What Is Belrium (BEL)?

Belrium (BEL) is a KYC blockchain that aims to enable secure and seamless information exchange among trusted entities. The decentralized platform is built on smart contracts that disrupt the traditional KYC model by furnishing the authority with more focused and transparent solutions. Also, the platform is a blend of a private and public blockchain. The public blockchains take care of KYC compliance here, and the private blockchain supports global remittance.

After 9/11, the KYC process became crucial, and the government developed bodies like SWIFT to take up the KYC process. However, the institutions are limited to specific areas, which is not much help. The Belrium blockchain came up with the solution by fusing both Belrium and KYC blockchain to seek to overcome the challenges faced by institutions. 

The platform is developed on Inter Planetary File System (IPFS) protocolto store and share files. Here, the financial institution (FI), along with the line of KYC registry system, is connected to decentralized Belrium KYC. The blockchain relies on the DPOS algorithm that facilitates secure and transparent smart contracts. Furthermore, the IPFS is adopted by the DPOS algorithm to allow information storage, whereas FI helps in the storage of relevant data and creates a unique KYC figure. FI has access to download relevant customer information through the central registry, and with a unique KYC number, other financial authorities can apply due effort. Thus, the blockchain seeks to facilitate secure and seamless exchange of information between various entities.

BEL is the platform's official cryptocurrency that aims to fulfill the supply on the Belrium network. The token complies with the network's remittance, health care, KYC, and trade finance. Also, the developers can create and dispose of their applications on the Belrium platform, increasing the utilization of BEL token.

Combining blockchain technology with the KYC process can bring revolutionary changes to the industry. Also, the technology aims to simplify the KYC process and offer boundless possibilities. The Belrium-KYC system can make the process less time-consuming and more secure with reduced cost and reduced process overhead for the institution.

History of Belrium (BEL)

The official whitepaperof Belrium was introduced on June 26, 2017.

The core management team includes Praveenkumar, chairman & CEO; Maya, cofounder & administrative director; and Jabeer, group chief operating officer. Also, regional directors from different regions include Justus Kimasyu, director – operations – Kenya, Jeremiah Ukachukwu, director – administration – Nigeria, Pengiran Hafiz, director – oOperations – Asia Pacific, and Vazeem Jadeer, director – customer support – India. 

As the roadmap suggests, the Belrium ICO was launched in Q4 of 2017, and the official Belrium blockchain was launched in Q2 of 2018. An initial coin offering(ICO) is the cryptocurrency industry that aims to raise capital to create a new token, application, or service launched as a way to raise funds.