All Posts By

lalaworld

Announcing Arax a Message from CEO Sankalp Shangari

Dear Community,

We have received an awesome response to our recently launched Universal Crypto Wallet called Arax. It has been months in the making, and the end product has come out fantastic. We are super excited to hear more from the community itself.

Read more…

Why Arax?

We believe that is the first question that comes to everyone’s mind.

To understand why we are doing Arax, we need to look back at 2018. It was a real roller-coaster year for everyone involved in crypto. With lots of hits and misses, what we learned from 2018 crypto market is now helping us reshape our focus for future.

The Lows of 2018

    1. Too many products at the same time – With our willingness to change the world for better, we dwelled into a lot of financial and Blockchain products simultaneously. The market wasn’t ready for all these developments at once.

    2. Audience & Adoption – The crypto winters led to a cold sentiment for a large percentage of the audience towards a crypto-based product. We are continuing to impart right education for global crypto adoption and the process will only grow larger with time.

    3.Regulations – With the continuous hustle in market against cryptos, regulations for licenses changed over time, making it rather a troublesome task to get license across geographies.

    4. Partnerships – We could not leverage our abundant partnerships as much as we would have liked to.

LALA began with the vision to create a world where everyone would have access to basic financial services. However, 2018 crypto market had a different plan with continuous ups and downs, changing the scenario completely. We built numerous products in anticipation of market pick up and adoption, but we could not release or were out on back burner with ever-changing market. These ups and downs made us go for last minute changes, resulting in burning more funds. Adding more to pre-existing features resulted in delays and costs, leaving organizational environment chaotic. However we realised we need to change our approach in September last year and starting working and brainstorming on a new plan.

 The Highs of 2019

   1.We continue to work dedicatedly towards the success of LALA in spite of turbulent and ever-changing market conditions.

2. Since market is still evolving and there is little clarity – be it on adoption or regulation or technology itself, we want to focus on three prime things this year:

  • User adoption – Focus on getting as many users on board LALA & Arax. It has been a daunting task in 2018 with dwindling markets, but we believe that with this renewed focus, we will do better.
  • Partnerships – We want to focus on partners and their services to integrate them into our wallet. Let the users speak what services they like. Please shout out to myself or any team member if you think a partner can be helpful to us for mass adoption.
  • Audience focus – Crypto friendly countries to begin with, where user adoption is quick, and the community is more or less educated about crypto.

    3. Hiring – Unlike many other projects, we are still hiring to place extremely talented individuals across our offices – Singapore, India, Dubai, Malaysia and SF (opening in summer)

4. Multiple LALA Token utilities – Our focus shall be again to build out those utilities with partners and gain more user adoption. We intend to focus on LALA Token as a prime medium for transactions within the wallet. There will be multiple features, products and announcements for same in coming weeks and months.

Coming back to Why Arax

 With time, we are growing our expertise in Blockchain and the team is delivering products throughout. Seeing the market turmoil of 2018, and experience talking to other players, we believe:

    1. Apps vs Dapps vs User Adoption: Success of service companies like exchanges, or protocols like ETH has been largely due to user adaptability as the need of the hour (fiat to crypto or crypto to crypto exchanges) or human behaviour (Crypto Kitties, ICO, DAI etc). At the end of the day, the key to success is user base.

    2. Crypto Wallet as a Product: We thought long & hard and could’ve focused on either building yet another protocol or an infra play for mass populace. We tried to build local infrastructures in many markets in 2018, but people and regulators are not ready in these markets yet – especially for a full-blown financial ecosystem. So, the focus is wallet business.

    3. LALA Fiat Wallet: LALA wallet of 2017/18 was a Fiat-based wallet with some crypto features. We engaged this route due to regulations and adaptability. Unfortunately, markets didn’t evolve that quickly and price depreciation of crypto did not help. With particular attention to Fiat, we started losing our focus on Blockchain. Hence Arax – a Universal Crypto Wallet, while LALA continues the Fiat route.

    4.Technology Company First: We want to focus on Blockchain tech and our prodigy is our crypto wallet. Our USP is going to be to integrate as many important partners (prioritized as per demand).

    5.LALA Token Adoption: With every partner, and every service in Arax Wallet, we shall focus on LALA as key adoption component, through transactions, referrals, rewards, loyalty points, etc.

