Belfrics completes blockchain-based M1 demo for India
AVENTURA, Fla., Sept. 02, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that Mr. Vazeem Jadeer – Director, Mr. Satish Shekar – Consultant Principal and Mrs. Sanchi Singh – Category and Relationship Manager of BelfricsBT Private Limited, met with Indian National Health Authority (NHA) officials on August 24, 2022 to complete the first blockchain-based M1 (Milestone 1) demo and discuss the how Belfrics could make the ABDM blockchain compliant for various modules within the ABDM ecosystem, such as healthcare professional insurance and membership modules. The National Health Authority (NHA) of India is the apex body responsible for the implementation of India’s flagship public health insurance and insurance program called Ayushman Bharat Digital Mission (ABDM). The National Health Authority of the Government of India has been assigned the role of designing a strategy, building technological infrastructure and implementing the “National Digital Health Mission”, which will create a national digital health ecosystem.
All companies that have completed the M1 license have gone online and are onboarding citizens to generate health IDs. Belfrics is currently working on providing a permanent solution using its Belrium KYC blockchain to eliminate some of the bugs identified during implementation. Within the next 30 days, Belfrics intends to obtain the M1 license and also to complete M2 and M3 (Milestones 2 and 3) within the next 3 months. The authorities have also asked Belfrics to submit a white paper on how the “Belrium Blockchain” can be used by ABDM where the blockchain will give a strategic advantage. Belfrics was also invited to submit a proposal to profile facilities and practitioners within state governments on blockchain. This will help the ABDM ecosystem, since healthcare is a state subject in India.
CEO and Founder of Belfrics, Praveen Kumar, said, “BelYo is our healthcare dApp that can be used for any healthcare service that involves identity or document management. Patient file management, patient registration, patient identification, health profession certificate, health facility certificate and vaccination records can all be issued using the BelYo platform. BelYo is a product originally developed by Takshay Labs Pvt Ltd (formerly known as Synk Labs Pvt Ltd) and BelfricsBT Sdn Bhd for a COVID19 challenge launched by the International Institute of Information Technology Bangalore (IIIT-B) and supported by the Mphasis F1 Foundation Grant. After covid, every citizen was required to have a blockchain wallet to receive and share the blockchain-based covid certificate, so officials asked BelYo founders to participate in the national health authority ABDM project.
Mr. Kumar added, “This is a great opportunity for Belfrics to partner with ABDM using our Belrium blockchain at the architecture level. Our goal is to create an ABDM + Blockchain solution for state governments, as well that a blockchain-based PHR (Personal Health Record) where data sharing outside India through the ABDM ecosystem will be our core.Belfrics is the only blockchain company among 57 other providers, and the authorities of the NHA explained how they could use Belrium for ABDM architecture, state government implementations and some core modules Belfrics intends to cover 20% of the ABDM market size (200 million) over the next next 5 years, be the population of India.”
Satish Shekar, CEO and Founder of Takshay Labs Pvt Ltd, said, “Since the launch of ‘BelYo’, I have always been optimistic about Belrium Blockchain and the dApp ecosystem envisioned by Mr. Kumar. In the process, I also joined Belfrics as a lead consultant, and am currently working on BelYo and other dApps for Belfrics. Before acquiring the M1 license, I will transfer my share of “BelYo” to Belfrics.
According to our conversation with ABDM authorities, Belfrics learned that since its inception, BelYo has been the only blockchain partner of Ayushman Bharat Digital Mission (ABDM) and, as they noted, has the “potential to bring a revolutionary change in Indian healthcare institutions”. “The flagship digital initiative involves the creation not only of a unique health identifier for each citizen, but also of a digital register of professionals and health establishments with blockchain initiatives, which makes it more secure, more efficient and the most effective blockchain solution for the healthcare industry. .
“At a time when many blockchain providers are struggling and downsizing, Belfrics continues to solidify its relationship with the Indian government,” said Life Clips CEO Robert Grinberg. “The healthcare industry is moving towards software developments, which include accelerating Blockchain technology to protect healthcare data. Globally, the market size of blockchain in healthcare is expected to grow at a compound annual growth rate (CAGR) of 61.3% and reach US$1.19 billion by 2028. Due to the growing acceptance of blockchain as a service and transparency and immutability distributed ledger technology, we believe that BelFrics’ BelYo presents tremendous opportunities for our business. Mr. Grinberg continued, “We look forward to updating shareholders on further opportunities, as well as several key announcements in the coming months.”
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian blockchain and cryptocurrency exchange and platform provider which is authorized and regulated by Labuan Financial Services Authority (LFSA) , Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-function trading platform offers digital assets, cryptocurrencies and crypto derivative contracts to its clients. The Belfrics blockchain has been recognized by Gartner as one of the top 10 blockchains in terms of actual projects and has been awarded a patent for its Belrium KYC Verification System (BKVS) by the Nigerian Patent Authority. Cognitive Apps is disrupting the mental health space with its speech-based, AI-powered mental health analytics platform that enables companies to measure, understand and improve mental wellbeing of their employees, patients and customers. Aiki offers CBT and IPT therapies using a chatbot that includes the voice analysis solution that takes into account other health data from Apple and Google HealthKit to perform a more accurate analysis of his mental health . Aiki was developed to capitalize on the trend towards artificial intelligence platforms being used by individuals and businesses to raise awareness about employee mental health. Cognitive Apps is developed by a team of licensed psychotherapists who use voice biomarkers to screen for early signs of mental health issues, such as stress and depression. Aiki is available on the Apple App Store.
For more information on Life Clips, visit www.lifeclips.com
For more information on Belfrics Global, visit www.belfricsgroup.com
For more information on cognitive applications software solutions, visit https://cogapps.com
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