COVID-19 Tracking Blockchain Platform Launched
Global blockchain startup BelfricsBT and YoSync, a startup incubated at IIITB-IMACX Studios, inked a research partnership in agreement with IIIT Bangalore to collectively develop BelYo, a Covid19 tracking blockchain platform. The Mphasis F1 Foundation has funded the project. The platform is recently being trialed in a few clinics and will be reaching out to ICMR approved 730 Government labs and 270 private labs beginning mid-August.
BelYo utilizes the BelfricsBT Belrium blockchain platform to transform COVID-19 related clinical and vaccination data of citizens recently from the physical form into digital assets, which can be reclaimed by any contact tracing apps such as Aarogya Setu through APIs. Individuals can scan and retrieve data by a QR code.
Prof Sadagopan, Director-IIIT Bangalore and Chairman of IIITB-IMACX Studios, said in a statement, “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 begun Setu Bhandhan, a Covid19 challenge in association with Mphasis to assist IIITB’s startups with research and funds. BelYo provides a solution that is the requirement 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 five years.,” said Praveenkumar Vijayakumar, Founder & CEO of Belfrics Group in a statement.
YoSync CEO Satish Shekar stated that technology would also play a key role during the vaccination stage. BelYo intends to publish certificates for COVID-19 clinical records and immunization certificates on the blockchain.