uTrade Launches Blockchain-based KYC Platform
The vendor also announced the establishment of a new subsidiary solely focused on blockchain products.
Roughly four months after the launch of its first blockchain product, uClear, a real-time clearing and settlement solution, uTrade released KYChain, available on a web and mobile interface.
The platform will enable users to upload their documents and share them securely with any institution, primarily for KYC purpose in the form of QR codes.
According to a statement, users will be able to allow or deny access to KYC documents, if there are concerns about misuse or theft.
All the validated transactions can be accessed by other institutions in the KYC ecosystem, thereby creating an information chain that acts as a measure of the customer's credibility.
Also, the firm announced its new subsidiary, Hashcove, which will develop technology solutions based on distributed ledger.
uTrade said that Hashcove will also help create "proof of value" for firms by building blockchain solutions for their needs.
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