    6.Distinct Advantages: Now there are a lot of Crypto Wallets and we are aware. However, we have some distinct advantages in Arax available on launch and more coming soon

  • Multi-Currency Support – Over 12 Coins available at launch, which took us months to

integrate, including Ripple, Stellar, TrueUSD, Litecoin etc, are not there in most of the wallets available

  • GPS enabled transactions – Nearby Arax users can pay to each other using crypto instantly
  • Crypto to Crypto exchange enabled
  • Free transactions*
  • Recharge your prepaid phone and utilities via crypto in 150 countries
  • News and Analysis
  • Focus on partners, over 15 partners that could be integrated for different services in the future
  • Trading Signals
  • Kiosk Payments
  • Gift Cards
  • Fiat to Crypto
  • Retail offline as well as online usage
  • Loyalty Rewards – LALA Loyal Points
  • Several other features to be regularly announced

As quoted by Sir Albert Einstein “Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.”, we are not going to stop exploring the possibilities, questioning the outcomes and delivering sustainable results.

For bringing positive changes to the masses has always remained our vision. We will strive and stride to achieve the same. All we require is continuous support and trust of our community, while we build solutions that add value to the industry and address the challenges of the community. The year 2018 has taught us a lot and year 2019 marks the implementation of our experience.

Thank you!

Best,

Sankalp Shangari

CEO & Founder LALA World

LALA Loyalty Rewards for LALA World Users

To LALA World App Users

Letting go of a good thing today will bring you something better tomorrow!

That tomorrow has finally arrived for all the LALA World App users today. We have an awesome surprise in store for you. In this week of love, we have decided to express our gratitude by bringing you a product that holds the power to address challenges crippling the crypto community and more. We have thoughtfully named it – ARAX, after the perennial river of Albania that maintains its flow round the year. We expect our wallet to have the same effect in the lives of our users.

Now for our loyal LALA users, we have designed a Special Loyalty Campaign that’ll further incentivise your adoption of this universal crypto wallet – Arax.

On your transitioning from LALA World App to Arax Wallet, each user will be rewarded with 500 LALA Tokens. All you have to do is share your previous LALA ID and the new Arax ID after you download and register on Arax, with us at https://goo.gl/EuiVAd and we will credit this assured reward in your Arax Wallet.

Please Note: To receive your LALA Tokens you have to create a new LALA Token Address in Arax. The old LALA wallet addresses will not be entertained.
The surprises don’t end here! Once registered on Arax Wallet, will also make you eligible for our weekly give away campaign having 1 million LALA up for grabs, where 100 lucky users will receive 2000 LALA Tokens each, every week.
We are sure that this must have got you all excited and ready for this new experience with our all new seamless Arax App.
Cheers!

Your Universal Crypto Wallet is Here – Flow “Free Will” with Arax

After endless coffees helping us go through long and exhausting nights, we at LALA World can’t contain our excitement to make our next big announcement marking the commencement of our festive celebrations. We introduce to you a product that holds the power to address challenges crippling the crypto community and more. We have thoughtfully named it Arax, after the perennial river of Albania that maintains its flow round the year. We expect our wallet to have the same effect in the lives of our users.

For the guesses that our community made, many of them hit the bull’s eye, as Arax is a crypto wallet. But hold on, it is not just a wallet that would hold LALA Tokens, but has a lot more in the bag to serve the purpose.

Here is what we bring to you in our beta release of Arax.

1. Near By

Now with Arax you can send cryptocurrency to a friend or family member nearby. It brings you the real convenience of sending crypto instantly via GPS to nearby Arax Wallet Users without any fee.

 

2. Multi-coin and Multi-asset Support

Arax natively supports 12 different types of tokens and coins, making it one of the most versatile wallets in the industry, as well as, the most convenient one. New coins will keep on adding with time through community voting. Here is the list of supported cryptocurrencies and we intend to add more coins every week via community vote on the official Arax website.

3. Money Transfer (coming soon)

Waiting to send and receive money overseas is a thing of the past. With Arax, send funds to your friends, family and business associates using your cryptocurrencies in a swift, cost-effective and secure manner. This has taken a lot of work in the background.

4. Utilities

Arax enables you to utilize the true potential of cryptocurrencies by offering utilities. You can now make mobile recharges, pay phone and utility bills via crypto using the wallet in over 140 countries. Try it to believe it, how seamless this is.

