Changing the Know your Client (KYC) Cycle utilizing Blockchain
GANGURDE PRIYANKA SAHEBRAO
, KASTURE NIKITA RAJENDRA , SHAIKH SANIYA ASIF , NEMADE GUNJALI ANIL , Prof. D.D. SHARMA
Banking, Block chain, KYC, Distributed Ledger Technology.
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.
"Changing the Know your Client (KYC) Cycle utilizing Blockchain", IJSDR - International Journal of Scientific Development and Research (www.IJSDR.org), ISSN:2455-2631, Vol.7, Issue 11, page no.802 - 805, November-2022, Available :https://ijsdr.org/papers/IJSDR2211111.pdf
Volume 7
Issue 11,
November-2022
Pages : 802 - 805
Paper Reg. ID: IJSDR_202714
Published Paper Id: IJSDR2211111
Downloads: 000347219
Research Area: Engineering
Country: -, -, -
ISSN: 2455-2631 | IMPACT FACTOR: 9.15 Calculated By Google Scholar | ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.15 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: IJSDR(IJ Publication) Janvi Wave
