Belfrics Group, a global blockchain technology firm that runs Fiat-crypto exchanges and blockchain development solutions across 10 countries, today announced the global launch of Belrium Mainnet – a first of its kind KYC compliant blockchain.
It aims to offer companies a secure, private, personalised and decentralised ecosystem that aims to minimize the repetition related to KYC compliance, saving considerable time and cost. It 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.
On the successful launch of the Belrium blockchain, the CEO & Founder of Belfrics, Praveenkumar said, “We are extremely delighted to see the mainnet go live. It has been an eventful year for Belfrics and the Belrium blockchain as we focused on getting governments and regulators to evaluate the strength and capabilities of our blockchain, rather than worry about the value of the instrument. Various national IDs, land records, universities, banks and charity organisation will soon be doing live transactions on Belrium blockchain. 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.”
Public blockchains have traditionally struggled in terms of adoption with various regulators due to its nature of anonymity. Belrium, on the other hand, has been gaining traction silently due to its unique private and public combination blockchain. Santhosh Palavesh, the Chief innovation Officer of Belfrics Group said, “We have been constantly evolving the capabilities of our blockchain to align with the practical use cases of various industries.
Belrium blockchain will have various national government transactions riding on our infrastructure in 2019 and 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.”
Along with the mainnet going live, Belfrics is also releasing two Dapps on the blockchain, a certificate issuance Dapp and a payroll Dapp. Praveen said, “These Dapps will give an easy access to small and medium enterprises to experience the capabilities of the distributed ledger technology within their business domain.”