Our Expected Timelines

While we are going beta today, this is how we plan to take the things forward:

  • Arax iOS Beta release by March 2019
  • The Android Beta App update by end of March 2019
  • Arax Wallet Web App launch by start of Q2 2019

Public Beta Testing, Our Expectations

“As the crypto market steadily makes an upward trend, we believe that ARAX is going to revolutionize the way people use Crypto.”  – Sankalp Shangari

The ARAX team is sparing no effort to deliver a user-friendly and secure wallet. This is our best foot forward for mass adoption of crypto currencies. We aim to bring a positive change to the crypto market by addressing its challenges. In this beta release, we would like to give a shout-out to everybody to participate in further development of this new age universal wallet.

From LALA to Arax

With Arax, LALA World establishes that it is 100% crypto-focused. LALA is channelizing all its energies and efforts to build Arax into one of the most competitive products in the crypto space to look out for and later support features like Dapps, newer blockchain integrations, trading signals, remittance, star ratings & in app loyalty rewards, online payments, staking of coins, kiosk payments along with a new iOS & web app and more, as we move into new geographies.

Arax is the first installment from LALA World to make cryptocurrencies a globally accepted phenomenon. This project works in-line with the company’s aim to facilitate financial access to the masses. Arax will enable the same by providing the ease of access to funds, surpassing borders and boundaries by leveraging the true power of cryptocurrencies.

Team LALA welcomes you to experience Arax: Your Universal Crypto Wallet.

Cheers!

Solution to Drug Counterfeit

Medicine has been more than a synonym to the assurance of healing. Have a fever? Here is a paracetamol tablet. Have allergies? Here is a dose of cetirizine. Administering pills have always served the purpose of alleviating diseases. These life-saving drugs are not affordable for everyone, especially those which are from famous pharmaceutical companies and come with a heavy price tag.

The Cost-Effective Bypass

The purpose of medicines is to save lives, but the big pharma companies have made a business out of this. They end up charging hefty amounts in return of fixing diseases. This is where the role of generic medicines comes into play.

A generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. These similarities help to demonstrate bioequivalence, which means that a generic medicine works in the same way and provides the same clinical benefit as its brand-name version.’, as defined by the FDA.

It implies that generic drugs offer the same functionality as the mainstream branded pills, but cost mere pennies.

Life-Saving  Drugs or Life Taking Drugs

All thanks to the greed of humans, the medicines administered in the belief to save lives, at times turns into life-consuming drugs. As per the report of WHO, 1 in 10 medical products in developing countries is substandard or falsified. This means medicines have no or wrong active ingredients, or presence of chalk, cornstarch and potato, instead of medicinal salts. And the result of consuming these medicines is the death of millions of people every year. Out of these millions, over 7,00,000 deaths are attributed due to fake drugs for tuberculosis and malaria alone.

Counterfeit Drug Accidents (2015) Source

While greed is the cause of all these deaths, the horrifying reality is the fact that both generic and innovator medicines are falsified. These falsifications range from the most expensive cancer drugs to cheapest painkillers.

The Criteria of Risk

People now are skeptical of buying branded medicines, due to the counterfeit drugs out in the market. And when it comes to generic medicines, it is generally a big no.

A heap of Counterfeit Drugs being destroyed in China.

Not only the developing countries, the counterfeit drugs have also plagued countries like North America and Europe as well. The problem of fake drugs is growing and gradually engulfing people across continents. With the interconnection of the world through internet, today the sinister are powerful than ever, connected and having access to the global market place.

Is there a solution?

While corruption lies in almost every economy, the pharma supply chain is crippled by its loopholes ans lack of supervision. This lack encourages sinister to tamper with the chain and introduce counterfeit material. These include the addition of adulterated material in the salt combination, replacement of salts during manufacturing, swapping drugs during transit and more.

The disruptive Blockchain technology presents a foolproof solution to this recurring problem. Here is how:

Securing Traceability: The counterfeit of drugs is mainly due to the loopholes in the traceability aspect. Furthermore, it is rather near to impossible for all participants to access the information, considering the silos of stakeholders that they work in. Blockchain offers a closed ledger system, enabling trustless exchange of information between peers and keeping them up to date with the status of all their consignments. With Blockchain is the system, the identification, tracking and tracing of medicines can reach up to the level of a single tablet.

