Paper Key : IRJ************265
Author: Sushant Rajkumar Singh,Raj Jayshankar Mishra,Rishabh Ramesh Tiwari,Omkar Sanjay Talwadekar
Date Published: 20 Apr 2024
Abstract
Know Your Customer (KYC) procedures are critical in financial services to verify the identity of clients, preventfraud, and ensure compliance with regulations. However, traditional KYC processes are often time-consuming,costly, and susceptible to errors and fraud. Blockchain technology presents a promising solution to thesechallenges by providing a decentralized, transparent, and immutable ledger for storing and verifying identityinformation. This paper explores the integration of blockchain technology into KYC processes to streamline andenhance identity verification procedures. By leveraging blockchain, financial institutions can create a sharednetwork where customer identity information is securely stored and updated in real-time. This distributedledger ensures data integrity and eliminates the need for multiple, redundant KYC checks across differentinstitutions. Overall, the adoption of blockchain technology in KYC processes has the potential to revolutionizeidentity verification in the financial industry, leading to increased efficiency, reduced costs, and enhancedsecurity and trustworthiness.
DOI LINK : 10.56726/IRJMETS52546 https://www.doi.org/10.56726/IRJMETS52546