The British Virgin Islands will be working with a blockchain company to strengthen its emergency situation protocols with a crypto wallet.
In case of emergency, residents of the island, who would otherwise have no access to funds, will be able to make transactions via a wallet provided by blockchain company Lifelabs. The wallet will have emergency funds deposited into it in case of a natural disaster, such as hurricane Irma which devastated the Island back in 2017.
The Minister of Finance for the British Virgin Islands, Andrew
A. Fahie, explained, “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
Residents will be able to download their LifeWallet app on to their phones and then, if disaster strikes, they will be able to make transactions either peer-to-peer or for daily commerce and purchasing essential goods and services from local businesses when normal banking services are made impossible. While those who do not have a smartphone on the islands will also be able to use LIFE to make transactions via SMS.
“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.” Fahie continued.
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