Drug Counterfeiting Prevention: The integration of Blockchain in pharma supply chain will bring the required transparency to the network. Leveraging the trustless attribute of this technology, all the stakeholders will be able to trust the information shared on the ledger, with no option to tamper with the data. Integration of Blockchain in track and trace will arrest the introduction of counterfeit medicines and additives.

Data Integrity: Reiterating on the fact that the data recorded on Blockchain is immutable in nature, the transactional data of the medicines and its related records will become tamper-proof with the introduction of Blockchain, to prevent data from being compromised.

Smart Compliances: Blockchain based smart contracts will facilitate healthcare regulators and stakeholders to be at par with the set compliances.

The underlying technology of Bitcoins holds the potential to change the world for better and this is one of the major use cases, where Blockchain will prove extremely beneficial. Its incorporation will help masses to believe in the authenticity of generic drugs, saving lives and alleviating diseases.

A New Year Letter of Gratitude from CEO, Sankalp Shangari

Am I a better person this year and are we a better company this year? This is what I have been thinking as 2018 came to an end.

2018

2018 has been one roller coaster year. Every year, I sit back and reflect on hits and misses, what went our way and what we could have done better. One thing is certain, we have matured this year, both professionally as well as personally. Not only LALA, friends or colleagues, but personally this year has brought a lot of insights about life, family, work, discipline and working smarter. I want to wish each of you and your loved ones a healthy and happy 2019. Also, in the following paragraphs, I wanted to share some thoughts on what we achieved, where we went wrong and what is in store for 2019 and beyond.

2018 has all been about going out and building. A great challenge from the beginning, especially when you are working on several products at the same time. Each country and region had its own set of problems – regulatory and culturally. We underestimated some and made some mistakes. Employees, resources, stress, were all stretched to the limit. While there was a huge influx of investors, partners, real users, community members who are all willing to support this noble cause early on in 2018, but with markets wavering down and prices falling off the cliff, everyone is taking a cautious approach. Probably, we bit much more than we could chew, but we carried on strongly. Consequently, we are a step closer to our goal of providing financial access to the masses. However, not all products have had the same fate as we anticipated. Crypto regulations in different regions were not as easy to navigate as we had anticipated. Crypto markets in general had a tough year, which led to many negativities in the market. Governments were largely not supportive and several other factors which were hard to anticipate in beginning of the year.

2019

Consequently, we had to experiment several times before we found our mojo. The focus now is very clear – we want to bring financial access to the masses using Blockchain and crypto in our wallet. Since we are restricted by regulations, we are also going to separate our fiat and crypto wallet to concentrate on building crypto products that everyone can use with ease. With that, we shall be launching a brand-new wallet in January and you shall hear more about that very soon. This is so far our most advanced wallet with most comprehensive features in coming months. Of course, LALA token and users would be the most benefices of this new wallet.

While crypto currency markets have been evolving, and we all cryptoites have progressed a lot, there is still a long way to go for mass adoption of cryptocurrencies in general and financial products in specific. We are building a future where financial transactions are accessible to the masses, but adopting and educating these masses has been a challenge, least to say. However, with the launch of new wallet and services, we want to be prepared. We also believe that gradually the world will move to decentralised products / dApps. To that note, we are always looking for services and products that can gradually create that.

Themes

In the end, we are crypto people and as we reflect back in 2018, we see some major themes that could transform tech and society as we know it. While, prices of crypto took a big hit, trust in this trustless system grew abound with more adoption (albeit slower due to market conditions), governments doing what they best do (Trump and Brexit being classic examples), developments like crypto kitties, lightening networks, hardware adoptions, more experimentations with other consensus mechanisms, the underlying strength and number of transactions picked up. All in all, it was a difficult year for everyone in crypto, but the mistrust in big tech like Facebook and government in general represents a humongous opportunity for all of us. This is a huge opportunity for everyone involved in crypto and we are preparing ourselves for this massive shift in society.

