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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH
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ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016
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Issue: November 2022

Volume 7 | Issue 11

Impact factor: 8.15

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Paper Title: Changing the Know your Client (KYC) Cycle utilizing Blockchain
Authors Name: GANGURDE PRIYANKA SAHEBRAO , KASTURE NIKITA RAJENDRA , SHAIKH SANIYA ASIF , NEMADE GUNJALI ANIL , Prof. D.D. SHARMA
Unique Id: IJSDR2211111
Published In: Volume 7 Issue 11, November-2022
Abstract: The Know Your Customer (KYC) process is an essential part of the financial ecosystem. KYC. This process requires banks to verify and authenticate primary documents. However, today's market is flooded KYC tools that facilitate this process and share these documents with multiple entities, whatever they provide very little added value. Block chain technology with the concept of time-stamped immutable ledgers and distributed systems, can effectively facilitate banks to improve their KYC methods by enabling near real-time data exchange between different entities for faster and efficient validation ensuring data integrity significantly reduce time and costs. The proposed KYC system is a Block chain-based decentralized system that can be used to establish proof of identity for an individual person. It is also a cost-effective method, and the data stored on the decentralized application provides an additional layer of security.
Keywords: Banking, Block chain, KYC, Distributed Ledger Technology.
Cite Article: "Changing the Know your Client (KYC) Cycle utilizing Blockchain", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.7, Issue 11, page no.802 - 805, November-2022, Available :http://www.ijsdr.org/papers/IJSDR2211111.pdf
Downloads: 000150694
Publication Details: Published Paper ID: IJSDR2211111
Registration ID:202714
Published In: Volume 7 Issue 11, November-2022
DOI (Digital Object Identifier):
Page No: 802 - 805
Publisher: IJSDR | www.ijsdr.org
ISSN Number: 2455-2631

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