Belrium, found online at Belrium.io, is a blockchain-based KYC verification system designed for enterprise use. Find out how Belrium works today in our review.
What Is Belrium?
Belrium is a KYC-compliant blockchain platform powered by Belfrics, a bitcoin exchange that’s popular throughout Asia and Africa.
The Belrium ICO is ongoing throughout September and October.
Belrium claims to be the first Know Your Customer (KYC) compliant blockchain. Obviously, in order for blockchain technology to become mainstream, blockchain platforms will need to incorporate KYC/AML. This is what enterprises need in order to adopt blockchain technology – and that’s where Belrium sees an opportunity.
How Does Belrium Work?
Belrium aims to offer customers a secure, private, personalized, and decentralized ecosystem that aims to minimize the repetition related to KYC compliance, saving considerable time and cost.
In more straightforward terms, each company has its own KYC/AML requirements. When trading on exchanges, for example, you need to individually submit photos of your license, yourself, and other data to the company. They verify that data independently, then determine that you meet KYC/AML requirements.
Belrium envisions a future where users share data. Businesses and enterprises can rely on a trustless blockchain – the Belrium blockchain – to verify someone’s KYC/AML compliance.
The end result is that enterprise businesses can reduce customer onboarding time while also simplifying the compliance process by eliminating the need for repetition.
Technical Details Of Belrium
In terms of the technical specifications behind Belrium, the platform is based on a DPOS algorithm and uses smart contracts. The smart contracts allow the blockchain to run transparently. The smart contracts are used to perform all aspects of KYC, including tracking and facilitating payment. The smart contracts run on the distributed Belrium network.
In terms of storage, Belrium uses Interplanetary File System (IPFS) to save KYC-related information. IPFS distributes encrypted data in a decentralized network in an efficient and secure way. It’s popular among all types of decentralized organizations that handle any type of data.
The Belrium ICO
The Belrium ICO is launching on Belfrics, a cryptocurrency exchange popular throughout Africa and Asia. You can purchase BEL tokens, which will be used to access services on the Belrium blockchain. In order to purchase those tokens, you’ll need to buy Belfrics Exchange Tokens (BETs).
Belfrics Exchange Tokens are ERC20-compliant tokens developed on the Ethereum blockchain. You buy BET tokens today, and then they turn into BEL tokens in the future. After development on the Belrium blockchain is complete, BET tokens will be replaced with BEL coins at a 1:1 ratio.
The fundraising campaign is scheduled for September 8 to October 8, 2017. 1 BTC will buy 2000 BET (1 BET = 0.0005 BTC).
The Belrium ICO is ongoing. You can participate by visiting Belrium.io.
Belrium And Belfrics Features
Belrium is just one product offered as part of the Belfrics ecosystem. Here are all of the products and features offered through Belfrics and Belrium:
- Belfrics Hybrid Exchange: This enables users to trade cryptocurrency in a seamless and transparent way. The developers claim this is the fastest growing bitcoin exchange in Asia and Africa.
- Crypto Money Remittance: This is a crypto-blockchain money remittance system.
- Cryptocurrency Trading Platform: The Belfrics trading platform will serve as the backbone for exchanges around the world, offering seamless crypto trading services while still allowing developers to build their own exchange.
- BelfricsBT Blockchain Solution: This is a blockchain solution with KYC compliance technology. It’s built to provide solutions to governments and enterprises. BelfricsBT is different from the Belrium blockchain we’re discussing today.
- Belrium: Belrium is a KYC compliant blockchain that offers a secure, personalized, and decentralized ecosystem.
What Problems Does Belrium Seek To Solve?
There are hundreds of proprietary KYC systems used by institutions and enterprises worldwide. These systems are maintained internally by companies, and data is kept in siloed structures.
There’s no KYC system on the market that can handle KYC processes in a central, secure way. When someone has tried to create these networks in the past, they suffer from problems like fraud.
Belrium identifies one platform called the SWIFT (Society for Worldwide Interbank Financial Telecommunication) KYC registry, which launched in December 2014. That registry offers similar functionality to Belrium, but it’s only open to banking systems. It can’t be used by enterprise customers.
That’s where Belrium sees an opportunity.
The Belrium Team
Belrium’s team include Chairman and CEO Praveen Kumar. Kumar is a Kuala Lumpur-based business leader who founded Belfrics Global Sdn Bhd in May 2014.
Other key members of the team include Jabeer K.M., Group Chief Marketing Officer, Mohan Krishnan, Head of Business Relations, and Vazeem Jadeer, Head of Support.
Belrium has its own in-house team of developers, although the company has also partnered with two blockchain technology companies, including Ideomind Technologies, a Bangalore and Chennai-based developer, and Oodles Technologies, a Gurgaon-based developer.
Belfrics, meanwhile, is headquartered in Kuala Lumpur.
Belrium is a KYC compliant blockchain built by Belfrics, one of the world’s fastest growing bitcoin exchanges, particularly in Asia and Africa. Belrium plans to offer KYC compliance for enterprise business use. Today, enterprises struggle with efficient customer on-boarding because of slow, inefficient KYC requirements. Each company has its own KYC/AML procedures, and these procedures are performed in siloed structures. Belrium aims to create a secure KYC-compliant blockchain.
You can learn more about the Belrium blockchain and the upcoming Belrium ICO by visiting the platform online today at Belrium.io.