Specific Work Goals

While markets are constantly changing, we are trying to keep up. Meanwhile, we would like to share with you some exciting plans we have in store for you in 2019:

o Our focus for now is going to be crypto friendly nations till regulations are much clearer.

o Starting with our wallets and products and services, we are actively looking towards decentralised Apps and products.

o We will continue to grow our partners as we strongly believe we cannot do this alone. Partnerships will become our strength, as we leverage on existing infrastructures.

o More local level community engagement and helping out the needy will become our priority.

o Customer service and enhanced security of our clients will take another leap, as we have some very exciting announcements ahead.

o Additionally, an effort to grow our operations in some developed nations will also increase since most families send their loved ones to live, work and study there, starting with the USA.

Specific Life Goals

Personally, this has been a great learning year for me. I want to emphasize that in pursuit of achieving all our success, let’s not forget that health and family matter the most. Spend time on both. This is your number one priority. I have missed on both this year, but not in 2019. I wish the same for all of you. Meanwhile, work hard and don’t forget the following:

o do not respond to negativity – makes you more negative

o give without expecting a get – give first

o discipline is much more important that motivation

o read more, less Facebook, less twitter

o promote others & good work

o do not try to sell, instead educate – your product will sell itself

o tone of voice matters – stay humble

o connect people & network like hell

o choose kind over clever – integrity is all that matters in the end

May 2019 bring joy, peace, and prosperity to you and your families, and to billions of unbanked across the globe. May it be the year of hope and a better future for all of us.

With love and gratitude

Sankalp Shangari

LALA World

Why Blockchain for Sending Money Across Borders?

Akbar works for a construction company in the Middle East for 60 hours a week. He toils all month and manages to save $30 to send home in Pakistan. He heads to his nearest money transfer agency and finds out that they charge a fee of $5. The remaining amount reaches Pakistan but he has got to pay another $5 to other agents for it to reach his hometown. And when the remaining $20 reaches home, the meagre amount remains futile.


This is the story of every employee who works for a meagre income, only to send a portion of their salary home. But, the sad reality is that a large chunk is taken up by middlemen and third-party dealers.

Trusting Financial Institutions is a Risk to be taken without a choice

In many instances, financial institutions, money exchanges and banks have disrupted the system and lagged in serving the public. The number of scams that financial institutions have been involved in is numerous. The famous US housing mortgage crisis, Saving and Loan Scandal, Kingfisher Airline Scam, Nirav Modi Scam are just a few from the exhaustive list of scandals that involved financial institutions. These middlemen have tampered with the system despite regulations laid down by the ruling bodies. The trust factor has been drastically affected, but the public doesn’t have any other option open to them. According to Financial Action Task Force (FATF), Remittance & Foreign exchanges use fees for undue purposes such as terrorist financing, thus misusing the hard-earned income of workers.

Money Exchanges and Banks charge a substantial fee for fund transfer and other services

Ironically, the financially backward population who are in dire need of services to transfer funds abroad, are the ones who are charged the most. The number of charges while transferring funds include the margins on the exchange rate, incoming fees, outgoing fees, international fees, bank to bank fees, fees by transfer amount etc. The lower income group find it extremely difficult to send money abroad without shelling out an extra buck apart from their savings. Rates vary from country to country, while the global average is approximately 7%. Even if the fees have shown a downward trend, these charges still do not remain nominal.


Identification Issue that is ailing in the current scenario makes transfers nearly impossible
According to the World Bank, 1.1 Billion people in the world do not have IDs. War-torn nations, plagues and no access to governance have created a large population of people who flood to different countries for a better life, with no identities. These include immigrants, overseas workers and undocumented. The money they earn either cannot be transferred or are transferred through illegal means, that charges twice the average.

Blockchain can resolve these issues and make identification and transfer easier at a lower rate

Blockchain technology is used for remittance of money from one country to another for less than a rupee. Currently, actual payments are disbursed from one bank to another after checking the sender’s balance. The transfer is initiated only if the sender has enough balance in their account.


Using Blockchain, the process has a stark difference from the traditional methods, as there are no middlemen involved. The only fee the user must pay is the network fees. In this method, the sender initiates a money transfer to the receiver. The Blockchain converts them to cryptocurrency and sends it to the receiver. Once the receiver has received it, these cryptocurrencies are liquidated. In this scenario, there is no actual transfer of funds or disbursal to the receiver. The transactions are recorded over a Public Blockchain with a timestamp.


With this inexpensive method of money transfer, more foreign exchanges can enter into the system, eventually leading to a global market where trading is continuous and stabilizes the system. But this utopian future is possible only with the mass adoption and usage of Blockchain.

