India’s First-Ever COVID-19 Blockchain Platform BelYo Launched
Global blockchain startup BelfricsBT, along with YoSync, a startup incubated at IIITB-IMACX Studios, has inked a research collaboration in agreement with IIIT Bangalore to develop India’s first COVID-19 blockchain platform, BelYo jointly. The Mphasis F1 Foundation has funded the project as a part of their larger outreach program to tackle the Pandemic in India.
BelYo utilizes the BelfricsBT Belrium blockchain platform to transform COVID-19 related clinical and vaccination data of citizens recently from the physical form into digital assets that can be reclaimed by any contact tracing apps such as Aarogya Setu through APIs. Utilizing these APIs, an individual can scan and retrieve data as color-coded results by a QR code, making the process 100% contactless and seamless at any point of entry during and post the COVID-19 crisis, claims the venture.
Over 90% of Indians have their medical records only in the physical form. The covid19 Pandemic has revealed that it has become important for individuals to digitize their medical records for future use. Recently, the platform is being trialed in a few clinics allowing them to trace details of their COVID-19 tests that are being conducted. The platform intends to reach out to ICMR approved 730 government labs and 270 private labs starting August second week.
BelYo intends to issue certificates for COVID-19 clinical records and immunization certificates on blockchain at less than Rs 20. The final documentation for COVID-19 would be the vaccination record of citizens. Once the nation reaches that stage, recording and retrieving such data will be important for any economic activity. BelYo insists it is created to issue such digital certificates with “n” number of admins at the state or municipal level and union government as super admin. This will further monitor a nationwide exercise by technology during the vaccination stage for a massive population like India.
Each vaccine will have a reference code, and the same can be mapped to the individual who has taken that vaccine, making the whole process 100% transparent. Furthermore, the Prime minister sitting in his office will also be capable of seeing the vaccination drive’s realtime data across India. The recent market value of clinical labs is $176.7 billion, with a CAGR at 7.1% till 2027, and the vaccine market is valued at $41 billion, anticipated to grow to $58.4 billion by 2024 at a CAGR of 7%.
BelfricsBT is the blockchain technology division of Belfrics. It is already offering services to both government and private organizations for solutions that involve car registration systems, ticketing systems, SCM, and core data integrity management.