KUALA LUMPUR, Malaysia, 24 December 2018 / PRNewswire / – Belfrics Group, a global blockchain technology company that manages trade in Fiat cryptocurrencies and blockchain development solutions in 10 countries, today announced the global launch of Belrium Mainnet, a first KYC-compatible blockchain. Belrium intends to offer companies a secure, private, personalized and decentralized ecosystem that aims to minimize repeat compliance related to KYC, saving time and considerable costs. Belrium is unique in this context as it allows companies and businesses not only to reduce customer onboarding time, but also simplifies the compliance process by eliminating the need for repetition.
On the success of Belrium's blockchain launch, CEO and founder of Belfrics, Praveenkumar said: "We are extremely pleased to see the mainnet live: it was an eventful year for Belfrics and the Belrium blockchain, while we focused on getting governments and regulators to assess the strength and capabilities of our blockchain, rather Worrying about the value of the different National IDs, land registry documents, universities, banks and charitable organizations will soon make real-time transactions on the Belrium blockchain. Our Belfrics Exchange itself is the first user of the Belrium blockchain because the traditional KYC verification system exchange will be replaced by verification blockchain of Belgium. "
Public blockchains have traditionally suffered in terms of adoption with various regulators due to their nature of anonymity. The Belrium, on the other hand, is quietly achieving traction thanks to its unique private and public combination blockchain. Santhosh Palavesh, Belfrics Group Chief Innovation Officer, said:"We have constantly evolved the capabilities of our blockchain to align with cases of practical use of various sectors: in 2019 the Belrium blockchain will have various national government transactions on our infrastructure.Belrium does not process any unverified portfolio transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System), acts as an identity checker for portfolios.We are the only blockchain to have a rigorous financial framework that ensures data security, which is extremely crucial for government authorities ".
Along with the live mainnet, Belfrics will also release two Dapps on the blockchain, an issue of Dapp certificates and a Dapp on wages. Praveen said,"These Dapps offer easy access to small and medium-sized businesses to experiment with the functionality of ledger technology distributed within their corporate domain".
Globally based in Kuala Lumpur and having its development center in Bengaluru, India, Belfrics is one of the leading blockchain technology companies that manages fiat currency exchanges and blockchain developments in 10 countries. The company was created in 2014 by a group of competent entrepreneurs; who imagined the opportunities and benefits of blockchain-based solutions for global markets.