Abstract
Know Your Customer (KYC) process plays a vital role for all banks in authenticating the identity of their customers. KYC verification is crucial to prevent banks from being used by illegal elements for money laundering activities such as drug trafficking, terrorism and other crimes. Manual KYC process in mainstream at present is less secure, time consuming and outdated. Since Blockchain offers features like decentralization, immutability and security, these limitations can be eliminated by using Blockchain based KYC verification. In this paper, we have proposed decentralized KYC verification process using Ethereum Blockchain platform. It would allow all the banks in the Blockchain network to verify and vote for legitimacy of the data provided by the customer. Depending on number of votes KYC status of customer gets stored on the Blockchain. Major enhancement in our proposed method is, banks can also vote for other banks if any bank is tampering with the KYC data and it will get removed from the network based on this voting. In this way, Blockchain can be used to improve the efficiency of KYC process with its distinctive features.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
