KYC Verification Using Blockchain Approach
Huzaifa Anjum Jamil, Disha D, Prof. Prathima Mabel J · International Journal for Research in Applied Science and Engineering Technology · 2023
Abstract: Know Your Customer (KYC) verification is a critical process for businesses to ensure compliance with regulatory requirements and mitigate the risks of financial crimes such as money laundering and identity theft. Traditional KYC processes often involve cumbersome paperwork, lengthy procedures, and privacy concerns. However, the emergence of blockchain technology offers a promising solution to enhance the efficiency, transparency, and security of the KYC verification process. This abstract presents an overview of a blockchain-based approach to KYC verification. By leveraging the decentralized nature of blockchain, this approach enables the secure sharing and verification of customer identity information across multiple organizations without compromising data privacy. The use of cryptographic techniques ensures the integrity and immutability of customer data, while smart contracts automate and streamline the KYC process, reducing manual effort and associated costs