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uTrade Solutions Unveils Blockchain-based KYC Verification Platform

Reading Time: 2 minutes by on November 1, 2016 Business, News, Tech
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Blockchain technology has many different use cases, all of which can transform our daily lives. India-based uTrade Solutions has launched a new Know-Your-Customer platform, which is driven by distributed ledger technology. Under the name KYChain, this new solution will be made available through a web portal and a mobile version. This allows users to upload and securely share documents verifying their identity.

It is not the first time India’s uTrade Solutions has made a blockchain-related announcement. In June of 2016, the company presented their blockchain-driven uClear solution, custom-tailored for real-time clearing and settlement of financial transactions. But the company is looking well beyond these traditional financial services.

KYChain is just one of the two new products the company announced. What this blockchain-based solution does is offer web and mobile interfaces for users to upload identity verification documents in a secure environment. What is rather interesting is how QR codes play a big role in this process, a technology that had barely been used for KYC procedures up until this point.

The benefits of a blockchain-based KYC system is how customers can deny or allow access to anyone who demands to access their uploaded documents. Additionally, this platform should address the lingering issues of identity theft and document misuse, as there is no centralized database where information is stored.

The information stored on the distributed ledger will be validated as “transactions,” and they can be accessed by other institutions in the KYC ecosystem. In doing so, uTrade Solutions has created an information chain, which establishes the customer’s credibility. More importantly, all of the recorded information is immutable, preventing parties from tampering with data.

Such a solution can be used across many different industries. uTrade Solutions envisions a future in which the healthcare sector records patients’ medical histories on a similar blockchain. In that case, it would also be possible to verify this history by validating medical records through KYChain before any treatment is administered. It could save patient’s lives in some cases, although that would require widespread adoption of KYChain.

The company announced another project, called HashDegree, which facilitates issuance and verification of educational documents. For example, university degrees could be authenticated on the HashDegree platform. Rather than relying on manual verification processes, which may take several days, the process could be completed within seconds.

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