AVENTURA, Fla., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today it has signed an agreement with Software Research Labs LLC providing an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system to enhance the security of the Belfrics blockchain. The license gives Belfrics the exclusive right to use XOTIC relating to blockchain applications.
XOTIC combines a XOR cipher and One-Time-Pad (OTP) cipher with a Discrete Sequence Generator (a random number generator) to create a quantum-resistant cipher that encrypts and decrypts data in real-time. Compared to standard AES-256 encryption, XOTIC creates a cipher equal in length to the data being encrypted. Additionally, ciphers are subject to brute-force attacks because invalid key attempts immediately report unsuccessful decryption. With XOTIC, any key will report successful decryption – a “false positive” -- but only the correct key will return the correct result thereby greatly reducing the attack surface and making XOTIC quantum computing resistant. Because of the randomness of the XOTIC cipher and the fact that using the wrong key will provide a “false positive” result, it is less likely that a brute force attack would be successful.
XOTIC is covered by US patent number 10,892,889. By exclusively licensing Software Research Labs’ XOTIC patent for Blockchains, Belfrics seeks to be in the forefront of securing blockchain transaction data, protecting and securing their customers’ blockchain information and global transmission of their pertinent data.
The XOTIC cipher was developed and patented by Robert Coleridge. Mr. Coleridge has over 46 years of software engineering and cryptography experience, and has worked for major corporations in over 40 locations on 3 continents, including almost 15 years at Microsoft as a Senior Software Engineer. While at Microsoft part of his research led to the development of the first version of the renowned SOAP toolkit, which jumpstarted web services for Microsoft in 1999.
Regarding the licensing of the XOTIC process by BelfricsBT, Robert Coleridge of Software Research Labs said, “The XOTIC patent, which defines a unique and highly secure process, not only applies to securing user data, such as blockchain transactions, but also other data, which would be transmitted between endpoints. The process used by the XOTIC patent provides for quantum resistant encryption, as well as future proofing as quantum computers evolve.” Mr. Coleridge continued, “Software Research Labs looks forward to working with Belfrics and their highly talented software development team to implement XOTIC into their blockchain technology and client base.”
Belfrics CEO and Founder, Praveen Kumar, said, “As a cryptocurrency exchange and blockchain provider, protecting our clients’ assets and data is paramount to our success. Our users expect that we have the most advanced security protecting their data, and with XOTIC we are providing security unavailable on other exchanges and blockchains.”
Robert Grinberg, CEO of Life Clips, said, “In today's digital world, we have to rethink our concept of strong cyber security and develop a proactive approach to managing cyber risks and threats. As companies across the globe look for ways to reduce the number of cyber intrusions, we hope to provide a more effective approach to the problem."
About Us
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which and includes the voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple‘s 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 Apps Software Solutions visit https://cogapps.com
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the government and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.
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