The evolving regulations related to KYC compliance have made KYC-based systems more complex and have increased the time for customer on-boarding. That’s where Belrium turns out to be different. It offers customers a secure, private, personalised and decentralised ecosystem that aims to minimise the repetition related to KYC compliance, saving you considerable time and cost.
Businesses and enterprises across the globe unanimously agree that growing complexity and cost of KYC compliance are major reasons that affect outcomes from both organisational as well as customer perspectives. According to the recent surveys, more than 70 percent of businesses have complained that their customers are facing issues with random or unpredictable changes in the KYC status. In rest of the cases, customers are proactively involved in the process of keeping their KYC status updated.
Belrium is unique in this context as it enables businesses and enterprises to not only reduce the customer on-boarding time but also simplifies the compliance process by eliminating the need for repetition.
Belfrics will be deploying a Blockchain KYC verification system (BKVS), which will form the formal KYC verification mechanism for Belrium, a KYC-compliant blockchain, designed through Delegated Proof of Stake (DPOS) algorithm. DPOS algorithm features smart contracts, which means it empowers the distributed computer programs to arrange on-line contractual agreements in a cryptographically secure fashion. These smart contracts, which are nothing but programs based on distributed public ledger, ensure that the Belrium blockchain remains transparent, decentralised and protected from any kind of external effort to manipulate the results.