Belfrics Group launches Mainet of KYC Compliant Blockchain Belrium
The company Blockchain Belfrics Group announced the worldwide launch of the blocker compatible platform with your client (KYC) Belrium Mainnet.
Headquartered in Kuala Lumpur, Belfrics is a blockchain company that operates a fiat-currency exchange and blockchain developments in 10 countries, including Singapore, India and Kenya. It was created in 2014 by a group of entrepreneurs who imagined the opportunities and benefits of blockchain solutions for global markets.
Belrium aims to empower people and businesses to "the most intelligent enterprise-grade integrated blockchain solution in the KYC world." The solution is designed to facilitate on-demand, secure and low-cost access to KYC verification services via blockchain, such as verification of personal information and background checks no longer need to be undertaken from scratch each time.
"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," said Belfrics.
In addition to directing the mainnet, Belfrics is also releasing two decentralized apps (Dapps) on the blockchain – an issue of Dapp certificates and a Dapp on wages. These Dapps will give easy access to small and medium-sized enterprises (SMEs) to test the capabilities of ledger technology distributed within their corporate domain.
Praveen Kumar, CEO and founder of Belfrics, said Belrium's blockchain will focus on getting governments and regulators to assess the strength and capabilities of the platform, rather than worrying about the value of the tool.
"Various national IDs, land registry documents, universities, banks and charitable organizations will soon make real-time transactions on the Belrium blockchain," Kumar said. "Our Belfrics Exchange is the first user of the Belrium blockchain because the traditional KYC verification system of the exchange will be replaced by the verification of the Belrium blockchain."
Santhosh Palavesh, Belfrics Chief Innovation Officer, said that public blockchains have traditionally suffered in terms of adoption with various regulators due to their anonymous nature.
"We have constantly evolved the capabilities of our blockchain to align with cases of practical use of various industries," said Palavesh. "Belrium's blockchain will have various domestic government transactions straddling our infrastructure in 2019. Belrium does not process any unverified portfolio transactions on its public blockchain.The private blockchain, which is called BKVS (Belrium KYC Verification System), acts as a verifier identity for portfolios: we are the only blockchain to have a rigorous financial framework that guarantees data security, which is extremely crucial for government authorities ".