Bengaluru based blockchain startups BelfricsBT and YoSync have signed a research agreement with the International Institute of Information Technology Bengaluru (IIIT-B) to launch a Covid-19 tracking platform called BeIYo.
Citizen clinical data as well as vaccination data will be available in blockchain format for contact tracing apps such as Aarogya Setu to track the spread of the pandemic, a statement said. The platform, currently being tested in clinics to track Covid-19 test details, will reach out to 730 Indian Council of Medical Research (ICMR)-approved government labs and 270 private labs from the second week of August.
Funded by Bengaluru headquartered information technology major Mphasis-run F1 Foundation, the solution was incubated at the IIITB-IMACX Studios, which is IIIT-B's platform to study and research new projects.
The capital will be used to expand operations and onboard testing centres by the end of this year, Praveenkumar Vijayakumar, founder and CEO of the Belfrics Group, said.
“Going forward, BelYo is looking at 5% market share by 2023 of the total 100,000+ clinical labs in India, which would help us to reach a gross revenue target of $200 million within five years,” Vijayakumar said.
BelYo was built on BelfricsBT’s Belrium blockchain platform to make Covid-19 data available in the form of APIs that can be incorporated into other applications. Individuals, in turn, can use QR codes to scan those and retrieve data in colour-coded formats.
“Using its 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 privacy of the data,” Sowmya Narayan Sadagopan, director of IIIT-B and chairman of IIITB-IMACX Studios, said.