Know Your Customer (KYC) Implementation with Smart Contracts on a Privacy-Oriented Decentralized Architecture

Nikolaos Kapsoulis, Alexandros Psychas, Georgios Palaiokrassas, Achilleas Marinakis, Antonios Litke and Theodora Varvarigou
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Nikolaos Kapsoulis: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece
Alexandros Psychas: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece
Georgios Palaiokrassas: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece
Achilleas Marinakis: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece
Antonios Litke: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece
Theodora Varvarigou: Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece

Future Internet, 2020, vol. 12, issue 2, 1-13

Abstract: Enterprise blockchain solutions attempt to solve the crucial matter of user privacy, albeit that blockchain was initially directed towards full transparency. In the context of Know Your Customer (KYC) standardization, a decentralized schema that enables user privacy protection on enterprise blockchains is proposed with two types of developed smart contracts. Through the public KYC smart contract, a user registers and uploads their KYC information to the exploited IPFS storage, actions interpreted in blockchain transactions on the permissioned blockchain of Alastria Network. Furthermore, through the public KYC smart contract, an admin user approves or rejects the validity and expiration date of the initial user’s KYC documents. Inside the private KYC smart contract, CRUD (Create, read, update and delete) operations for the KYC file repository occur. The presented system introduces effectiveness and time efficiency of operations through its schema simplicity and smart integration of the different technology modules and components. This developed scheme focuses on blockchain technology as the most important and critical part of the architecture and tends to accomplish an optimal schema clarity.

Keywords: permissioned blockchains; know your customer; user privacy protection; enterprise blockchains; business intelligent smart contracts (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2020
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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