Blockchain News
British Virgin Islands teams up with Libelabs.io to build Crypto Payment System for Emergencies
The British Virgin Islands — a United Kingdom Overseas Territory from the Carribean — has partnered with blockchain company Lifelabs.io to establish an alternative crypto-enabled obligations infrastructure for taxpayers throughout its system of islands. The development has been reported at a BVI government media release on April 18.
The partnership especially heralds a specific focus on making use of a crypto infrastructure to support both the dependable and swift transport of help and access to capital in crisis situations.
The BVI authorities will execute Lifelabs' blockchain Platform for a Support (PaaS), which allegedly reduces transaction fees by more than 50 percent, in addition to providing substantial time savings compared to Automated Clearing House (ACH) electronic payments, the media release notes.
Also Read: Cybersecurity firm Forcepoint awarded Blockchain Patent by USPTO
What's more, the execution will encourage residents' utilization of this smartphone-based LifeWallet program, which affirms ether (ETH), Bitcoin (BTC), ERC20-compliant tokens and Lifelabs' indigenous market, life.
Both parties emphasize that executing a blockchain obligations infrastructure — that affirms peer-to-peer and neighborhood industrial transactions — will make sure that taxpayers can continue to get essential products and services in case of a humanitarian catastrophe.
The BVI especially suffered damages in excess of $3 billion during hurricane Irma in 2017 — three times its estimated GDP of $1 billion. The spouses have therefore also established a crypto charity stage, BVI/Life Rapid Response Cash Fund, which will aim to boost transparency and efficacy for contributions, ensuring funds actually reach those in need.
Andrew Fahie — maximum (head of government) and Minister of Finance of the BVI — has stated that blockchain-powered financial invention “comes at a critical time for our people and our market, although the memory of current all-natural disasters stays fresh in our heads and hearts, as well as the pressure for improved economic efficiency keeps climbing ”
As per earlier reports, blockchain's possible to underpin fairer and more equitable support and contributed funds distribution was recognized by major world organizations, for example, United Nations, that utilized the Ethereum system to distribute aid to Syrian refugees in 2017.
