Life Clips Inc (OTCMKTS:LCLP) Stock Gains After Getting Digital Health Record Contract from the Indian Government

Yesterday morning Life Clips Inc (OTCMKTS:LCLP) was in the news after it announced that its subsidiary unit Belfrics had managed to bag a digital health record contract from the Government of India. It was announced today that the Ministry of Health and Family Welfare of the Indian government had chosen Belfrics to issue as many as 1 million Ayushman Bharat Health Account (ABHA) IDs by the end of June next year.

Trading Data

On Monday, LCLP stock rose 11.11% to $0.0015 with more than 36.89 million shares, compared to its average volume of 15.30 million shares. The stock moved within a range of $0.0013 – 0.0019 after opening trade at $0.0014.

Life Clips Subsidiary Belfrics Receives Digital Health Record Contract from the Indian Government

The company is going to issue those IDs through the deployment of its Belshare application. The ABHA number that is going to be issued to participants will be a unique identification number and will comprise of 14 digits. It is a part of the growing digital healthcare system that is being out in place by the government.

The unique ABHA number is going to help in establishing trust so that the identity of the participant can be accepted by both healthcare providers as well as by merchants.

Due to the COVID-19 pandemic, the digital healthcare space in India has grown at a breakneck pace due to the focus on digital transformation. That has opened up a lot of opportunities for the right companies like Belfrics.

Key Quote

Satish Shekar, Founder, and CEO of YoSyn, said, “It is an honor to have been associated with Belfrics in this project. We originally started it as a Covid-19 challenge initiated by the International Institute of Information Technology, Bangalore, a research university in Bangalore, India, and Mphasis. After that, we were awarded a sandbox license from National Health Authority, Government of India. Today we have completed M1, and I am confident that Belfrics will also complete M2 and M3 in the near future.” Mr. Shekar continued, “Belfrics’ revolutionary KYC-based Belrium blockchain is capable of being a market leader in the health sector compared to competitors in the market.”