Singapore-based blockchain startup LALA World has confirmed a joint development project with Bermuda-based cybersecurity firm, Verifiable Identity-Based Encryption (VIBE). The deal is in response to concerns about security in the financial exchange platform offered by the former. LALA World is in the middle of an initial coin offering (ICO) with the goal of launching a solution to unbanked and underserved individuals. It estimates some 2 billion people worldwide do not use a bank.
“Thanks to our partnership with VIBE, our current and prospective ICO investors can embrace our technology and its promise, armed with the knowledge that we are leading with security - not trying to apply it after the fact,” said LALA World founder and CEO Sankalp Shangari.
The financial ecosystem that LALA World plans to create revolves around the distributed ledger blockchain technology. Integration of biometrics is already included the company’s platform and it has secured partnerships secured with governments, cause-oriented groups and the community at large.
While VIBE is headquartered in Bermuda, it has its technical center of excellence in Singapore. VIBE is confident in its technology, which has eliminated the need for public key infrastructure (PKI). With the latter written off as a concern, the technology can accommodate blockchain on a “massive scale.”
“The certificate-less nature of VIBE’s patented technology not only eliminates the threat of man-in-the-middle attacks - as there are no certificates to intercept - its elegant authentication and key management capabilities make it highly scalable, and very easy to manage,” said Shangari.
VIBE is only too happy to help LALA World secure transactions under its blockchain as noted by its CEO, Bill Montgomery. “The entire VIBE team is delighted by the opportunity to render secure the LALA World digital platform and wallet which is so critical to this exciting company’s mission to provide financial services to the world’s unbanked. Given the nature of our business, we are acutely aware of the tens of millions of dollars that have been stolen from ICO-funded companies worldwide. I applaud LALA World for taking the steps necessary to eliminate any such possibility. It speaks to its leaders’ superior customer focus.”
LALA World’s pretoken sale kicked off on Nov. 27, 2017, according to Tech Bullion.
Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.