Belfrics Group Launches Mainet Of KYC Compliant Blockchain Belrium

Announcements, Blockchain, News | December 26, 2018 By:

Blockchain firm Belfrics Group has announced the global launch of the Belrium Mainnet – a know your customer (KYC) compliant blockchain platform.

Headquartered in Kuala Lumpur, Belfrics is a blockchain company that runs a fiat-currency exchange and blockchain developments across 10 countries, including Singapore, India, and Kenya. It was created in 2014 by a group of entrepreneurs who envisioned the opportunities and benefits of blockchain solutions for the global markets.

Belrium aims to empower individuals and businesses with “the world’s smartest KYC integrated enterprise grade blockchain solution.” The solution is designed to facilitate on-demand, secure and low cost access to KYC verification services via the blockchain, such that background and personal information verification checks will no longer need to be undertaken from the ground up every time.

“Belrium is unique in this context as it enables businesses and enterprises to not only reduce the customer on-boarding time but also simplifies the compliance process by eliminating the need for repetition,” Belfrics said.

In addition to the mainnet going live, Belfrics is also releasing two decentralized apps (Dapps) on the blockchain – a certificate issuance Dapp and a payroll Dapp. These Dapps will reportedly give an easy access to small and medium enterprises (SME) to experience the capabilities of the distributed ledger technology within their business domain.

Praveen Kumar, CEO & Founder of Belfrics, said that the Belrium blockchain will focus on getting governments and regulators to evaluate the strength and capabilities of the plaform, rather than worry about the value of the instrument.

“Various national IDs, land records, universities, banks and charity organization will soon be doing live transactions on Belrium blockchain,” Kumar said. “Our Belfrics Exchange itself is the first user of the Belrium blockchain as the traditional KYC verification system of the exchange will be replaced by Belrium blockchain verification.”

Santhosh Palavesh, Chief innovation Officer of Belfrics, said that public blockchains have traditionally struggled in terms of adoption with various regulators due to its nature of anonymity.

“We have been constantly evolving the capabilities of our blockchain to align with the practical use cases of various industries,” Palavesh said. “Belrium blockchain will have various national government transactions riding on our infrastructure in 2019. Belrium does not process any unverified wallet transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System) acts as the identity verifier for the wallets. We are the only blockchain to have a stringent financial framework which ensures data security, which is extremely crucial for government authorities.”