Praveenkumar, chief executive officer and founder, Belfrics Group

Kuala Lumpur-based Belfrics Group, has launched a blockchain service that aims to help businesses cut time and cost involved in carrying out Know Your Customer (KYC) processes.

The firm said that the new service-Belrium Mainnet-enables businesses and enterprises to reduce the customer on-boarding time and simplifies the compliance process by eliminating the need for repetition.

“Various national IDs, land records, universities, banks and charity organisations will soon be doing live transactions on Belrium blockchain,” said Praveenkumar, chief executive officer and founder, Belfrics. He added that the traditional KYC verification system on its Belfrics Exchange will also be replaced by Belrium blockchain verification.

“Belrium does not process any unverified wallet transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System) acts as the identity verifier for the wallets,” said Santhosh Palavesh, chief innovation officer, Belfrics Group.

Belfrics is also releasing two decentralized apps (Dapps) on the blockchain—a certificate issuance Dapp and a payroll Dapp. Praveen said that these will give an easy access to small and medium enterprises to experience the capabilities of the distributed ledger technology within their business domain.

The four-year old company has development centres in Malaysia and India. It runs fiat-crypto currency exchanges and blockchain development solutions across 10 countries, including those in Middle East and Africa. It has live exchanges operating in India, Singapore and Kenya.

by Parnika Sokhi
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