LIFElabs.io: Supporting Charity Organizations with Blockchain
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Sanjay Jadhav, CTO
Ever since its public debut in 2008, blockchain has slowly created ripples in numerous business segments from financial to manufacturing to educational institutions. One sector that is lagging in this race is non-profit organizations. This can be because the concept of blockchain still remains a mystery for many. There surrounds a lack of education and an increasing emphasis on speculation or ICOs, rather than the best use-cases or sustainable use-cases in the blockchain landscape. The adoption of blockchain has been hampered in some areas by low TPS (transactions per second), a lack of regulation, and the clogging up of the Ethereum blockchain. Set out with a mission to bring the vast potential of blockchain technology to social organizations, LIFElabs. io offers game-changing solutions to support philanthropic causes around the world. As one of the few privately owned companies focused on servicing and leveraging blockchain technology for philanthropic causes worldwide, LIFElabs.io enforces long term sustainability by implementing donor tracking solutions on blockchain and ensuring successful transactional use-cases in philanthropy. “Our goal is to make blockchain and use of tokens/ coins ‘simple’ in a way that consumers can spend their rewards wherever and however they like, be it on products or services,” remarks Sanjay Jadhav, CTO of LIFElabs.io.
With a focus of making blockchain accessible with a low level of complexity, LIFElabs.io offers a complete gamut of fintech products to leverage the benefits of the blockchain.
The company’s LIFEtoken acts as digital cash, which can be bought, sold, and traded like shares, or used simply to purchase items from a growing number of partner retailers. “LIFEtoken sits in the middle of businesses, consumers, and non-profits as a vehicle to support a significant value exchange between all interested parties,” asserts Jadhav. LIFElabs.io’s digital wallet app namely LIFEwallet enables clients to store and send LIFE, ETH, and BTC. The app is designed and developed with simplicity and security in mind, ensuring funds are accessible but completely secure. The wallet app, available on iOS and Google Play, is specially designed with a friendly interface while retaining the privacy and security for which Blockchain is renowned. “Here, the idea is to embed blockchain and coins/tokens without end-users realizing that they are using them.” Currently, the company is working on embedding multi-purpose feature within the Wallet, which will offer storage of other types of assets non-fungibles like Arts, digital assets, in-gaming assets, vehicle, and authentication for devices (IoT).
Similarly, LIFEcard is a pre-paid debit card that will enable card-based payments for goods and services using LIFEtoken and other digital currencies. To support the utility of blockchain in philanthropic organizations, LIFElabs. io has built LIFEPaaS. “As we explore and validate the role of the blockchain, wearable technology, and traditional payments, we will enhance LIFEPaaS and its central theme LIFEcard and ‘Virtual Cards,' soon to become LIFEpayments,” says Jadhav.
LIFElabs.io has significantly explored the landscape of loyalty rewards through its PaaS vision that was developed together with its commercial partners (please see LIFELabs.io for more details). On the donor tracking side, the company has worked alongside non-profits to build a journey that allows donors more visibility into how donations are spent and used. These insights enforce trust and open the doors to allow consumers to donate more freely and with peace of mind. LIFELabs.io has worked alongside and supported Chain of Hope, The Royal Marsden Cancer Hospital, the Los Angeles Heart Foundation, and Caudwell Children.
Backed by a global community and LIFE as a trademark in fintech within the EU, LIFElabs.io is planning to expand into the UK by aligning with the growing regulation in the sector. Having earned a name in the philanthropic sector, the company will expand access to its PaaS and selected products to the private sector in the UK. With this expansion, the company will continue moving toward its unique vision to make a positive impact to humankind, by utilising blockchain technology to support philanthropic causes.