LALA World welcomes ‘AVP Marketing’ – Dr. Chitral Patel

lala-world-welcomes-avp-marketing-dr-chitral-patel

LALA World understands the value of incorporating good marketing strategy in taking an organization to new heights. Weare experiencing tremendous joy to announce the addition of another member to our LALA family who will help us achieve the same with her expertise- Dr. Chitral Patel.

She has joined LALA World as Assistant Vice President of Marketing and will be responsible for developing robust and successful digital marketing strategies to achieve our business objective. She further will be taking care of market research for product generation and developing marketing strategies.

Prior to her joining, Dr. Chitral was rendering her services as Digital Marketing and Growth Officer in Zebpay, India’s leading cryptocurrency exchange. She has also served as the Head of Digital Marketing for 2 years at Alanzo Management Services. Dr. Chitral has over 8 years of experience as a marketing and business professional and holds extensive knowledge of cryptocurrencies and the Blockchain industry.

She has played an integral role in developing and launching numerous ICO projects successfully. Her ability to establish long-term valuable partnerships for mutual success has made her a preferred Marketing and ICO consultant. Her expertise in developing unique and effective strategies in E-mail marketing, Search Engine Optimization (SEO), Search Engine Marketing (SEM), Social Media, Online Reputation Management (ORM), Video Marketing, and App Marketing equips her to reach a wider audience.

Dr. Chitral completed her graduation in Bachelor’s in Physics from St. Xavier’s College and got her Master’s in physics degree from Gujarat University. She completed her MBA in Marketing from LDRP Institute and Ph.D in Marketing Management from Kadi Sarva Vishwavidyalaya.

LALA World is blessed to find such bright minds with great zeal to learn and put their acquired knowledge into practice.

To stay updated on the latest happenings & product news,
Join our Telegram community here – https://t.me/LaLaWorld

We want to thank you all for your continued support and hope that with our latest announcements, your confidence in us and our initiatives will only grow.

CAN BLOCKCHAIN ERASE HUMAN TRAFFICKING OFF THE EARTH?

human trafficking

Eyes full of Hopes and Dreams

It was half past nine on a cold winter night, when Shaheen left her premises seeking refuge. Her alcoholic father was a mason who spent half of his daily earnings intoxicating himself. Her mother lost her life when Shaheen was three while giving birth to her younger brother. Since then, the rage of her abusive father grew day by day. The 14-year-old Shaheen sought to find a place in the glamorous world of fashion while living in vain.

She left for Mumbai and while searching for opportunities, met a woman named Begum. The woman promised her a gig with a leading agency.  But, turned out that this ‘agent’ was actually a ‘pimp’, who lured her into prostitution. Without an identity or a place to go, the red-light district has been her home for the last ten years and she still has found no escape.

Shaheen is one of the 1 billion people in the world, who live but don’t exist in the ecosystem (According to the World Bank).  Mind you, the 1 billion is only an understated estimate. The number of this unregistered population is unknown even today. Of this 1 billion, nearly half of the population is below the age of 18. Without an identity, these people are unable to travel legally, get an education and are eventually robbed of their freedom and life.

The Bitter Reality

Child prostitution and trafficking have thrived primarily in third-world and war-torn countries because of the weak legislative laws, unsecured borders and deep-rooted corruption. Child traffickers use fake identification documents to transport young people across borders for forced participation in illicit activities including sex trade, labour, illegal human organ trade, begging, drug supply etc.

Solutions

Many nations have made efforts to curb this situation. Post-Soviet Estonia was the first country that decided to put an end to the chaos by centralizing data of their citizens. India has got 93% of its population registered through a program by the name,  Aadhaar. However, this data is held on centralised servers secured by technology that is prone to hacking. To resolve such issues revolving around security and impermeable data, decentralization through Blockchain is now being implemented by different platforms to address the challenges.

How Blockchain can Provide Identity

The unbanked population has no identification document making them vulnerable and easily exploited by traffickers. With a hope to cross borders and start a better life, they fall in the charades of traffickers disguised as ‘agents’ for creating IDs, ending up in a mess.

