A Blockchain based Solution to Know Your Customer (KYC) Dilemma

Abstract

Know Your Customer (KYC) is done as a mandatory entry step into any financial institution. However, even today the amount of manual intervention involved in the process is staggering. Often the data is centrally stored, and the computer programs acting are also centrally governed thus are not tamperproof making them susceptible to vulnerabilities and attacks. Different organizations do not have a unified application where the KYC information can be seamlessly shared between them without any risk of repudiation from any of the participating organizations. Our application, that is based on blockchain technology, aims to provide this platform as a service to financial institutions as an electronic-KYC solution, in the process of making the life of the end consumer easier.