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BelYo, India’s first Covid-19 blockchain platform goes live

Sangeetha Chengappa Bengaluru | Updated on July 24, 2020 Published on July 24, 2020

Satish-Shekar, Founder & CEO, YoSync

 

BelfricsBT, a global blockchain start-up, along with YoSync, a start-up incubated at IIITB-IMACX Studios, signed a research collaboration agreement with IIIT Bangalore to jointly develop BelYo, the country’s first Covid-19 blockchain platform.

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 contact tracing apps like Aarogya Setu via application programme interface (API). Using these APIs, an individual can scan and retrieve data (colour-coded results) through a QR code and the process would be 100 per cent contact-less and seamless at any point of entry during and post Covid-19 period. This project has been funded by Mphasis F1 Foundation as part of their larger outreach programme to tackle the Covid-19 pandemic in India.

“We had initiated a Covid-19 challenge ‘Setu Bhandhan’ in association with Mphasis to support IIITB’s start-ups with research and funds. BelYo provides 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 decentralised manner, without compromising on privacy of data,” said Prof Sadagopan, Director, IIIT Bangalore and Chairman of IITB-IMACX Studios.

Over 90 per cent of Indians have their medical records only in physical form. The Covid-19 pandemic has made it imperative for individuals to digitise their medical records for future use. BelYo has been tested in a few clinics in Bengaluru enabling them to track the details of their Covid-19 tests that are being conducted. The platform aims to reach out to 730 ICMR-approved government labs and 270 private labs, starting the second week of August.

Praveenkumar Vijayakumar, founder and CEO of Belfrics Group.

 

“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 roll-out, expand our operations and on-board testing centres (hospitals and private labs) by the end of 2020. Going forward, BelYo is looking at 5 per cent market share by 2023 of the over one lakh clinical labs in India, which would help us reach a gross revenue target of $200 million within five years. We are also currently in talks with more investors to raise our Series A by the end of 2020,” said Praveenkumar Vijayakumar, founder and CEO of Belfrics Group.

BelYo plans to issue certificates for Covid-19 clinical records and immunisation certificates on blockchain at a cost price of less than ₹20. “The final documentation for Covid-19 would be the vaccination records 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 levels and union government as the super admin. This will help monitor a nationwide exercise through technology during the vaccination stage for a huge population like India,” said Satish Shekar, founder and CEO, YoSync.

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Published on July 24, 2020
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