Brief background of the company and key milestones.
BelfricsBT, a blockchain focussed entity, is a technology arm of Belfrics group of companies with presence in over eight countries. Ever since the launch of Belrium, a patented KYC compliant hybrid blockchain, BelfricsBT has been developing decentralised applications (DApp) for healthcare, education and employment sectors. BelYO is the first DApp that Belfrics has launched in collaboration with IIIT-B startup YoSync, to help healthcare industry to combat Covid-19 effectively.
How are your blockchain technology solutions helping during the Covid crisis?
With resurgence of cases in countries that have been presumed to have contained the pandemic, it is clear that the critical situation will prevail for the near foreseeable future. it is not practical for the business to remain closed and people being confined within their home. we have to have mechanisms to ensure that we are able to identify and make informed decisions to keep our surroundings safe. BelYO DApp ensures that both the test results and vaccines are digitised to enable verifications, wherever applicable. In the wake of fake Covid test results being given to 1000s of travellers, our blockchain-based solution will give the healthcare industry a timely solution to arrest this dangerous practice by providing a realtime authentication and identification of the health records issued.
What kind of partnerships have you formed with government agencies and the healthcare sector?
We have secured approvals to test run the issuance of 10000 Covid certificates with three different ICMR approved Labs in Karnataka. We expect to complete this test run in November post which we will be expanding our services to four more states before the end of this year.
Data security is a key concern in healthcare segment, how are you addressing the same?
Blockchain provides a very effective solution for data privacy as the data is held by the user in their blockchain digilocker. The user is able to share the data with his consent and the receiver is able to use the received data for his intended use only.
Your focus on innovation.
We will be expanding the BelYO platform to include all lab reports and vaccine certificates in the second phase and our long term goal is to turn BelYO in to a full fledged patient record management system.
Do you have any strategic plans for the future regarding new blockchain solutions for diverse market segments?
Our core strength is financial services and we work very closely with financial regulators and national governments for KYC and AML solutions using blockchain technology. In the non-fintech space, healthcare, education and employment are our three focus areas. We have released BelYO for healthcare and CrediBel for education and will be releasing B-roll for employment management in the next quarter.
Is there any other significant factor you wish to highlight?
The decentralised application market will continue to disrupt the current centralised applications. We will witness a massive shift in the patient record management model and the users will have a complete control of their own data. Users will be universally available for all businesses to serve, which will enable interoperability of data and services in a seamless manner between the businesses.
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