Application of Blockchain in KYC Compliance

Shashank R. B., Chirag Chhabra and Nagaraj G. Cholli
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Shashank R. B.: R.V College of Engineering, India
Chirag Chhabra: R.V College of Engineering, India
Nagaraj G. Cholli: R.V College of Engineering, India

European Journal of Engineering and Technology Research, 2020, vol. 5, issue 7, 781-784

Abstract: The current process of Know Your Customer (KYC) used by banks is time-consuming, expensive, and redundant in practice. A Thomson Reuters Research states that while banks globally spend around 60 million USD on an average, this number may go up to 500 million USD for some banks [1]. Hence, to improve the efficiency of this process, the use of a blockchain-based mechanism is suggested. The use of smart contracts also provides scope for adding features that cannot be achieved by the current process. The paper majorly discusses the advantages and disadvantages of using blockchain for performing KYC processes.

Keywords: Blockchain; KYC; Smart Contracts; Smart-KYC (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:epw:ejeng0:v:5:y:2020:i:7:id:61973

DOI: 10.24018/ejeng.2020.5.7.1973

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