Global blockchain start-up BelfricsBT, along with YoSync, a startup incubated at IIITB-IMACX Studios, has signed a research collaboration in agreement with IIIT Bangalore to jointly develop India’s first COVID-19 blockchain platform, BelYo. The project has been funded by the Mphasis F1 Foundation as a part of their larger outreach programme to tackle the pandemic in India.
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 that can be retrieved by any contact tracing apps like Aarogya Setu via APIs. Using these APIs, an individual can scan and retrieve data as colour-coded results through a QR code, making the process 100 percent contact less and seamless at any point of entry during and post the COVID-19 crisis, claims the venture.
Speaking on the launch of BelYo, Prof. Sadagopan, Director-IIIT Bangalore and Chairman of IIITB-IMACX Studios said, “We had initiated a COVID-19 challenge “Setu Bhandhan” in association with Mphasis to support IIITB’s startups with research and funds. BelYo gives a solution that is the need of the hour. By creating digital assets on blockchain, it complements the existing COVID-19 applications like Aarogya Setu, Apthamitra (in Karnataka) etc. Using its state-of-the-art multi- admin module layer, BelYo will be able to simplify the tracking of all the COVID-19 patients in India – from symptoms to vaccination certificate in a decentralized manner, without compromising the privacy of the data.”
Over 90 percent of Indians have their medical records only in the physical form. The covid19 Pandemic has shown that it has become imperative for individuals to digitise their medical records for future use.
Currently, the platform is being tested in a few clinics enabling them to track details of their COVID-19 tests that are being conducted. The platform aims to reach out to ICMR approved 730 government labs and 270 private labs starting August second week.
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.”
Speaking about the Platform, Satish Shekar, Founder & CEO YoSync said, “Prime Minister Narendra Modi recently chaired a high-level meeting to evaluate the usage of technology to tackle the COVID-19 pandemic. He stressed on the need of using the latest technological innovations to monitor and control the spread of COVID-19 across India and very importantly, he emphasized how technology could play a key role during vaccination stage.”
Praveen Kumar and Satish Shekar, both are optimistic that their platform could be tweaked to suit the vaccination plan of Government Of India in the shortest time possible and they also feel their API’s could be a great contributor to Aarogya Setu during the nationwide vaccination exercise.
BelYo plans to issue certificates for COVID-19 clinical records and immunization certificate on blockchain at less than Rs 20. The final documentation for COVID-19 would be vaccination record of citizens.
Once the country reaches that stage, recording and retrieving of such data will be vital for any economic activity. BelYo claims it is built to issue such digital certificates (Clinical and immunity) with “n” number of admins at the state or municipal level and union government as super admin. This will help monitor a nationwide exercise through technology during the vaccination stage for a huge population like India.
Both Praveenkumar and Satish claim that if BelYo becomes a part of the vaccination exercise, the venture could track the vaccine from the manufacturer to an individual who has been immunised. 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 percent transparent. Moreover, the Prime minister sitting in his office will also be able to see the realtime data of vaccination drive across India.
The current market value of clinical labs is $176.7 billion with a CAGR at 7.1 percent till 2027 and the vaccine market is valued at $41 billion, expected to grow to $58.4 billion by 2024 at a CAGR of 7 percent.
BelfricsBT is the blockchain technology division of Belfrics and is already providing services to both government and private organizations for solutions that include car registration systems, ticketing systems, supply chain management and core data integrity management.