IMPLEMENTATION OF CONSORTIUM BLOCKCHAIN FOR DECENTRALIZED KYC SHARING
Date
2023-05
Journal Title
Journal ISSN
Volume Title
Publisher
I.O.E. Pulchowk Campus
Abstract
Know Your Customer (KYC) process that is followed by the Financial Institutions (FIs) at
present is highly inefficient and inconvenient for both FIs and customers. This process requires
verification of customer’s identity documents independently by the businesses leading
to high costs as well as wastage of resources. This project provides an efficient solution based
on the Blockchain technology. The submission details of customers are collected only once
for the verification process, irrespective of the number of financial institutions they register.
The verified document is then shared with the organizations that require the information
based on the customer’s approval. It leads to an efficient KYC process reducing costs and
resources. This system uses private distributed file storage to store the identity documents
and consortium blockchain technology is used to record and manage the KYC transactions
ensuring security and transparency. The financial institutions act as the full nodes of the
blockchain and the synchronization of blocks takes place through the P2P network.
Description
Know Your Customer (KYC) process that is followed by the Financial Institutions (FIs) at
present is highly inefficient and inconvenient for both FIs and customers. This process requires
verification of customer’s identity documents independently by the businesses leading
to high costs as well as wastage of resources
Keywords
Consortium Blockchain,, Distributed File Storage,, P2P network