The collaboration aims at development crypto payment infrastructure for emergency aid
On April 18, 2019, BVI government press release informed that the British Virgin Islands — an Overseas Territory in the Carribean belonging to the United Kingdom – announced partnership with blockchain company Lifelabs.io. The aim of the cooperation is to launch an alternative crypto-enabled payments infrastructure for residents across British network of islands.
The partnership particular focuses on using crypto infrastructure to support the reliable and quick transfer of aid and access to funds in emergency situations.
According to the press release, the BVI government will introduce Lifelabs’ blockchain Platform as a Service (PaaS), which will reduce transaction fees by over 50%, and it will be more time efficient as compared with Automated Clearing House (ACH) electronic payments.
Moreover, the platform will encourage residents’ use of the smartphone-based LifeWallet application, which supports bitcoin (BTC), ether (ETH), ERC20-compliant tokens and Lifelabs’ native token.
The partners emphasize that implementing a blockchain payments infrastructure, that supports peer-to-peer and local commercial transactions, will guarantee that residents can continue to access important goods and services in the event of a humanitarian crisis.
Also, the partners will reportedly launch a crypto charity platform, BVI/Life Rapid Response Cash Fund, which will secure transparency and efficiency of funds, ensuring that donations actually reach those who need them.
Author: Helen Darkhouse