Enabling Trust and Privacy Preserving e-KYC System Using Blockchain
Viraj Ashok Patil1, Akshay Kumar Mishra2, Ketan Kishor Shinde3, Prof A. A. Patil4
1,2,3,4Department Of Computer Engineering, TSSM’s, Padmabhooshan VasantdadaPatil Institute of Technology, Bavdhan-21, Pune, Maharashtra, India.
Affiliated To Savitribai Phule Pune University, Pune, India.
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ABSTRACT - A Blockchain technology guarantees to be highly trending and empowering in financial domain computing programs. The virtual economic system is becoming a fundamental a part of present-day life. in order the use of the digital global increases there are more probabilities of lower is the safety stage. So greater using digitization more the frauds and less the safety. In a few cases of personal information, leakage has brought back into the focus the security troubles with the extraordinary identification sharing mechanisms. A client is predicted to provide his identification for authentication by means of unique agencies. So the KYC process offers with the identity of the user. And in flip, provides the desired security. The KYC strategies which are used by the banks are absolutely dependent on the encryption that's sluggish and it is able to result in the lack of patron info to other their birthday celebration economic establishments. This device can be efficient by means of using Blockchain technology, which has the ability to automate numerous manual approaches and it's also proof against hacks of any type. The immutable blockchain block and its distributed ledger is the best complement to the system of KYC. With the addition of clever contacts, fraud detection may be computerized. For KYC identification info garage, we are able to employ any types of KYC. So, the banks can develop a shared non-public blockchain within the financial institution premise and the equal can be used for verifying the documents. This permits the user to get control in their touchy files and also makes it easier for banks to reap the documents they want for compliance.
Key Words: Blockchain, Banking, Digital Certificate, Digital Wallet, Decentralize Identity, Distributed Ledger Technology, Verifiable Credential.
