charity platform for emergency situations. Called “BVI/LIFE Rapid Response Cash Fund,” the platform will confirm incoming funds using blockchain technology. Anyone would be able to see “exactly where their funds are being used and for their intended purpose, creating trust for communities in hardship and transparency for the donors.”
Premier and Minister of Finance for the British Virgin Islands, the Honourable Andrew A. Fahie, said
“It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies. 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.”
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