Abstract
The current process of Know Your Customer (KYC) used by banks is time-consuming, expensive, and redundant in practice. A Thomson Reuters Research states that while banks globally spend around 60 million USD on an average, this number may go up to 500 million USD for some banks [1]. Hence, to improve the efficiency of this process, the use of a blockchain-based mechanism is suggested. The use of smart contracts also provides scope for adding features that cannot be achieved by the current process. The paper majorly discusses the advantages and disadvantages of using blockchain for performing KYC processes.
Highlights
LITERATURE SURVEYType of Blockchain: Private Regulation Compliant to Countries: India Revocation of Access: No Provision Consensus Algorithm: Proof of Concept Key Takeaways: a
Blockchain is the latest technology to take up the world by storm
Automation and standardization of operations: Considering the continuous progression achieved on KYC procedure regulation and the ever-growing data being assembled, it is presently feasible for blockchain to utilize smart contracts for the execution of control and operational procedures
Summary
Type of Blockchain: Private Regulation Compliant to Countries: India Revocation of Access: No Provision Consensus Algorithm: Proof of Concept Key Takeaways: a. Type of Blockchain: Permissioned Regulation Compliant to Countries: Singapore Revocation of Access: Provides revoke access by generating new AES keys every time a customer revokes access for the bank whose access has been revoked Consensus Algorithm: Proof of Concept Key Takeaways: a. D. Proposes the use of a consent record off-chain which is in turn linked to the blockchain, so as to ensure banks no longer have access to a user's KYC if he/she wishes so. Type of Blockchain: Multichain Regulation Compliant to Countries: Luxembourg Revocation of Access: No provision Consensus Algorithm: Proof of Work Key Takeaways: a. Type of Blockchain: Private Regulation Compliant to Countries: India Revocation of Access: No provision Consensus Algorithm: Proof of Concept Key Takeaways: a. An approach to solve this could be: use asymmetric encryption
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