Life Clips, Inc. Subsidiary Belfrics To Issue University Certificates On Its Blockchain For The Indian State Of Maharashtra

Rhea-AI Summary

Life Clips, Inc. (LCLP) announced that its subsidiary Belfrics will issue university certificates in Maharashtra, India, utilizing blockchain technology. This initiative marks Maharashtra as a pioneer in adopting blockchain for educational certifications. Belfrics plans to issue 500,000 certificates in three years, starting with English proficiency courses and skill development programs. The partnership aims to enhance digital verification, reducing the process to under 10 seconds, thus minimizing fraud. Maharashtra, with a population of over 112 million, contributes significantly to India's GDP, creating a substantial market for this technology.

Positive

• Maharashtra is the first state to use blockchain for educational certificates.
• Belfrics plans to issue 500,000 certificates over three years, enhancing educational quality.
• The blockchain solution reduces verification time to under 10 seconds, increasing efficiency.

Negative

• None.

• Universities in Maharashtra State India can now verify certificates within 10 seconds
• Belfrics to onboard more than 45 universities for issuing certificate
• Currently the academic degree verification and certification process used by universities is a manual process requiring human intervention
  

AVENTURA, Fla., March 07, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced its Belfrics subsidiary will issue all university level certificates to students in the State of Maharashtra, India on the Belrium blockchain. Mumbai, India’s financial and commercial center, is the capital of Maharashtra state. This will make Maharashtra India’s first state to use blockchain for educational certificates, as well as one of the world’s largest users of blockchain based educational certificates. Belfrics partner will be Maharashtra Information Technology Support Center (MITSC), a company it announced a partnership with last month.

MITSC president, Yashwant Shitole, said, “There are 22 million students across Maharashtra state. Initially, we plan to issue 500,000 certificates in 3 years to students who will complete English Proficiency Skills this year, and another 50,000 certificates to students who will complete affordable advanced skill development courses such as cyber security, artificial intelligence, machine learning and blockchain. Each student will receive a digital file containing the original pdf of the certificate and its corresponding blockchain proof file. Our plans call for onboarding 23 state universities and 21 deemed universities that issue degree and diploma certificates. We are also in talks with additional universities who are willing to opt for blockchain based certificates for their students.”

Praveen Kumar, Founder & CEO of Belfrics Group, said, “Countries like Singapore, Bahrain, Dubai and Malta have already adopted blockchain when it comes to issuing certificates. Our partnership with MITSC is off to a great start, as we initiate this process in India, as well. Our focus is to not only to increase digitization of educational processes, but to also reduce forging of certificates, which is a serious concern for universities and other educational institutes. MITSC has decided to issue blockchain-based certificates to the universities associated with them and also to universities and other autonomous institutes across Maharashtra.”

Blockchain based certification effectively reduces the verification process for universities to under 10 seconds. Certificates could be verified by providing the unique identifier of the certificate such as transaction ID, unique exam roll number or cryptographic hash of the certificate. This will ease the verification process for the document receiver, verifying the authenticity and integrity of the certificate. Currently the academic degree verification and certification process used by universities is a manual process that requires human intervention.

Rob Grinberg, CEO of Life Clips, said, “We are only seeing the beginning of the real-world capabilities of Belfrics’ blockchain solutions. I believe we have a more advanced offering than many of our larger competitors, and a Belfrics team with the right relationships to successfully market it.”

Maharashtra is the second-most populous state in India and the second-most populous country subdivision globally. According to the most recent census data, Maharashtra has a population of 112,374,333. It is divided into six divisions and 36 districts, with the state capital being Mumbai, the most populous urban area in India. Spread over 118,809 square miles, Maharashtra is the third-largest state by area in India. Maharashtra is among the most developed Indian states contributing to the national economy with a share of 12% in the country's GDP. The economy of Maharashtra is the largest in India, with a gross state domestic product equivalent to US$350 billion.

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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FAQ

What is the significance of Life Clips' announcement about blockchain certificates in Maharashtra?

Life Clips announced that its subsidiary Belfrics will issue university certificates on a blockchain, making Maharashtra the first state in India to adopt such technology for educational certifications.

How many certificates does Belfrics plan to issue in Maharashtra?

Belfrics plans to issue 500,000 certificates over the next three years as part of its initiative in Maharashtra.

What is the expected impact of blockchain certification on verification processes?

The blockchain certification process will reduce verification times to under 10 seconds, significantly increasing efficiency and reducing the risk of certificate forgery.