Optimizing the KYC Verification System Using Ethereum Blockchain (KEY IJP************923)

• Ms. Syed Nazia Banu,S.m.shabana,B.usha,V.vennela Devi,C.pujitha,T.nikhila

Abstract

With today's advances in digitalization, people use their personal identity documents on a daily basis, which are shared with third parties without their prior authorization and maintained in a number of random places. Government organizations, banks, credit agencies, and other financial institutions keep such identity information in their own databases. The presence of such sensitive information in several places raises the likelihood of vulnerabilities. For a long time, the financial industry has been looking for answers to such difficulties, and one feasible alternative is blockchain. By keeping a single safe database on blockchain, the Know Your Customer (KYC) verification procedure reduces the repetitive KYC checks that banks presently do. Because blockchain is immutable and unalterable by definition, illegal modifications to data are instantly invalidated. Blockchains decentralized design will enable the collection of data from different authoritative service providers into a single immutable, safe, and verified database. The Blockchain KYC system uses a secure, public digital ledger to provide rapid and fully secure identity verification.Keywords: Know Your Customer, Blockchain, Ethereum, Tokenization, Smart contract, decentralization, Immutable ledger.