E-KYC using Blockchain Technology
Authors: Gangurde Priyanka Sahebrao, Kasture Nikita Rajendra, Shaikh Saniya Asif, Nemade Gunjali Anil, V.A. Khairnar
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Abstract: The Know Your Customer (KYC) process is an essential part of the financial ecosystem. KYC. This process requires banks to verify and authenticate primary documents. However, today's market is flooded KYC tools that facilitate this process and share these documents with multiple entities, whatever they provide very little added value. Blockchain technology with the concept of time-stamped immutable ledgers and distributed systems, can effectively facilitate banks to improve their KYC methods by enabling near real-time data exchange between different entities for faster and efficient validation ensuring data integrity significantly reduce time and costs. The proposed KYC system is a blockchain-based decentralized system that can be used to establish proof of identity for an individual person. It is also a cost-effective method, and the data stored on the decentralized application provides an additional layer of security.
Keywords: Banking, Blockchain, KYC, Distributed Ledger Technology
Paper Id: 230138
Published On: 2023-05-19
Published In: Volume 11, Issue 3, May-June 2023
Cite This: E-KYC using Blockchain Technology - Gangurde Priyanka Sahebrao, Kasture Nikita Rajendra, Shaikh Saniya Asif, Nemade Gunjali Anil, V.A. Khairnar - IJIRMPS Volume 11, Issue 3, May-June 2023.