LALA ID — Blockchain Identities for the Next 2 Billion
While the developed world has seen most advanced technological advancements in digtising identities of individuals and corporate, identity management in developing nations is still far from reality. Change is happening, but capital controls, middlemen, infrastructural issues and political problems are preventing this change to accelerate.
LALA World and LALA ID are all about accelerating that change at a massive scale, allowing the unbanked to take control of their fortunes by taking ownership of their digital identities. Blockchain technology comes as a blessing in disguise for us. Personally, I strongly believe that blockchain can democtratize finance and identities. That is why LALA World is building an entire ecosystem to empower the millions of currently undocumented people worldwide.
LALA Wallet app, is that platform, creating an “ecosystem” for digital, payments for financial inclusion, and host of banking services, so transaction costs are minimized and direct. Because LALA ID is global and is on blockchain and inside the ecosystem of services and global aprtners, there’s no need of middlemen to perform services for you and onboarding becomes a breeze.
So Who are these Unbanked
- Migrants & refugees — From Rohingyas in Myanmar, migrants from Bangladesh, Syrian Refugees, Libyan citizens, the list is endless.
- International students — Paying exorbitant fees, working and making ends meet while studying, visa and permit issues, high remittance rates
- Inhabitants of remote islands — little access to basic amenities, let alone good financial literacy and education
- Urban homeless — even developed nations are suffering from this. NYC is inhabitat to a huge homeless population
- Farmers, micro entrepreneurs, samll time traders — suffering and being suppressed at every step. Lack of education is the prime pain point
Horrors they face due to non-identities
- Kidnapping, Slavery, Child Trafficking
- Stealing, robbery and more crime
- No Refuge in any state
- No Government help
- Denied Credit and opportunities
- Exploitation at hands of middlemen and capitalists
How is LALA ID Solving these issues
(There is a more detailed version how LALA ID works here)
- Everyone has a unique LALA ID on their LALA Wallets sitting on a blockchain. The undocumented have a chance to be a IDíed via their phones itself.
- Working with government departments and corporate implement LALA ID as a part and parcel of life. From traffic departments, to immigration, birth and death, sovereign ID's etc
- With over 25 global partners to identify and KYC' individuals based on their LALA ID alone. Say no to paper.
- Using state of the art technology, via SMS, biometrics, (face, fingerprint) and registering the data on blockchain signed by SHA256 hashed pass codes — LALA ID, m-PIN and biometric combination
- Working on ground with NGO's, charities, local communities in Bangladesh, India, Malaysia, UAE (and soon starting in 4 more)
- Gearing towards decentralised databases — there are challenges as we all know as an individual’s face or fingerprint etc has to be protected from any centralised use. Even Uber, Google and Facebook are centralised
- Incentivise the user at each step via LALA Tokens to update and share their private information — only if they allow.
Assigning blockchain identities across vulnerable populations could expose those communities to utility-based micro-economies, in which new value can be realized between community members rather than from dysfunctional governments and/or abusive trickle-down economics, particularly in states that are rich in natural resources. Establishing immutable identity could serve as the foundation for additional decentralized protocols to be implemented, solving other issues like economic inequality (the cost of being banked) and transactional illiquidity (in economies experiencing hyperinflation) via the use of cryptocurrency.
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