Life Clips’ BelfricsBT Expands BelYo Blockchain dApp beyond vaccination certificates to wider healthcare ecosystem

Rhea-AI Summary

Life Clips announces the expansion of its BelfricsBT subsidiary's BelYo platform, enhancing the management of healthcare data through blockchain technology. Initially focused on COVID certificates, BelYo will now facilitate the secure sharing of diverse healthcare data, ensuring privacy and access control. The global market for blockchain in healthcare is projected to reach USD 1.19 billion by 2028, growing at a CAGR of 61.3%. The platform is designed to improve data interoperability and protect patient information, aiming to revolutionize how healthcare records are managed.

Positive

• Expansion of the BelYo platform to manage broader healthcare data beyond vaccination certificates.
• Projected significant growth in the global blockchain healthcare market, potentially exceeding USD 1.19 billion by 2028.
• Enhanced patient data privacy and interoperability through the use of blockchain technology.

Negative

• None.

The objective of the BelYo platform is to interoperate healthcare data seamlessly and protect individuals from surveillance, discrimination, fraud and exclusion, where the data created is secure, accessible and private

AVENTURA, Fla., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced its BelfricsBT subsidiary has expanded its BelYo blockchain product from issuance of vaccinations certificate to address a broader scope of healthcare industry data.

BelYo is the first decentralized application (dApp) that Belfrics has launched in collaboration with International Institute of Information Technology Banagalore (IIIT-B) startup YoSync, to help the healthcare industry issue and manage COVID test certificates and vaccination certificates through blockchain technology. The objective of the BelYo platform is to allow the seamless interoperability of healthcare data while protecting individuals from surveillance, discrimination, fraud and exclusion, where the data created is secure, accessible and private. The data will be encrypted and with only the necessary information shared through blockchain network where only authorized recipient can access the information. BelYo's DApp is built over Belrium network, a patented KYC compliant hybrid blockchain.

BelYo was originally developed by Synk Labs Pvt Ltd and BelfricsBT Sdn Bhd for a Covid19 challenge initiated by IIIT-B and supported by an Mphasis Foundation grant. Using Blockchain technology, an encrypted digital ledger, allows healthcare systems to collaborate safely between network users.

Protecting and limiting patient health data is currently one of the biggest concerns about bringing AI-based healthcare products to market. In 2022 Belfrics' management believes blockchains will start to play a significant role in ensuring data privacy within the healthcare sector, for building machine learning models and AI Inferencing.

Belfrics CEO and Founder, Praveen Kumar, said, “Covid19 records were just the beginning of BelYo’s potential in the healthcare industry. The industry must accelerate its use of Blockchain technology to protect health data.”

According to a recent report from Vantage Market Research, the Global Blockchain in Healthcare market size is expected to reach USD $1,189,800,000 by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 61.3% during the forecast period. The rising cases of healthcare data breaches, threat of counterfeit drugs and increasing acceptance of blockchain as a service coupled with transparency and immutability of the distributed ledger technology are major factors fueling market growth.

Belfrics CEO and Founder, Praveen Kumar, continued, "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. The platform is scalable and customizable to any of the above requirements. Since it is a blockchain based solution and it uses our Belrium blockchain, the records are securely stored by the respective hospitals and yet it can be owned and shared by the patients with complete control of the data."

Blockchain can also solve problems for interoperability. It has the capability to not only authenticate identity, but to authorize access and maintain a secure infrastructure for electronic health information. This is a very effective solution for data privacy, since the data is held by the user in their blockchain digilocker. The user can provide consent to share their data and the receiver is able to utilize the data they receive only for its intended use.

In this regard, Blockchain technology would be able to provide a more efficient way to exchange data between hospital systems, resulting in greater efficiency. Increasing efficiency could lower costs for healthcare systems and provide more accurate diagnostics for patients. Data like drug origins and clinical trial data can be analyzed using blockchain technology, helping hospitals determine drug dosage and quality, while ensuring clinical trial data is accurate.

Robert Grinberg, CEO of Life Clips, said, "Web3.0 is characterized by internet services and mobile apps rebuilt on decentralized blockchain technology. Emerging technology like cryptocurrency, DAOs, digital assets like NFTs, and the metaverse rely on blockchain-based digital assets. When we don’t own our data, it means that our data can be sold or used against us. Also, if we don’t own our accounts, they can easily be closed for whatever reason. Moving forward, we will own our data, and have free permission to use it and to pay for assets. This is a step towards personal freedom."

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.

For Media and Investor Relations, please contact:

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FAQ

What is the BelYo platform launched by Life Clips (LCLP)?

The BelYo platform is a decentralized application that manages healthcare data, initially focused on COVID certificates and now expanding to a broader range of healthcare documentation.

How does blockchain technology benefit healthcare according to Life Clips (LCLP)?

Blockchain technology enhances healthcare by providing secure patient data management, improving interoperability, and protecting against data breaches.

What is the market outlook for blockchain in healthcare?

The global blockchain in healthcare market is expected to reach USD 1.19 billion by 2028, with a CAGR of 61.3%.

What are the key features of the BelYo platform from Life Clips (LCLP)?

Key features include secure data sharing, patient control over data access, and compliance with KYC regulations.