International Journal For Multidisciplinary Research

E-ISSN: 2582-2160     Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 6 Issue 3 May-June 2024 Submit your research before last 3 days of June to publish your research paper in the issue of May-June.

KYC using Smart Contract over Blockchain

Author(s) Shiven Singh, Dr. Sathyapriya Loganathan, Viraj Garg
Country India
Abstract Know Your Customer (KYC) is a requirement for financial institutions to use identity, qualification and risk to identify customers when establishing a
banking relationship. With the focus on security, the KYC process has become difficult and costly to complete for any customer. In this article, we propose a convenient, instant, secure and transparent banking system KYC certification
platform through Inter Planetary File System (IPFS) and block-chain technology. The system allows customers to open an account at any bank, complete the KYC process there, generate hashes using the IPFS network, and distribute them to other banks using the legacy urine of block-chain technology. Using a private key, all banks/financial institutions can use the IPFS network to securely
store and store customer information (e.g. KYC) if the customer wants to open another account with that bank/financial institution. Additionally, leveraging block-chain technology ensures immutability and transparency of KYC
information, thereby increasing security and reducing the risk of fraud or misuse of information. Storing hashed KYC data on the IPFS network ensures that important customer data remains transparent and accessible only to authorized
users, thus maintaining confidentiality and compliance with data protection laws. In addition, the processes that this new system can easily adjust will increase efficiency in the banking sector, allowing companies to allocate resources more efficiently and focus on providing better customer service. By sharing KYC credentials across multiple banks, customers benefit from a quicker and
faster account opening process; When banks come voluntarily, it builds trust and reduces the risks associated with new customers. Overall, the integration of block-chain and IPFS technology into the KYC process should transform the
banking industry by providing efficient, secure and transparent solutions that enable customer satisfaction and compliance.
Keywords Block-chain, KYC, Interplanetary File System, Security
Field Computer > Data / Information
Published In Volume 6, Issue 3, May-June 2024
Published On 2024-05-07
Cite This KYC using Smart Contract over Blockchain - Shiven Singh, Dr. Sathyapriya Loganathan, Viraj Garg - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.19618
Short DOI

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