AVENTURA, Fla., Aug. 17, 2021 (GLOBE NEWSWIRE) -- Belfrics Group (the “Company”, or “Belfrics”) is the developer of Belrium, a hybrid private-public blockchain, specifically developed to tackle anonymity and accountability. Belfric’s technology division, responsible for the development of the Belrium blockchain has a core focus on identity management and verification solutions. It has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority.
Vendor Identification for Blockchain Service Providers 27 August 2020, Copyright Gartner Group
Belfrics CEO and Founder, Praveen Kumar said, “With a population of 200 million, Nigeria is one of the leading nations in crypto adoptions and we are look to play a significant role in identity management solutions for the nation.”
Belfrics Tanzania has an MOU with Tanzania’s ICT Commission on Blockchain Technology and Competency Development. The joint effort is to have the blockchain adoption of various government agencies, which includes but not limited to tax authority, education and healthcare industry. Belfrics aims to close two national projects by the last quarter of 2021.
Belfrics took a different approach to monetize its Belrium technology by utilizing its multiple locations and creating real life projects on the blockchain. The intent is to use the Belrium KYC solution as a backbone layer for identity issuance and interoperable document verification process between institutions and government agencies. Belfrics also continues to work closely with tax authorities and regulatory agencies to simplify tax collection and regulatory compliance in peer-to-peer transactions.
Belfrics recently became the first Indian firm to issue COVID certificates on the blockchain. By focusing on three core sectors of healthcare, education and employment, Belfrics developed decentralized applications (DAPPs) on the Belrium Blockchain for identity issuance and document verification solutions. Belfrics has developed a full scale solution for healthcare facility management and will be completing the first "patient Digi locker" on the blockchain, initially targeting the massive 1 billion plus Indian population.
Additionally, the company is collaborating with several universities to issue graduation certificates on its Belrium blockchain. These products will be available for EU and US regions beginning in the 1st quarter of 2022. The Serviceable Available Market (SAM) for the healthcare, education and employment segments is over $250 billion and Belfrics is seeking to become a key leader for identity management for these sectors.
Belrics decentralized applications:
According to Mr. Kumar, “We have always followed a slow and steady path with long term focus as a strategy. The July 2021 definitive agreement between Belfrics and Life Clips, Inc. (OTC Pink: LCLP) will continue that trend. Sooner or later, blockchains will be evaluated based on the real revenue generated by the applications deployed rather than the market cap and the speculative nature of the coin. With the identity infrastructure and having decentralized applications for the health, education and employment sectors, Belrium Blockchain can command a majority market share in this space. Along with the Exchange operational licenses, we also will be acquiring digital banking and payments banking licenses. Mexico and Nigeria are the two countries where we intend to apply for these two licenses in the near future.”
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This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.
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