In this paper, I propose a set of ideas to explain the phenomena of life and consciousness in the universe and their relation to the interpretation of quantum mechanics. Consciousness is described as a result of specific dynamical configurations of matter and fields aided by fundamental properties of nature proposed in this paper. First, I review the various theories of consciousness in current literature and come up with various hypotheses, definitions, and propositions to build a physical theory of consciousness. I introduce the concept of interaction binding of consciousness and discuss in detail how the brain gives rise to consciousness. I propose three sets of postulates on the physical foundations of consciousness from a quantum general relativistic background using the Quantum General Relativistic Framework, 5 proposals to understand time and reduction. A Quantum Reduction Free Will Equivalence Principle is discussed to link quantum reduction to conscious free will. I discuss the potential possibility of retrocausal effects on consciousness-influenced reduction probability. I discuss the concept of conscious being as a more general concept than conscious identity, as separate from conscious content, and its nature. I introduce the concept of classicum as an analog of the quantum, and discuss its relation to consciousness. I discuss mathematical measures to calculate the complexity of harmonic relational structures. I put these together in a set of propositions on the nature of consciousness and its relation to the nature of quantum phenomena. I discuss a mathematical model of interaction binding, and free will. I discuss theory and experiments to verify these