ITM Web Conf.
Volume 44, 2022International Conference on Automation, Computing and Communication 2022 (ICACC-2022)
|Number of page(s)||6|
|Published online||05 May 2022|
Optimizing the KYC Process using a Blockchain based approach
Ramrao Adik Institute of Technology, Department of Information Technology, Navi Mumbai, India
The Know Your Client (KYC) process is an essential part of the financial ecosystem. The KYC process requires banks to validate and verify primary documents. The market these days, though, is flooded with KYC utilities that facilitate this process and share these documents with multiple entities, however they provide very little value addition. Blockchain technology, with its concept of immutable timestamped ledgers and distributed systems, can effectively facilitate banks to improve their KYC methods by allowing near real-time data exchange among various entities for quicker and effective validation ensuring data integrity alongside bringing down the time and costs significantly.
© The Authors, published by EDP Sciences, 2022
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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