Last Updated on
The British Virgin Islands have partnered with LIFElabs, a blockchain startup with the goal of supporting “philanthropic causes around the world.”
Hope for us all
The goal here is to provide a “Rapid Cash Response in the event on an emergency,” says Andrew A. Fahie, Premier and Minister of Finance in the British Virgin Islands. That and to bring in another form of payment for those on the islands.
Fahie, a proponent of the blockchain space, spoke on the partnership:
“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.”
Moreover, the British Virgin Islands has an estimated GDP of around a billion dollars. On top of this, they were hit for around $3 billion after Hurricane Irma. At that time, citizens scrambled and businesses were taken down. This left it much harder for anyone to use currencies to purchase their survival needs. This project will help governments respond faster to disaster thanks to the speed of blockchain technology.
A philanthropic mission
Essentially, anybody living on the British Virgin Islands can download the LIFEwallet application. From here, assets will almost instantaneously available come disaster via a cryptocurrency wallet. Though those without smartphones can also receive currencies via text messages. Users can also trade with each other or buy “goods and services from local businesses.”
Of course, because blockchain technology exists without the need of servers, it’s a reliable technology no matter where disaster strikes. It’s not like a physical bank which can be destroyed, for example.
Sanjay Jadhav, CEO of LIFElabs, spoke on the matter as well:
“The intrinsic value of LIFElabs.io’s platform is found in its trifecta of security, transparency, and efficiency. 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.”
While this wallet doesn’t provide access to a traditional cryptocurrency exchange, it’s being used for good in another way. This is yet another example of a unique solution only available thanks to blockchain and crypto.