Decentralized Know Your Customer System Using Blockchain

Know your customer (KYC) is used in government organizations and by all financial service providers. We are currently dealing with a time-consuming and costly KYC process, and each organization has its own KYC. So, in order to eliminate the traditional process and ensure the KYC process is secure and efficient, we adopt Blockchain Technology to replace the present manual process.The proposed decentralized KYC system based on the blockchain can be applied at multiple locations to validate the customer’s identity, which is a prerequisite in today’s world. To establish trust between stakeholders, the current system ensures that the data stored is tamper-proof with no indulgence of the third party.In terms of gas used to deploy smart contracts on the blockchain, the decentralized KYC system is less expensive than the manual process. Even if the decentralized database is compromised, tampering with the data is harmless because it is encrypted with an additional layer of security.