Blockchain This Week
Blockchain applications in different industries is the new frontier for startups & enterprises alike. Every week, Inc42 brings the latest developments from the Indian blockchain industry and how its disrupting industries.
In a bid to tackle Covid-19 pandemic in India, an IIITB-IMACX Studios incubated startup YoSync has partnered with Malaysia based global blockchain company BelfricsBT, where it has developed blockchain-powered Covid-19 tracking platform called ‘BelYo’ in collaboration with Indian Institute of Information Technology Bangalore (IIIT-B) and funded by Mphasis F1 Foundation.
BeIYo uses the BelfricsBT Belrium blockchain platform to convert Covid-19 related clinical and vaccination data of citizens from the physical form into digital assets which can be retrieved by any contact tracing apps, including Aarogya Setu via APIs. The company in a press statement said that one can use these APIs to retrieve data.
For instance, users can scan and retrieve data (i.e colour coded results) through a QR code and the process is said to be 100% contactless and seamless at any point of entry during and post the Covid-19 crisis.
Further, the company said that the platform is currently being tested in a few clinics where it is enabling the authorities to track details of their Covid-19 tests that are being conducted. In the next couple of weeks, the platform aims to reach out to ICMR approved 730 government labs and 270 private labs.
The cofounders Praveen Kumar and Satish Shekar said that their platform could be tweaked to suit the vaccination plan of the government in the shortest time possible and they also feel that their API could be a great contribution to Aarogya Sethu during such a nationwide vaccination exercise. Most importantly, the platform is said to simplify the tracking of all the Covid-19 patients in India, from symptoms stage to vaccination certificate in a decentralised manner, without compromising the privacy of the data, shared Prof Sadagopan, Director-IIIT Bangalore and Chairman of IIITB-IMACX Studios.
Optimistic about BeIYo, Praveenkumar Vijayakumar, founder and CEO of Belfrics Group said that they are looking to onboard more testing centres, including hospitals and private labs by the end of 2020. “Going forward, the platform looks at 5% market share by 2023 of the total 100K clinical labs in India, which would help us to reach a gross revenue target of $200 Mn by 2025,” he added.
The cofounders said that its platform will issue certificates for Covid-19 clinical records and immunisation certificates on blockchain at a cost price of INR 20. “The final documentation for Covid-19 would be the vaccination record of citizens. When we reach that stage, then recording and retrieving such data becomes vital for any economic activity,” added BeIYo.
Blockchain Graph Of The Week:
Blockchain Leaders Of Today And Tomorrow
According to the PwC Global Blockchain Survey, new industry and territory leaders are emerging each passing day. The report projected that China will be leading the blockchain wave by 2023 at 30%, followed by the US (18%), Australia (8%) and India (6%) among others, compared to 2018, where the US was leading the blockchain race.
Blockchain News Of The Week
Coca Cola’s Bottling Supply Chain Company To Test Public Blockchain For Delivery
The beverage giant Coca Cola owned bottling supply chain company Coke One North America (CONA) services, recently announced that it will be trying out the Baseline Protocol, a public Ethereum blockchain technology targeted at enterprise use cases. With this, it plans to enhance efficiency across the beverage company’s supply chain.
In its blog post, it stated that CONA Services has launched this project in collaboration with blockchain startups Provide and Unibright, where it will conduct the trials between the bottler and franchise to bridge the gap in the supply chain. The initial version of the project is expected to be released in Q4 2020.
Dubai Looks To Launch Blockchain-Based Know Your Customer Platform
The United Arab Emirates recently announced that it will be launching a blockchain-based know your customer (KYC) platform. This platform is said to become a nationwide system for exchanging verified customer data. Dubai’s department of economic development (DED) in partnership with state-run bank Emirates NBD will be rolling out this solution.
According to a press statement, Emirates NBD will be the first bank to go live on this platform. The bank, which already has more than 120 customers, will work with small and medium-sized businesses, where it will be enabling them to onboard digitally, and they will be able to instantly open bank accounts through Emirates NBD’s E20 Digital Business Bank.
HerdX, Fogo de Chão and UPS Leverages Blockchain For Food Traceability
Texas-based agritech and data company HerdX recently announced its partnership with Brazilian steakhouse Fogo de Chão and logistics company UPS to leverage blockchain technology for food traceability.
With this, the agritech firm will be providing its consumers with provenance data from its blockchain partner network using its open-source platform, data collection and analysis capabilities. UPS, on the other hand, which has already built a tool that connects to HerdX’s blockchain technology will be providing authenticated data points throughout the supply chain journey. “My children will have the ability to know where their food comes from, and how it was made,” said Lauren Jones, chief business development officer at HerdX.