Indian blockchain firm uTrade Solutions launches KYChain and HashDegree

Rage Review : Indian financial technology company uTrade Solutions announced the launch of two new products: KYChain and HashDegree. KYChain can eliminate consumers' concerns about document abuse and identity theft, thereby gaining consumers' trust; HashDegree can verify documents in a few seconds, speeding up the entire process, effectively reducing the occurrence of fraud, and being cost-effective. uTrade Solutions saw the potential of blockchain technology, so it invested manpower and material resources in blockchain research, and they also believe that the second generation of the Internet within five years will be driven by several blockchain platforms.

Translation: Nicole

Indian fintech firm uTrade Solutions has announced the launch of two new products to its catalog of blockchain products, including a KYC platform – ‘KYChain’ and a digital documentation and verification solution – ‘HashDegree’.

According to a report by Asia News International (ANI), the KYC platform blockchain solution is available on both web and mobile interfaces and allows customers to upload their documents and securely share them with any institution in the form of a QR code.

Kunal Nandwani

Kunal Nandwani, Co-founder and CEO of UTrade Solutions, said:

“While blockchain is still in its early stages of adoption, we strongly believe in its inherent disruptive potential and want to invest resources specifically in blockchain research and development. We foresee that within five years the ‘second generation internet’ will be driven by several blockchain-enabled platforms.

With KYChain, consumers' concerns about document misuse and identity theft can be eliminated, and access to organizations that require KYC documents can be allowed or denied. With the help of the KYC ecosystem, all documents can be accessed by other institutions, thereby ensuring consumer trust. KYChain's application areas include the banking, financial services and insurance (BFSI) industry. In the medical industry, patients can know their medical history through KYChain. The solution can effectively promote educational documents in a digital way.

On the other hand, HashDegree can verify documents in seconds, speeding up the entire process, effectively reducing the occurrence of fraud, and being cost-effective. The solution can be implemented in schools, universities, e-learning portals and training centers, and is also suitable for recruitment portals, human resource recruitment companies, government services, etc.

Along with the addition of new products, u Trade Solutions also announced the opening of Hashcove, a subsidiary company focused on blockchain technology solutions. The solution will build customer products for newer information models through a decentralized approach and will also help businesses create “proof of value” by building blockchain solutions.