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Establishing authentication of other sources of identification is a major challenge. Faults in the safety of these systems have also led to repeated financial fraud and money laundering. Regardless of the severity of the use case, the identification by Knowing Your Customer or KYC is a lengthy procedure.
It is in this environment of volatility, ambiguity, complexity, and uncertainty that the entire industry turns to blockchain solutions to help comply with KYC. The use of blockchain as an activation layer in the KYC utility model can provide confidence and data security on a platform that allows efficiency in KYC processes.
Belfrics is one of the world’s leading blockchain technology companies and the cryptocurrency exchange company, focusing on making cryptocurrency technology easy to use. The company was founded in 2014 by a group of competent entrepreneurs who envisaged cryptocurrencies’ opportunities and benefits as the future of the digital currency market. Belfrics, which has its global headquarters in Kuala Lumpur and its development center in Bengaluru, India, has expanded rapidly to key markets such as trade in Malaysia, Singapore, Bahrain, Kenya, Nigeria, Tanzania, and India.
Belfrics recently launched a new KYC compliant, Belrium Mainnet. This new blockchain service is designed to help companies reduce the time and costs associated with the implementation of Know Your Customer (KYC) processes. The new Belrium Mainnet service enables companies and companies to reduce customer on-board time and to simplify the compliance process by eliminating the need for repeatability. Belfrics is also going to release two decentralized apps on the blockchain—a Dapp issuance certificate and a Dapp payroll. These apps will give small and medium-sized enterprises easy access to the capabilities of the distributed livestock technology in their business field.
Belfrics has already structured a team of blockchain specialists and skilled trading professionals to maximize the benefits of a single investor through the reliable, simplified, and secure trading platform of the company.
Blockchain-based KYC utilities will help any industry relying on identity verification to save costs in the future. This is because technology will allow banks and other financial institutions to rely on a safer, organized, and unified data management model. Government bodies will also benefit as risk officials have better access to data so that the relationship between the financial and regulatory sectors will remain more transparent. This provides for a substantial reduction in long-term financial fraud and crime.