Kyc through Blockchain
Authors:Prince Mohobia, Dr. P.M. Chaudhari, Harsh Sakhare, Najim Sheikh, Ramin Singh, Devanshu Bhajbhuje
Abstract- Know Your Customer (KYC) process plays a critical role in helping every bank verify the identity of its customers. Banks must conduct KYC checks to prevent criminals using them to commit crimes such as drug trafficking and terrorism. Current manual KYC processes are insecure, slow, and outdated. E-KYC allows users to quickly complete the recruitment process without leaving their homes. Using blockchain-based KYC verification, these limitations can be eliminated as blockchain provides features such as decentralization, transferability, and security. Governments around the world are using electronic KYC systems to make this task easier and more transparent. Governments around the world are rapidly implementing electronic KYC systems to expedite and improve transparency in this critical activity. This document provides access to unique trust based on a self-governing model that enhances customer privacy, has regulatory authority,and helps banks improve the reliability and accuracy of customer data. Presents a management system. Reduce customer acquisition costs. This article aims to offer a solution to this problem. Our solution uses blockchain to perform one-time KYC verification and eliminate multiple checks to ensure database security. Financial institutions on the blockchain network can access a user’s KYC information only with the user’s permission.
