Blockchain-Based Know Your Customer (KYC) System using Advanced Encryption Standard Algorithm
Noel Maria Deepak, Joy Patel, M Likith, Mihika Srivastava, Hema Jagadish · International Journal for Research in Applied Science and Engineering Technology · 2023
Abstract: Know Your Customer (KYC) is a crucial regulatory obligation for banks and financial institutions to record customer information before providing financial services. However, traditional KYC processes are slow, costly, and prone to errors. To address these challenges, a proposed solution aims to use blockchain technology, smart contracts, Ganache, and Advanced Encryption Standard (AES) encryption in the KYC process. This solution leverages the immutability and transparency of the blockchain to create a secure and efficient KYC process. Smart contracts approve and secure the KYC process, eliminating intermediaries and reducing time and cost. Ganache tests and deploys smart contracts, while AES encryption ensures the confidentiality and integrity of customer data. The proposed architecture involves a proof-of-concept system that can be used as a basis for further development and implementation in the financial industry and other regulated sectors. By leveraging these technologies, the proposed solution can revolutionize KYC processes, providing a secure, decentralized, and efficient process while ensuring the privacy of customers