Application of Blockchain in KYC Compliance

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  •   Shashank R. B.

  •   Chirag Chhabra

  •   Nagaraj G. Cholli, Dr.

Abstract

The current process of Know Your Customer (KYC) used by banks is time-consuming, expensive, and redundant in practice. A Thomson Reuters Research states that while banks globally spend around 60 million USD on an average, this number may go up to 500 million USD for some banks [1]. Hence, to improve the efficiency of this process, the use of a blockchain-based mechanism is suggested. The use of smart contracts also provides scope for adding features that cannot be achieved by the current process. The paper majorly discusses the advantages and disadvantages of using blockchain for performing KYC processes.


Keywords: Blockchain, KYC, Smart Contracts, Smart-KYC

References

M. Harrop. “Know your Customer (KYC) Independent Survey.” Thomson Reuters.

P. Yadav and R. Chandak, "Transforming the Know Your Customer (KYC) Process using Blockchain," 2019 International Conference on Advances in Computing, Communication and Control (ICAC3), Mumbai, India, 2019, pp. 1-5.

R. Norvill, M. Steichen, W. M. Shbair and R. State, "Demo: Blockchain for the Simplification and Automation of KYC Result Sharing," 2019 IEEE International Conference on Blockchain and Cryptocurrency (ICBC), Seoul, Korea (South), 2019, pp. 9-10.

K. Bhaskaran et al., "Double-Blind Consent-Driven Data Sharing on Blockchain," 2018 IEEE International Conference on Cloud Engineering (IC2E), Orlando, FL, 2018, pp. 385-391.

W. M. Shbair, M. Steichen, J. François and R. State, "Blockchain orchestration and experimentation framework: A case study of KYC," N OMS 2018 - 2018 IEEE/IFIP Network Operations and Management Symposium, Taipei, 2018, pp. 1-6.

N. Sundareswaran, S. Sasirekha, I. J. Louis Paul, S. Balakrishnan and G. Swaminathan, "Optimised KYC Blockchain System," 2020 International Conference on Innovative Trends in Information Technology (ICITIIT), Kottayam, India, 2020, pp. 1-6.

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How to Cite
[1]
B., S., Chhabra, C. and Cholli, N. 2020. Application of Blockchain in KYC Compliance. European Journal of Engineering Research and Science. 5, 7 (Jul. 2020), 781-784. DOI:https://doi.org/10.24018/ejers.2020.5.7.1973.