International Journal of Trend in Scientific Research and Development

Nowadays everyone uses their personal identification documents on a regular basis, which gets shared with third parties without their explicit consent and stored at an unknown location. Companies such as government institutions, banks, credit agencies and other financial organizations are considered to be the weakest point in the current identity management system as they are unfortified to theft and hacking of data. Although the financial services sector have been seeking solutions for identity problem for a long time, it is only now that a viable solution has arrived in form of blockchain. KYC Know Your Customer using Blockchain eliminates the repeated KYC checks that banks currently perform by maintaining a common secure database in a blockchain. The nature of a blockchain ensures that unauthorized changes to the data are automatically invalidated. The proof of reputation concept makes the verification process more robust and secure. Decentralized computing architecture, blockchain will allow for the accumulation of data from multiple authoritative service provider into a single immutable, cryptographically secured and validated database. Blockchain KYC solution take advantages of a secure, public digital ledger to give almost instantaneous and truly secure verification of identity. Due to the immutable and unalterable nature of the record kept in the blockchain, fraud could become a thing of the past.