Blockchain based KYC information services

Inspiration

KYC is a process by which banks obtain information about the identity and address of the purchasers. It’s a regulator governed process of performing due diligence for verifying the identity of clients. This process helps to make sure that banks’ services aren’t misused. The banks are responsible for completing the KYC procedure while opening accounts. Banks also are required to periodically update their customers’ KYC details. KYC may be manual, time-consuming, and redundant across institutions. Sharing KYC information on Blockchain would enable financial institutions to deliver better compliance outcomes, increase efficiency, and improve customer experience.

How we built it:

Using blockchain technology architecture and the DLT allow us to collect information from various service providers into one cryptographically secure and unchanging database that does not need a third party to verify the authenticity of the knowledge.

Challenges we ran into:

Each company has to verify your identity somehow, and it’s particularly important for financial institutions. From this ‘know your customer,’ or KYC protocols was the rise to assist companies to ensure they know who they’re doing business with. Typically, this involves an extended, drawn-out practice where certain documents are shown, and a few kinds of background checks or verification takes place. In the traditional KYC system, each bank will conduct its identity check i.e. each user is checked individually by an individual organization or government structure. Hence, there is a waste of time for checking each identity from scratch.

What's next for Blockchain based KYC information services:

**Smart Contract consists of all the rules and protocols required for KYC document flow. We have created 2 contacts for Banks and Customers, and inherited those contract KYC contracts **Blockchain Network to deploy the Contract. We have used Rinkeby for our contract. ● Website for user Interface where Users according to their role can access information. We have created web page with React & Native Base.