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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | SECURE AND TRANSPARENT KYC FOR BANKING SYSTEM USING INTERPLANETARY FILE SYSTEM (IPFS) AND BLOCKCHAIN TECHNOLOGY |
| Authors Name: | Mr. Akshay Rajendra Khairnar , Mr. Mayur Balkrushna Sonawane , Miss. Prachi Chandrakant Sonawane , Mr. Priyanka Dada Bachhav , Prof. P. A .Patil |
| Unique Id: | IJSDR2303047 |
| Published In: | Volume 8 Issue 3, March-2023 |
| Abstract: | 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.. |
| Keywords: | KYC,IPFS,DLT |
| Cite Article: | "SECURE AND TRANSPARENT KYC FOR BANKING SYSTEM USING INTERPLANETARY FILE SYSTEM (IPFS) AND BLOCKCHAIN TECHNOLOGY ", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 3, page no.282 - 285, March-2023, Available :http://www.ijsdr.org/papers/IJSDR2303047.pdf |
| Downloads: | 000337064 |
| Publication Details: | Published Paper ID: IJSDR2303047 Registration ID:204401 Published In: Volume 8 Issue 3, March-2023 DOI (Digital Object Identifier): Page No: 282 - 285 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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