Launch of KYC compliant Blockchain – Belrium
Belfrics Group, a global blockchain technology firm that runs Fiat-crypto exchanges and blockchain development solutions across 10 countries, announced the global launch of Belrium Mainnet – a first of its kind KYC compliant blockchain on December 24, 2018.
Belfrics is globally headquartered in Kuala Lumpur and has its development center in Bengaluru, India.The company was created in 2014 by a group of entrepreneurs who envisioned the opportunities and benefits of blockchain based solutions for the global markets.
Belrium 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. 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.
CEO & Founder of Belfrics, Praveen Kumar said at the launch, “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 whilst Belrium, has been gaining traction silently due to its unique private and public combination blockchain.
Santhosh Palavesh, the Chief innovation Officer of Belfrics Group commented, “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. 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.”
Belfrics is also releasing two Dapps on the blockchain, a certificate issuance Dapp and a payroll Dapp. Praveen added, “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.”