Blockchain Based KYC System

Abstract

The financial industry and various other sectors have witnessed a significant transformation with the advent of blockchain technology. This research paper presents a comprehensive study and implementation of a blockchain-based KYC (Know Your Customer) system aimed at revolutionising identity verification processes. KYC is a fundamental aspect of customer onboarding, compliance, and security in various industries, including banking, finance, and e-commerce. However, traditional KYC methods suffer from inefficiencies, security vulnerabilities, and the risk of data breaches. In this paper, we propose a novel approach that leverages the immutable and decentralised nature of blockchain technology to enhance the KYC process. Our blockchain-based KYC system addresses key challenges such as data privacy, security, and interoperability across institutions. We implement a permissioned blockchain network to ensure data integrity, immutability, and accessibility while adhering to regulatory requirements.