BelfricsBT, a global blockchain start-up along with YoSync, a startup incubated at IIITB-IMACX Studios, signed a research collaboration in agreement with IIIT Bangalore to jointly develop BelYo.
This project has been funded by the Mphasis F1 Foundation as a part of their larger outreach programme to tackle the COVID-19 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 which can be retrieved by any contact tracing apps (like Aarogya Setu) via APIs. Using these APIs, an individual can scan and retrieve data (colour coded results) through a QR code and the process would be 100% contact less and seamless at any point of entry during and post the COVID-19 crisis.
Over 90% 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 few clinics enabling them to track details of their Covid19 tests that are being conducted. The platform aims to reach out to ICMR approved 730 Government labs and 270 private labs starting August 2nd week.
Speaking on the vaccination process, Praveen Kumar and Satish Shekar 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 Sethu during such a nationwide vaccination exercise.
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 privacy of the data.”
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 on-board testing centres (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. We are also currently in talks with more investors to raise our Series A by 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 latest technological innovations to monitor and control the spread of COVID-19 across India and very importantly, he emphasized on how technology could play a key role during vaccination stage.”
BelYo plans to issue certificates for COVID-19 clinical records and immunization certificate on blockchain at cost price which is less than INR 20, The final documentation for COVID-19 would be vaccination record of citizens. When we reach that stage, then recording and retrieving such data becomes vital for any economic activity. BelYo is built to issue such digital certificates (Clinical and immunity certificates) with “n” number of admins at 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.
The current 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 expected to grow to $58.4 Billion by 2024 at a CAGR of 7%.