A ‘virtual identity’ of a person is created on Private Blockchain using unique biometric information such as a fingerprint or iris scan. The information saved on the Blockchain is immutable and cannot be forged. So, traffickers transporting victims across borders cannot tamper with this information or change the victim’s identity. The individuals are able to prove their identities using information on the Blockchain that is secure and unchangeable. The use of physical documentation that can be easily modified is eliminated.  Every individual has control over their identity and life. Moreover, as Blockchain is a borderless technology, identification documentation and tracking can happen anywhere in the world. The following initiatives taken by various organisations prove that a crimeless future is gradually becoming a reality.

UN’s initiative to end Child Trafficking through Blockchain

The United Nations (UN) has partnered with World Identity Network (WIN) to develop a Blockchain identity pilot aimed to help curb child trafficking. The pilot involves collaborations from the United Nations Office for Project Services (UNOPS) and the United Nations Office of Information and Communications Technology (UN-OICT) to combat human trafficking.

Battling to gain an identity for herself during her early years, Dr. Mariana Dahan, Co-founder and CEO of WIN believes that securing data on an immutable ledger will make trafficking attempts trackable. Blockchain will address this global issue and potentially save millions of children.

Moldova to implement Blockchain to resolve Child Trafficking

Since Moldova became independent from the Soviet Union in the early 1990s, the widespread poverty and disappointing standards of living have led to the rise in child-trafficking. Hundreds of children have been trafficked to Russia and the Middle Eastern countries to work as sex slaves.

The Government of Moldova decided to collaborate with U.S. based Company, ConsenSys to tackle this menace. The collaboration aims to provide a digital identity to the citizens by using the Blockchain network. The digital network aims to store the identity of every individual in a distributed ledger of a Blockchain, along with the information of their relatives. The aim of the scheme is to maintain a digital database for children, which cannot be tampered or hacked into. The Blockchain is the most adept platform for storing such information

Conclusions

The practical application of Blockchain in combatting social vices like human and child trafficking is feasible and sustainable. However, Blockchain initiatives require the cooperation and collaboration of numerous parties in order to achieve meaningful success. It requires dedicated efforts and integrity from every participant to resolve these ailing issues. With due diligence, Blockchain technology has considerable potential to curb child trafficking and modern-day slavery.

Can You Use Cryptocurrency in the Retail Market?

CryptoCurrencies in the Market

The Power of Fiat

When you have money in your wallet, what’s the first thought that strikes your mind? Let’s go
shopping! Well, that is exactly a thought for most of the people out there. There surely are people
who would prefer to invest or trade on behalf of that money, but what for? To make more money
and use that to live lavishly.

Arrival of Cryptocurrencies

A new type of currency forayed into the market with a goal of global acceptance. Contrary to the
previous statement, Bitcoin, based on the Blockchain technology, didn’t take the world by storm in
its initial days. It took Bitcoin quite a few years to get the fame that it holds today. The name of this
currency somehow got linked with creating crypto-millionaires, who surfed the wave of price surge
and traded this currency to reap benefits. In a similar fashion, a number of cryptocurrencies
surfaced, leading to the creation of a ‘crypto market’ that dealt in trading of such currencies.

bitcoin price 2018 Source

The Unawareness Factor

While the majority of such cryptocurrencies reached the world at large through their respective ICOs, a very few of these could actually make it to the brick and mortar stores. Every digital currency aimed at having a real-world adoption, but most of them failed miserably. Apart from the factors responsible for this failure from the company’s end, one major factor is the uninformed population. People have no clue what to do with the stash of digital currency that they hold, apart from trading it. Indeed, it is quite a fruitful way of earning benefits, yet without market-based utility and inadequate knowledge of crypto, these currencies slowly fade into thin air losing their value.

Reality of Retail Adoption

As the name denotes, cryptocurrency is a form of currency after all and hence must have market adoption, where people can actually buy goods and services through it. Many people would say that it is a far-fetched dream to use such currencies in the market, as no store would actually accept a currency like Bitcoin. Well, it is a complete myth, as there actually are not even stores, but countries that openly accept different cryptocurrencies as a mode of payments.

Singapore, included themselves in the crypto-friendly retail market by December 2013 by issuing an official statement “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.” Several cafes, art houses and restaurants across Singapore accept cryptocurrencies as one of their modes of payment.

Japan, the land of the rising sun, has remained the first mover in the domain of technology. Considering the cryptocurrencies, Japan passed a law in March 2017 to legalise Bitcoin and other virtual currencies. By April 2017, the operating cryptocurrency exchange businesses in Japan started being regulated by the Payment Services Act. Since then, it has become a common practice gradually to use cryptocurrencies as a mode of payment across different stores and restaurants in the country.

