Global blockchain startup BelfricsBT and YoSync, a startup incubated at IIITB-IMACX Studios, signed a research collaboration in agreement with IIIT Bangalore to jointly develop BelYo, a Covid19 tracking blockchain platform. The project has been funded by the Mphasis F1 Foundation.
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 which can be retrieved by any contact tracing apps like Aarogya Setu via APIs. Individuals can scan and retrieve data through a QR code.
Prof Sadagopan, Director-IIIT Bangalore and Chairman of IIITB-IMACX Studios said, “By creating digital assets on the 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.”
The institute had launched Setu Bhandhan, a Covid19 challenge in association with Mphasis to support IIITB’s startups with research and funds. BelYo gives a solution that is the need of the hour.
“With the help of this financial support, we would be able to expedite our platform rollout, expand our operations and onboard testing centers (hospitals and private labs) by the end of 2020. Going forward, BelYo is looking at 5% 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.,” said Praveenkumar Vijayakumar, Founder & CEO of Belfrics Group.
YoSync CEO Satish Shekar said that technology would also play a key role during the vaccination stage. BelYo plans to issue certificates for COVID-19 clinical records and immunization certificates on blockchain.