Belfrics Completes Blockchain Based M1 Demo for India’s Flagship program Ayushman Bharat Digital Mission (ABDM) that was launched by Prime Minister Narendra Modi in 2021

Rhea-AI Summary

Life Clips (LCLP) announced its collaboration with India’s National Health Authority for the implementation of the Belrium blockchain in the Ayushman Bharat Digital Mission (ABDM). A meeting held on August 24, 2022, focused on completing demo milestones and discussed future integration of the blockchain into healthcare modules. Belfrics aims to capture 20% of the ABDM market over the next five years, potentially impacting 200 million citizens. The CEO expressed optimism about their unique position among 57 providers and the significant growth forecast for the global blockchain healthcare market.

Positive

• Belfrics intends to capture 20% of the ABDM market, impacting 200 million citizens over five years.
• The partnership with the National Health Authority positions Belfrics uniquely among 57 other providers.
• The global blockchain in healthcare market is projected to grow at a CAGR of 61.3%, reaching USD $1.19 billion by 2028.

Negative

• None.

Belfrics intends to make its KYC Belrium blockchain part of India’s National Digital Health Eco-system

AVENTURA, Fla., Sept. 02, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today that Mr. Vazeem Jadeer - Director, Mr. Satish Shekar - Principal Consultant and Ms. Sanchi Singh - Category and Relationship Manager of BelfricsBT Private Limited, met with the officials of India’s National Health Authority (NHA) on the 24th of August, 2022 to complete the first blockchain-based M1 (Milestone 1) demo and discuss how Belfrics could make ABDM blockchain compliant for various modules within ABDM eco-system like insurance and healthcare practitioners’ membership modules. India’s National Health Authority (NHA) is the apex body responsible for implementing India’s flagship public health insurance and assurance program called Ayushman Bharat Digital Mission (ABDM).” The National Health Authority, Government of India has been entrusted with the role of designing strategy, building technological infrastructure and implementation of the “National Digital Health Mission,” which will create a National Digital Health Eco-system.

All of the companies that have completed the M1 License have gone live and are onboarding citizens to generate health IDs. Belfrics is currently working towards delivering a permanent solution using its KYC Belrium blockchain to eliminate some of the bugs identified during implementation. In the next 30-days, Belfrics intends to get M1 license and also complete M2 and M3 (Milestones 2 and 3) within the next 3 months. Authorities also asked Belfrics to submit a white paper on how “Belrium Blockchain” can be used by ABDM where blockchain will give a strategic advantage. Belfrics was also asked to submit a proposal to profile the facilities and practitioners within the state Governments on blockchain. This will help the ecosystem of ABDM, since health care is a state subject in India.

Belfrics CEO and Founder, Praveen Kumar, said, “BelYo is our healthcare dApp which can be used for any healthcare department that involves identity or document management. Patient record management, patient registration, patient ID, healthcare profession certificate, healthcare facility certificate, and vaccination records can all be issued using the BelYo platform. BelYo is a product that was originally developed by Takshay Labs Pvt Ltd ( Formerly known as Synk Labs Pvt Ltd) and BelfricsBT Sdn Bhd for a COVID19 challenge that was initiated by International Institute of Information Technology, Bangalore (IIIT-B) and supported by Mphasis F1 Foundation grant. Post covid, every citizen was required to have a blockchain wallet to receive and share the blockchain-based covid certificate, which is why officials directed the founders of BelYo to participate in the National Health Authorities ABDM project.”

Mr. Kumar added, "This is a tremendous opportunity for Belfrics to partner with ABDM by utilizing our Belrium blockchain at the architecture level. Our goal is to create an ABDM + Blockchain solution for the state governments, along with a blockchain-based PHR (personal health record) where sharing of the data outside India through the ABDM eco-system will be our core. Belfrics is the only blockchain company among 57 other providers, and NHA authorities spoke about how they could use Belrium for the ABDM architecture, state government implementations, and a few core modules. Belfrics intends to fulfill 20% of ABDM market size (200 million) in the next 5 years, which is 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 eco-system of dApp that Mr. Kumar envisioned. In the process I also Joined Belfrics as a Principal Consultant, and I am currently working on BelYo and other dApp’s for Belfrics. Before acquiring M1 license I will transfer my share of “BelYo” to Belfrics.

As per our conversation with the authorities of ABDM, Belfrics learned that since inception, BelYo is the only blockchain partner for Ayushman Bharat Digital Mission (ABDM), and as they noted, has the “potential of bringing a revolutionary change in India’s healthcare facilities.” The flagship digital initiative involves the creation of not just a unique health ID for every citizen, but also a digital healthcare professionals and facilities registry with blockchain initiatives, which makes it more secure, more efficient, and the most efficient blockchain solution for the healthcare business.

“At a time when many blockchain providers are struggling and reducing staff, Belfrics continues to solidify its relationship with the Indian government,” said Life Clips CEO, Robert Grinberg. “The healthcare industry is trending toward software developments, which includes the acceleration of Blockchain technology to protect health data. Globally, the Blockchain in Healthcare market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 61.3% and reach USD $1.19 billion by 2028. As a result of the increasing acceptance of blockchain as a service and the transparency and immutability of the distributed ledger technology, we believe Belfrics’ BelYo presents tremendous opportunities for our company.” Mr. Grinberg continued, "We look forward to updating shareholders on additional opportunities, as well as several key announcements in the coming months."

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 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.

For Media and Investor Relations, please contact:

David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
https://www.linkedin.com/in/davidkugelman/

FAQ

What is the partnership between Life Clips (LCLP) and India's National Health Authority?

Life Clips announced a partnership to implement its Belrium blockchain in the Ayushman Bharat Digital Mission, focusing on healthcare solutions.

What milestones is Belfrics aiming to achieve in the ABDM project?

Belfrics is working to complete Milestones 1, 2, and 3 within the next three months after aiming for an M1 license.

How does the Belrium blockchain impact healthcare in India?

The Belrium blockchain aims to enhance security and efficiency in the ABDM ecosystem, potentially revolutionizing healthcare facilities in India.

What market size does Belfrics target with its blockchain solutions?

Belfrics aims to fulfill 20% of the ABDM market size, which represents approximately 200 million people in India.

What growth is expected for the blockchain healthcare market?

The global blockchain in healthcare market is expected to grow at a CAGR of 61.3%, reaching USD $1.19 billion by 2028.