UNI-KYC System on Blockchain
Anigdha Bansal, K Deepthi, Alok Singh, Aman Rajneesh Singh, Ankit Kumar Gupta · 2023
The financial institution’s Know Your Customer (KYC) procedure is its cornerstone. With the aid of this technique, the banking industries and other service providers may confirm client identification information between trustworthy parties. A system is developed which provides a unique NFT token as the proof of ownership to the customers who have completed their one-time KYC procedure with any of the institute within the network. The method also allows the exchange of KYC related data stored on IPFS. Financial institutes can authenticate any individual by either just verifying the NFT or by the data stored under that particular token via a dedicated gateway of Infura, which enable transparency and immutability. The decentralized KYC process simplifies the acquisition of secure and rapid access to current user data.