BelfricsBT, a Kuala Lumpur, Malaysia-headquartered global blockchain startup, along with YoSync, a startup incubated at IIITB-IMACX Studios, has signed a research collaboration in agreement with International Institute of Information Technology, Bangalore (IIIT Bangalore) to jointly develop India’s first COVID-19 blockchain platform, BelYo.
Funded by Mphasis F1 Foundation – the CSR arm of Mphasis, BelYo uses the BelfricsBT Belrium blockchain platform to convert Covid-19-related clinical and vaccination data of citizens currently from the physical form into digital assets, which can be retrieved by contact tracing apps like Aarogya Setu via application programme interface (API).
Using these APIs, an individual can scan and retrieve data (colour-coded results) through a QR code and the process would be 100% contact-less and seamless at any point of entry during and post Covid-19 period. This project has been funded by Mphasis F1 Foundation as part of their larger outreach programme to tackle the Covid-19 pandemic in India.
Currently, the BelYo platform is being tested in a few clinics and aims to reach out to over 700 government labs and about 270 private labs starting August second week.
BelYo plans to issue certificates for Covid-19 clinical records and immunisation certificates on blockchain at a cost price of less than ₹20
BelfricsBT is the blockchain development arm of the Belfrics Group – a fintech firm present in over 10 countries spanning Asia, Africa, Middle East and Europe.
Praveenkumar Vijayakumar, Founder & CEO of Belfrics Group said, “COVID-19 infections are on the rise both within India and across the world and there is a need to use technology to deal with this grave situation. With the help of this financial support, we would be able to expedite our platform rollout, expand our operations and onboard testing centres (hospitals and private labs) by the end of 2020. Going forward, BelYo is looking at a 5 percent market share by 2023 of the total 100,000+ clinical labs in India which would help us to reach a gross revenue target of $200 million within 5 years. We are also currently in talks with more investors to raise our Series A by the end of 2020.”
SOURCE – CNBCTV18