India's uTrade Solutions launches blockchain-enabled KYC platform
27 October 2016 | 6894 views | 0
uTrade Solutions, the Chandigarh head quartered fintech major which pioneered India’s first blockchain technology driven solution – uClear for real time clearing and settlement of financial market contracts in June this year, has today announced the launch of two more products to its blockchain catalogue.
These include a KYC Platform - ‘KYChain’ and a Digital Document Issuance and Verification Solution ‘HashDegree’.
This blockchain solution available on web and mobile interface will enable customers to upload their documents and share them securely with any institution, primarily for KYC purpose in the form of QR codes.
Benefits: Customers have the choice to allow or deny access to the agency/organization demanding KYC documents, by addressing the issue of document misuse and identity theft. All the validated transactions can be accessed by other institutions in the KYC ecosystem thereby creating an information chain which acts as a measure of the customer’s credibility.
Areas of Application: Besides its application in the BFSI sector, the product also lends itself to usage in the healthcare sector wherein medical history of patients can be known by validating medical records through KYChain before the administration of any treatment as well as during diagnosis.
This solution facilitates the issuance and verification of education documents digitally. The first use case shall be the launch of university degrees on blockchain.
Benefits: The digital issuance allows for verification of the documents within seconds thereby making the process faster, more efficient in reducing frauds and cost effective.
Areas of Application: While schools, universities, e-learning portals and training centers would be the primary adopters, the solution is applicable to job portals, HR recruitment firms, government services etc.
With these product additions, utrade solutions also announced the opening of Hashcove - its Blockchain technology solutions focused subsidiary.
Hashcove will build the consumer products for newer information models leveraging off the decentralization approach. Hashcove will also help create “Proof of Value” for firms, by building blockchain solutions for their needs.
Outlining the rationale behind setting up Hashcove, Kunal Nandwani, Co-Founder and CEO, uTrade Solutions said, “Hashcove underscores uTrade’s emphasis on R&D on latest technologies. While Blockchain is in its nascent stage of adoption, we strongly believe in its inherent disruptive potential and want to invest dedicated resources into it. We foresee “Internet 2.0” in 5 years driven by several Blockchain enabled platforms”
Since its inception in July 2011, utrade has been specializing in offering enterprise trading technology solutions such as multi-asset trading platforms, algo engines and risk management solutions for global capital market participants.