Belfrics Group announces the global launch of Belrium Mainnet- a kind of KYC compliant blockchain. Belrium offers the companies a secure, private, personalized and decentralized ecosystem. This ecosystem aims to minimize this repetition that relates to KYC compliance and also saving considerable time and cost. Particularly in this context, Belrium is quite unique. It is so because it enables businesses and enterprises to reduce the customer on-boarding time as well as simplifies the compliance process by eradicating the need for repetition.
Adoption of Belrium Blockchain
Pertaining to this successful launch of Belrium Blockchain, the Belfrics CEO and founder said that they’re extremely delighted to see the Mainnet go live. Also that the they focused on getting governments and regulators to evaluate the strength and capabilities of Belfrics Blockchain rather than focusing on the value of instrument.
He also elaborated that various national IDs, land records, universities, banks and charity organizations will soon allow live transactions on Belrium blockchain. Furthermore explains that Belfrics Exchange is the first user of Belrium blockchain. As the traditional KYC verification system of exchange will be replaced by Belrium blockchain verification.
The public blockchain struggled a lot with the adoption of various regulators due to its anonymous nature. On the other hand Belrium is gaining traction because of its unique private and public blockchain combination.
The chief innovation officer of Belfrics Group, Santosh Palavesh said that they are aligning blockchain with practical use cases of other industries. Also elaborated that Belrium blockchain will process various national government transactions on their infrastructure in 2019. But, Belrium will not process any unverified wallet transaction on its public blockchain.
Dapps On Blockchain
The Belrium KYC Verification System(BKVS) acts as the identity verified for wallets. Belrium Blockchain is the only one to have a stringent financial framework that ensures data security. Apart from Belrium mainnet going live, Belfrics also releases two more Dapps on the blockchain. These are the Certificate Issuance Dapp and Payroll Dapp.
Furthermore Praveen explained that these Dapps provide an easy access to small and medium enterprises. They allow these enterprises to experience the capabilities of distributed ledger technology within their business domain.