Apart from a number of countries that accept various cryptocurrencies, there are businesses across the globe taking cryptos as a mode of payment. As per the legend, back in 2010 a Bitcoin developer Laszlo Hanyecz did the first transaction via Bitcoin to prove that digital currencies worked. He paid 10,000 Bitcoins to buy 2 pizzas from the famous pizza franchise store, Papa John’s.

A 35-year-old coder, Peter Saddington, stopped by a luxury car showroom, ‘MotorCars’ of Georgia in an Audi R8 and drove back home in a 2015 Lamborghini Huracan worth $200,000 by cashing 45 Bitcoins. This mechanized monster merely costed him less than $115 as per the amount he invested for those 45 Bitcoins. Bought via cryptocurrency, this car was nicknamed as the Bitcoin Lamborghini.

things you can buy with cryptocurrency

Peter Saddington with his Bitcoin Lamborghini. Source

As per December 2018 Coinmap listings, there are 14049 venues across the globe openly accepting Bitcoins and various other cryptocurrencies for day to day transactions.

Where can i use my cryptocurrency

Source

In today’s world, you can not only shop through the retail stores using cryptocurrencies, but can travel around the globe as well. Many companies, including, Expedia, CheapAir, Virgin Galactic, aBitSky, AirTreks and SurfAir allow users to book their flight tickets through cryptocurrencies. Several other businesses, including Microsoft, accept digital currencies for their app-based purchases. And if that was not all, e-commerce portals like Amazon, Shopify and Overstock allow you to shop via cryptos, enabling users to purchase from anything to everything.

How to Pay via Crypto

There are several ways to pay for retail bills via cryptocurrencies:

  1. Smart Phones: Going in to the retail stores, you can simply use your smart phone crypto wallet to scan the QR codes and use the ‘spend’ button to make easy and secure payments. The process is as simple and easy as using fiat wallet to pay.
  2. Bitcoin Debit Card: There are a number of Blockchain based companies that offer crypto debit cards that function as the regular debit cards. You simply load the card with fiat and that amount gets converted to cryptocurrency for further payments.
  3. Invoice Address: You will find some businesses providing their wallet address in the payment section, along with Cards and Net Banking options. For making the payments, simply transfer the crypto to the said address via your wallet.

Market adoption and utility are the most important traits for any currency and with the acceptance of these digital currencies across the globe, the vision of creating a decentralised global economy is becoming clearer day by day. What are you waiting for, utilise your cryptocurrencies today!

LALAWorld Monthly Roundup: November 2018

Monthly Round-up

LALA World’s trail through November has been about re-building connections, re-aligning business strategies, developing market penetration moves and bringing a holistic growth in every sphere of the organisation.

 

Roadmap

Moving through the Crypto-winter, many of the Blockchain based enterprises are retaliating due to the negative sentiments floating in the market. LALA World with its foresightedness prepares for the sunny days, looking through the dark clouds.

 

In this quarter (December 2018 to March 2019), LALA World prepares to introduce its standalone Crypto Wallet that will serve as the one stop solution for the crypto services, including payments, transfers and lending. This wallet will facilitate the mass adoption of Cryptocurrencies and serve the purpose of enhancing utilities of LALA tokens. Read the full Roadmap here.

 

Tokyo Business Camp

LALA World aggressively took part in three phases of the Accenture powered Tokyo FinTech Business Camp, hosted by the Tokyo Metropolitan Government. Over two months of networking sessions, LALA World reached out to various brand leaders attending the event to create synergies and a sustainable connected future.

 

Flagship Acquisition

LALA World acquired First Mobile Money Limited, a UK based Remittance service provider. This business expansion move is to penetrate the UK remittance market for providing financial services that support migrant workers, refugees and the unbanked. Click here to read the full article.

 

Events

Sankalp Shangari attended the Singapore Fintech Festival 2018 representing LALA World discussing the evolution of Blockchain and emergence of its markets.

LALA World was a part of the ASEAN Summit 2018 discussing the future of the ASEAN Economy and its efforts toward greening to a sustainable growth. Sankalp Shangari, CEO and Founder represented LALA World.