Abstract
Enterprise blockchain solutions attempt to solve the crucial matter of user privacy, albeit that blockchain was initially directed towards full transparency. In the context of Know Your Customer (KYC) standardization, a decentralized schema that enables user privacy protection on enterprise blockchains is proposed with two types of developed smart contracts. Through the public KYC smart contract, a user registers and uploads their KYC information to the exploited IPFS storage, actions interpreted in blockchain transactions on the permissioned blockchain of Alastria Network. Furthermore, through the public KYC smart contract, an admin user approves or rejects the validity and expiration date of the initial user’s KYC documents. Inside the private KYC smart contract, CRUD (Create, read, update and delete) operations for the KYC file repository occur. The presented system introduces effectiveness and time efficiency of operations through its schema simplicity and smart integration of the different technology modules and components. This developed scheme focuses on blockchain technology as the most important and critical part of the architecture and tends to accomplish an optimal schema clarity.
Highlights
Digital technologies have transformed media content production and distribution in the global entertainment and media industry over the last two decades
To date, with many applications in financial technology being implemented on blockchains, Know Your Customer (KYC) processes will have to play a significant role in trying to couple valid identity management with privacy-preserving techniques in order to be able to be in compliance with regulations such as General Data Protection Regulation (GDPR)
Norvill et al [24] presented a demo of a system that allows automation and permissioned document sharing in order to simplify and reduce the work required by the KYC process, while Zhang and Yin [25] conducted research on a digital copyright management system based on blockchain technology
Summary
Digital technologies have transformed media content production and distribution in the global entertainment and media industry over the last two decades. To date, with many applications in financial technology being implemented on blockchains, KYC processes will have to play a significant role in trying to couple valid identity management with privacy-preserving techniques in order to be able to be in compliance with regulations such as General Data Protection Regulation (GDPR). This area of research is the main focus of the paper.
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