Abstract

AbstractDespite the rapid digital transformation of banks and financial institutions, state-of-the-art Know Your Customer (KYC) processes still require customers to provide multiple artifacts to the different banks they collaborate with. In an era where data sharing is facilitated from a technological and a regulatory point of view, there is huge potential for improving the efficiency of KYC processes. However, this requires a trustful environment for exchanging data across the various stakeholders, including customers, banks, and other financial organizations. This chapter illustrates how blockchain technology can be used to foster such a trusted environment. It also presents the implementation of a decentralized KYC solution over the Hyperledger Fabric permissioned blockchain infrastructure.

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 call

Disclaimer: 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.