Indian fintech company uTrade Solutions announced the launch of two new products to its blockchain catalog including a KYC Platform – ‘KYChain’ and a digital document and verification solution – ‘HashDegree’.

According to the reports by Asian News International (ANI), the KYC Platform blockchain solution will be available on web and mobile interface and will enable customers to upload their documents and share it securely with any institution for KYC purpose in the form of QR codes.

“While blockchain is in the 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 five years driven by several blockchain-enabled platforms,” Kunal Nandwani, co-founder and CEO of uTrade solutions said, as reported by ANI.

With the KYChain, customers can either allow or deny access to the organization demanding KYC documents by addressing the concern of document misuse and identity theft. With the help of KYC ecosystem, all the documents can be accessed by other institutions thus ensuring the customer’s credibility. KYChain’s areas of applications include Banking, Financial services and Insurance (BFSI) sector, usage in the healthcare sector in which, medical history of patients can be known through KYChain. This solution facilitates the verification of education documents digitally.

On the other hand, HashDegree allows document verification within seconds, making the process faster, more efficient in reducing frauds and cost effective. The solution can be implemented in schools, universities, e-learning portals and training centers and is also applicable to job portals, HR recruitment companies, government services, among others.

With the new product additions, uTrade Solutions also announced the opening of Hashcove, which is a blockchain technology solutions focused subsidiary. This solution will build customer products for newer information models leveraging g off decentralization approach and will also help in creating ‘Proof of Value’ for companies by building blockchain solutions.