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Belfrics Group launches first batch of Dapps on Belrium Blockchain



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Belfrics Group recently launched its new range of decentralised applications (Dapps) for utilization by small businesses to large enterprises. Belfrics Group is an international Blockchain conglomerate based in Malaysia with presence in KenyaTanzaniaNigeria and India. Belfrics Group deals with everything blockchain, such as blockchain development, blockchain-based-product development for markets, blockchain-solution development for enterprises, blockchain consulting for businesses and governments, blockchain training and capacity building for training institutes, universities, corporates and governments.

Belfrics, through this launch, has introduced three new products: CrediBel (certificate and credential issuance dapp), B-Roll (Payslip issuance dapp) and a Land Title registry Dapp.

These Blockchain-as-a-service products will enable small businesses, large corporates, and governments to leverage the power and potential of blockchain technology, while simply subscribing to these dapps based on their usage. With CrediBel, a small training institute or a college/university can simply sign up, configure, and start issuing their graduation certificates on the blockchain to their students. Similarly, B-Roll can also be utilized by small companies comprising of 10-member teams to issue their payslips on the blockchain. Government bodies of nations or states can integrate the land title registry dapp to manage the land registries under their purview.

“If students can avail a digitally signed and secure graduation certificate that they can carry for life, and have the same verified and authenticated directly by the university, for just under $10, it tackles all the problems we face today with fake documents, high BGC cost, longer verification time, and credibility when it comes to academic or professional credentials,” says Praveenkumar Vijayakumar, Founder and CEO for Belfrics Group.

Belfrics has also stated that a rigorous pilot operation is under progress with a prestigious technology institute from India for CrediBel.

These Dapps are a huge enabler in today’s scenario. The financials, resources, and time required to build anything on the blockchain technology seem very unrealistic and don’t seem feasible for many businesses that may need these services. By offering these products in a SAAS model, Belfrics has bridged a huge gap in the market.

Universities from the African, Indian, and South-East Asian regions are increasingly engaging in discussions with Belfrics to have these products integrated with their existing systems and processes.


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Financial industry bodies defend permissionless blockchains against Basel Committee’s classification




Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.


The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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