Trustworthy E-KYC Systems Using Blockchain

Abstract

In today’s world, Leveraging technological advancements, such as digital identity verification and biometric authentication, has streamlined and modernized KYC processes. These innovations not only enhance efficiency but also contribute to a more user-friendly experience for customers. In this contemporary landscape, staying informed about evolving regulations and industry-specific practices is indispensable for effective KYC implementation. Financial institutions must continuously adapt to the changing regulatory environment and leverage technological solutions to maintain the integrity of their KYC processes. This proactive approach is crucial not only for compliance but also for building trust between customers and stakeholders in an era where financial security and transparency are paramount. KYC procedures have been simplified and brought up to date by utilizing technology innovations like biometric authentication and digital identity verification. These advancements contribute to a more user-friendly experience for customers in addition to increasing efficiency. Keeping up with changing laws and sector-specific procedures is essential for implementing KYC successfully in the modern world. It is imperative for financial institutions to consistently adjust to the dynamic regulatory landscape and utilize technological advancements to uphold the integrity of their KYC procedures. This proactive strategy is essential for both compliance and fostering stakeholder and customer trust in a time when financial stability and openness are critical. Index Terms – KYC - know your customer, AML - anti-money laundering, CTF - counter-terrorism financing Keywords – KYC, blockchain, etherium, encryption, compression