The Premier and Finance Minister of the British Virgin Islands, Andrew A. Fahie, has today announced that the Islands will be forming an official partnership with the blockchain company LIFELabs, for the sole purpose of creating a system to provide ‘Rapid Cash Response’ in the event of a future natural disaster or state of emergency.
The partnership will also facilitate digital financial transactions to help create an ecosystem of fast payments throughout the whole network of islands.
The Premier of the British Virgin Islands recognises the importance of blockchain technology
The Premier, who is said to be a thought leader and fan of blockchain and cryptocurrency technology, stated:
“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”
The British Virgin Islands are planning blockchain conferences for the near future
Provisions have begun to host blockchain conferences in the near future, as the Premier has recognised the importance of integrating this future financial technology into the Islands’ core functioning.
On the partnership and LIFELabs functioning, CEO Sanjay Jadhav stated:
“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 transaction”
Size doesn’t matter when creating innovation
The British Virgin Islands have long been ahead of the game with following bitcoin, cryptocurrency, and blockchain technology, and this latest move shows that despite having a population of around 28,000 people, size doesn’t matter when it comes to creating innovation.