Life Clips’ BelfricsBT Expands BelYo Blockchain dApp Beyond Vaccination Certificates to Wider Healthcare Ecosystem
Life Clips, Inc. announced its BelfricsBT subsidiary has expanded its BelYo blockchain product from issuance of vaccinations certificate to address a broader scope of healthcare industry data.
BelYo is the first decentralized application (dApp) that Belfrics has launched in collaboration with International Institute of Information Technology Banagalore (IIIT-B) startup YoSync, to help the healthcare industry issue and manage COVID test certificates and vaccination certificates through blockchain technology. The objective of the BelYo platform is to allow the seamless interoperability of healthcare data while protecting individuals from surveillance, discrimination, fraud and exclusion, where the data created is secure, accessible and private. The data will be encrypted and with only the necessary information shared through blockchain network where only authorized recipient can access the information. BelYo’s DApp is built over Belrium network, a patented KYC compliant hybrid blockchain.
BelYo was originally developed by Synk Labs Pvt Ltd and BelfricsBT Sdn Bhd for a Covid19 challenge initiated by IIIT-B and supported by an Mphasis Foundation grant. Using Blockchain technology, an encrypted digital ledger, allows healthcare systems to collaborate safely between network users.
Protecting and limiting patient health data is currently one of the biggest concerns about bringing AI-based healthcare products to market. In 2022 Belfrics’ management believes blockchains will start to play a significant role in ensuring data privacy within the healthcare sector, for building machine learning models and AI Inferencing.
Belfrics CEO and Founder, Praveen Kumar, said, “Covid19 records were just the beginning of BelYo’s potential in the healthcare industry. The industry must accelerate its use of Blockchain technology to protect health data.”
According to a recent report from Vantage Market Research, the Global Blockchain in Healthcare market size is expected to reach USD $1,189,800,000 by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 61.3% during the forecast period. The rising cases of healthcare data breaches, threat of counterfeit drugs and increasing acceptance of blockchain as a service coupled with transparency and immutability of the distributed ledger technology are major factors fueling market growth.
Belfrics CEO and Founder, Praveen Kumar, continued, “BelYo is our healthcare dApp which can be used for any healthcare department that involves identity or document management. Patient record management, patient registration, patient ID, healthcare profession certificate, healthcare facility certificate, and vaccination records can all be issued using the BelYo platform. The platform is scalable and customizable to any of the above requirements. Since it is a blockchain based solution and it uses our Belrium blockchain, the records are securely stored by the respective hospitals and yet it can be owned and shared by the patients with complete control of the data.”
Blockchain can also solve problems for interoperability. It has the capability to not only authenticate identity, but to authorize access and maintain a secure infrastructure for electronic health information. This is a very effective solution for data privacy, since the data is held by the user in their blockchain digilocker. The user can provide consent to share their data and the receiver is able to utilize the data they receive only for its intended use.
In this regard, Blockchain technology would be able to provide a more efficient way to exchange data between hospital systems, resulting in greater efficiency. Increasing efficiency could lower costs for healthcare systems and provide more accurate diagnostics for patients. Data like drug origins and clinical trial data can be analyzed using blockchain technology, helping hospitals determine drug dosage and quality, while ensuring clinical trial data is accurate.
Robert Grinberg, CEO of Life Clips, said, “Web3.0 is characterized by internet services and mobile apps rebuilt on decentralized blockchain technology. Emerging technology like cryptocurrency, DAOs, digital assets like NFTs, and the metaverse rely on blockchain-based digital assets. When we don’t own our data, it means that our data can be sold or used against us. Also, if we don’t own our accounts, they can easily be closed for whatever reason. Moving forward, we will own our data, and have free permission to use it and to pay for assets. This is a step towards personal freedom.”
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