SECURE AND TRANSPARENT KYC FOR BANKING SYSTEM USING INTERPLANETARY FILE SYSTEM (IPFS) AND BLOCKCHAIN TECHNOLOGY

Mr. Akshay Rajendra Khairnar , Mr. Mayur Balkrushna Sonawane , Miss. Prachi Chandrakant Sonawane , Mr. Priyanka Dada Bachhav , Prof. P. A .Patil

KYC,IPFS,DLT

The know your customer or know your client (KYC) is a guideline for the banking system to validate a customer using identity, appropriateness, risk assessment in establishing a banking relationship. With the growing concern of security, the KYC process is complex and involves a high cost for completing for a single customer. In this work, we propose an economical, swift, secure, and transparent platform for KYC document verification for the Banking system through InterPlanetary File System (IPFS) and blockchain technology. The proposed system allows a customer to open an account at one Bank, complete the KYC process there, and generate a hash value using the IPFS network and share it using the blockchain technique. Upon receiving the private key, any Bank/financial organization can retrieve, store customer data (i.e., KYC) securely using IPFS network if the customer wishes to open another account in that Bank/financial organization. The proposed system can save time, money, and repetitive work during the KYC process when someone tries to open an account at multiple Banks..

Published Paper   E-Certificate

"SECURE AND TRANSPARENT KYC FOR BANKING SYSTEM USING INTERPLANETARY FILE SYSTEM (IPFS) AND BLOCKCHAIN TECHNOLOGY ", IJSDR - International Journal of Scientific Development and Research (www.IJSDR.org), ISSN:2455-2631, Vol.8, Issue 3, page no.282 - 285, March-2023, Available :https://ijsdr.org/papers/IJSDR2303047.pdf

Volume 8 Issue 3, March-2023

Pages : 282 - 285

Paper Reg. ID: IJSDR_204401

Published Paper Id: IJSDR2303047

Downloads: 000347490

Research Area: Engineering

Country: -, -, -

Published Paper PDF: https://ijsdr.org/papers/IJSDR2303047

Published Paper URL: https://ijsdr.org/viewpaperforall?paper=IJSDR2303047

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

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