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KYC Implementation Using Blockchain Blockchain-Based KYC Implementation: Enhancing Identity Verification and Compliance

  • Unique Paper ID: 165088
  • Volume: 11
  • Issue: 1
  • PageNo: 188-198
  • Abstract:
  • The increasing reliance on digital transactions and regulatory requirements underscores the need for robust Know Your Customer (KYC) processes. This research explores the implementation of blockchain technology to enhance KYC procedures, aiming to address challenges of data security, privacy, and operational efficiency. We designed a blockchain- based KYC framework that leverages distributed ledger technology to securely store and share customer information among financial institutions. The framework was evaluated through a series of simulations and practical applications, demonstrating its ability to reduce duplication of efforts, streamline customer verification processes, and ensure compliance with regulatory standards. Our findings indicate a significant improvement in the accuracy and reliability of KYC operations, contributing to more efficient and secure financial services. This research presents a transformative approach to KYC implementation, promoting trust and transparency in the financial sector. This paper addresses the critical need for improved KYC processes by utilizing blockchain technology, which provides immutable and decentralized data storage solutions. The primary objective is to propose a secure and efficient methodology that surpasses traditional KYC models in reliability and scalability. Through detailed analysis and practical implementation, our study aims to enhance the state- of-the-art in KYC procedures. Key Components: 1. Aim/Objective: • The primary aim is to enhance KYC processes by leveraging blockchain technology to ensure secure, efficient, and compliant customer verification. • Develop a blockchain-based KYC framework that surpasses traditional models in terms of security, reliability, and operational efficiency. 2. Simulation Results: • Utilizing a comprehensive dataset, we conducted simulations to evaluate the blockchain-based KYC framework. • Our results demonstrate significant achievements in operational efficiency, with a reduction in records by 50%, and a compliance accuracy rate of 98%. 3. Comparisons Based Analysis: • Comparative analyses were performed against conventional KYC systems widely used in the financial industry. • Benchmark System
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 1
  • PageNo: 188-198

KYC Implementation Using Blockchain Blockchain-Based KYC Implementation: Enhancing Identity Verification and Compliance

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