A Blockchain Framework in the Banking Sector Based in e-KYC System Conceptual Framework
Bara’ah Jaber, Dima Kriwiesh, Muna Abu AlRagheb · 2024
The purpose of the current paper is to propose a new conceptual framework for a blockchain framework in the banking sector based in the e-KYC system. The study analyzes previous literature to evaluate the impact of a blockchain framework in the banking sector based on the e-KYC system. The study suggests that analysis should extract challenges such as ensuring regulatory compliance, interoperability, data privacy, scalability, user adoption, smart contract reliability, and costs and infrastructure investment. While suggesting to conduct analysis to enhance efficiency and security in financial institutions Keys include digital documentation, biometric verification, electronic consent, database integration, real-time verification, and blockchain integration. The study explores the potential of blockchain technology in the banking sector, specifically in e-KYC systems. Despite challenges like a lack of regulatory frameworks, blockchain can improve security, reduce fraud, automate processes, and enable compliance. It can streamline lending, reduce counterparty risk, and improve return on investment. The study focuses on security, operational efficiency, shared infrastructure, and time efficiency, with quality and the technological environment influencing these aspects. Continuous improvement is crucial for system performance, reliability, and trustworthiness.