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 his blockchain compatible KYC kind. 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 leave to live. We focused on a year full of events for Belfrics and the Belrium blockchain get governments and regulators to assess the strength and capabilities of our blockchain, rather than worrying about the value of the instrument. Several national identity cards, land registry documents, universities, Bthe anks and charitable organizations will soon be doing live transactions on the Belrium blockchain. Our Belfrics Exchange itself is the first user of the Belrium blockchain since the traditional KYC verification system of the exchange will be replaced by the verification of the Belrium blockchain. "
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 the cases of practical use of various sectors. to have various national government transactions straddling our infrastructure 2019. Belrium does not process unverified portfolio transactions 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 guarantees data security, which is extremely crucial for government authorities ".
Together with the livenet, Belfrics it is also releasing two Dsapplications on the blockchain, a certificate issue Dapp and a payroll Dapp. 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 companiesS which manages the fiat-currency exchange 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.