AuthiFi: An Advanced Blockchain e-KYC Solution with Enhanced Wallet Security Using Shamir’s Secret Sharing
Sagar Karmoker, Muhammad Adnan Khan, Mohammad Rifat Ahmmad Rashid, Rashedul Amin Tuhin, Nur Adnan Chowdhury Anik, Mobinul Ahasan Tanjid · 2024
Implemented conventional KYC methods in Bangladesh have several drawbacks such as data leakage, unproductiveness, and information opacity that affect the identity confirmation process of users across the organizations. Blockchain technology provides an efficient and secure means of developing supply chain transparency. The research outlines the design of an e-KYC system using blockchain, with wallet sharing service provided through sharding and enhanced identity validation through machine learning. Some questions answered by the system include private key management, transaction, and gas fees for user sovereignty, security, and accurate data in transactions. All users benefit from ease in sharding of wallets, while machine learning ensures that the chances of fraud are minimized, and accuracy enhanced. Specifically, this approach improves security, transparency, and operation, which can dramatically transform the process of identity verification in the financial sector of Bangladesh making the system more reliable.