Blockchain Based User KYC Verification System

Almost every business is adopting the blockchain technology since it is well-known, dependable, and secure. Transparency, decentralization, immutability, resilience, disintermediation, cooperation, security, and trust are all characteristics of blockchain technology at its core. In this essay, we have concentrated on the potential effects of adopting blockchain to store and track data on the current banking business, particularly the KYC document verification procedure. The KYC procedures used in modern banks are very reliable when done on paper, yet this is an old procedure. A modernized KYC system, integrated with a trustworthy and dependable technology like blockchain, that could survive frauds and address the scalability and security challenges, is absolutely necessary today. The usage of blockchain in the KYC process in the proposed system limits the involvement of middlemen. The client documents are integrated into the bank database with the help of this system, which offers increased efficiency, cost savings, improved customer rendezvous, and end-to-end transparency.