AVENTURA, Fla., July 22, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company” or “Life Clips”) announced today Belfrics Tanzania completed an awareness creation and knowledge sharing workshop discussing its blockchain solutions with the Tanzanian Government. The meeting was conducted by the Honorable Dr. Faustine Ndugulile and titled “Block Chain Technology: Opportunities and Risks.” Dr. Faustine Ndugulile is the Minister of Tanzania's Information and Communication Technologies Commission and has been a Member of Parliament since 2010. The meeting included the Commissioner and members of Tanzania's Information and Communication Technologies Commission; The Bank of Tanzania, which is the central bank of the United Republic of Tanzania; The Capital Markets and Securities Authority; The Tanzania Communications Regulatory Authority; The Tanzania Revenue Authority; Tanzania's e-Government Authority, as well as several academic institutions and private sector representatives.
Robert Grinberg, CEO of Life Clips, said, "While Tanzania might seem irrelevant to U.S. investors, it is the largest and most populous East African country. Tanzania has achieved high growth rates based on its vast natural resource wealth with GDP growth in 2009-17 averaging 6%-7% per year. Tanzania has transitioned to a market economy, but the government retains a presence in sectors such as telecommunications, banking, energy, and mining. Thinking in terms of the relationships some of the Big Tech companies have with the U.S. government, it becomes clear why we are enthusiastic about the relationship between Belfrics and the Tanzanian government.”
Belrium, which is Belfrics Group global blockchain technology, is one of the only blockchain to have a stringent financial framework ensuring data security, which is extremely crucial for government authorities. Belrium does not process any unverified wallet transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System) acts as the identity verifier for the public wallets. Public blockchains have traditionally struggled in terms of adoption with various regulators due to its nature of anonymity. Belrium, on the other hand, has been gaining traction silently due to its unique private and public combination blockchain.
Praveen Kumar, CEO & Founder of Belfrics, said, “The government of Tanzania represents a unique opportunity for our Belrium blockchain. The fact that our Belfrics Exchange itself is the first user of Belrium is a tremendous source of confidence for governments and regulators evaluating its strength and capabilities. Belrium blockchain currently processes live transactions for various projects of national interest, which includes university certifications, enhancing healthcare documentation services, and inter-governmental data harmonization. We are grateful for the opportunity to further develop our relationship with the Tanzanian government.”
Since the Belrium KYC Blockchain is a blend of the public and private blockchain, it provides seamless integrations. The blockchain facilitates the seamless and efficient exchange of information in the midst of different entities, while lessening the time and effort of the financial institutions steering due diligence processes. The public blockchain supports global peer-to-peer transactions whereas the private blockchain backs the KYC compliance of the public transactions. Use of Blockchain technology for KYC verification will result in a significant reduction of operational, infrastructure and processing costs. Belrium aims to offer companies a secure, private, personalized and decentralized ecosystem that aims to minimize the repetition related to KYC compliance, saving considerable time and cost. Belrium is unique in this context as it enables businesses and enterprises to not only reduce the customer on-boarding time but also simplifies the compliance process by eliminating the need for repetition.
Mr. Grinberg concluded, "Belfrics’ Belrium offers many advantages that can provide the seamless and secure exchange of information on the blockchain. While Belfrics Group's cryptocurrency exchange and platform are certainly high profile, its Belrium blockchain solutions offer tremendous opportunities for business development."
Life Clips announced on July 14, 2021, that it has agreed to acquire Belfrics Group, a global blockchain technology firm that runs cryptocurrency exchanges on its proprietary platform. The transaction is expected to close by the end of the third quarter.
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About Life Clips, Inc.
Life Clips, Inc. is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand for use with cellular phones and other mobile devices. Cognitive Apps is an AI-Powered mental health analytics platform that empowers businesses to measure, understand, and improve mental well-being of their employees, patients and customers. Drug development for mental health disorders and other cognitive impairments is hampered by the inability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than the assessments used today. The speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.79 billion by 2025.
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