Monday, April, 15, 2024 01:33:59

Belfrics Group, a blockchain technology firm, has reportedly announced the global launch of the first KYC compliant blockchain, Belrium Mainnet. Apparently, this blockchain is unique in this context as it simplifies the compliance process through eliminating the need for repetition, along with reducing the customer on-boarding time for enterprises and businesses.

Speaking on the triumphant launch of the Belrium blockchain, Praveenkumar, Founder and Chief Executive of Belfrics, was quoted saying that the company and the Belrium blockchain has witnessed an eventful year. Rather than being concerned about value of the instrument, the company was focused on bringing regulators and governments to evaluate the capabilities and strength of its blockchain.

Praveenkumar mentioned that various charity organizations, banks, universities, land records and national IDs would be conducting live transactions on the Belrium blockchain soon. The Belfrics Exchange from the company itself is Belrium blockchain’s first user as the exchange’s traditional KYC verification system would be replaced by Belrium blockchain verification.

Belfrics Group’s Chief Innovation Officer, Santhosh Palavesh, stated that the company has constantly been evolving the capabilities of its blockchain for aligning it with practical use cases of different industries. This blockchain would bring numerous national government transactions on the company’s infrastructure in 2019.

Palavesh further stated that any unverified wallet transaction is not processed on Belrium’s public blockchain. Belrium KYC Verification System (BKVS), also known as the private blockchain, acts as the identity verifier for the wallets. For ensuring data security, which is highly significant for the government authorities, Belrium blockchain is the only one having the needed stringent financial framework.

Reports also informed that along with the mainnet going live, the company is releasing two Dapps on the blockchain, a payroll Dapp and a certificate issuance Dapp. Praveenkumar added that these Dapps would provide easy access to small and medium enterprises (SME) for experiencing the capabilities of the distributed ledger technology (DLT) in their business domain.