Premier and Minister of Finance for the British Virgin Islands, Andrew Fahie has announced a partnership with blockchain startup LIFElabs.io to provide Rapid Cash Response in the event of an emergency.
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“It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies,” stated Premier Fahie.
“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.”
The partnership will also create an alternative digital currency payment method for facilitating ongoing financial transactions across the network of islands.
The British Virgin Islands (BVI) has stated they will be hosting many blockchain conferences in the near future to promote the growth of the technology.
“The intrinsic value of LIFElabs.io’s platform is found in its trifecta of security, transparency, and efficiency,” said Sanjay Jadhav, LIFElabs.io CEO.
“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 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 a goal that all governments strive for, and LIFElabs.io is committed to making a substantial and compelling difference in the philanthropic sector.
Innovation, growth and philanthropy are at the core of this partnership as we strive to deliver a program that has never been accomplished before.
The LIFElabs.io implementation for the BVI will allow island residents to download the LIFEwallet® app on either Apple iOS or Google Android 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 wallet app can also be used for peer-to-peer (P2P) transactions, or in daily commerce, purchasing essential goods and services from local businesses.
LIFElabs.io pioneering blockchain technology is a major advancement over traditional banking, where ‘bricks and mortar’ locations can be damaged or destroyed, and thereby preventing access to much needed funds during an emergency or humanitarian crisis.
LIFElabs.io will also allow people from across the world to donate directly to the BVI/LIFE Rapid Response Cash Fund in the event of an emergency with incoming funds confirmed on the blockchain by anyone with access to the Internet.
Local charities will also be able to play a key part in supporting communities that require immediate help.
This 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, utilizing the transactional service and ground-breaking technology provided.
This, is in stark contrast to the 2010 earthquake in Haiti, where unfortunately only a fraction of the donated funds from across the world actually reached the local communities in need.
Known as a treasured destination, rich in undiscovered experiences, the British Virgin Islands (BVI) is an alluring archipelago comprised of 60 islands and cays located 80 kilometers (60 miles) east of Puerto Rico, in the northwestern region of the Caribbean Sea.
The main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke have attracted travelers globally with its cultural Caribbean authenticity.
Located in Tortola, Road Town is the British Virgin Islands’ capital.
Recently ranked #1 Best Place to Visit in the Caribbean for 2017-2018 by U.S. News, the BVI is where nature’s best secrets are kept with an abundance of pristine beaches, azure seas, towering sage mountains and burnt-orange sunsets. The BVI’s Virgin Gorda and Jost Van Dyke were featured on the “Top Islands in the Caribbean, Bermuda and the Bahamas” list in Travel + Leisure World’s Best Awards 2017.