Belfrics Group launches its KYC blockchain, Belrium

This ecosystem aims to minimise the repetition related to KYC compliance, thus saving time and cost. Belrium enables businesses to reduce the customer onboarding time, as well as to simplify the compliance process by eliminating the need for repetition.

Belfrics suggested that they have focused on getting governments and regulators to evaluate the strength and capabilities of their blockchain. As such, they consider that various national IDs, land records, universities, banks and charity organisation will soon be doing live transactions on Belrium blockchain. Moreover, the Belfrics Exchange itself is the first user of the Belrium blockchain, as the traditional KYC verification system of the exchange will be replaced by Belrium blockchain verification.

Also, Belrium blockchain will have various national government transactions riding on their infrastructure in 2019, and it will not process any unverified wallet transaction on its public blockchain. The private blockchain, named BKVS (Belrium KYC Verification System), acts as the identity verifier for the wallets. The blockchain has a stringent financial framework which ensures data security.