Efficient and Accelerated KYC Using Blockchain Technologies

AbstractDespite the rapid digital transformation of banks and financial institutions, state-of-the-art Know Your Customer (KYC) processes still require customers to provide multiple artifacts to the different banks they collaborate with. In an era where data sharing is facilitated from a technological and a regulatory point of view, there is huge potential for improving the efficiency of KYC processes. However, this requires a trustful environment for exchanging data across the various stakeholders, including customers, banks, and other financial organizations. This chapter illustrates how blockchain technology can be used to foster such a trusted environment. It also presents the implementation of a decentralized KYC solution over the Hyperledger Fabric permissioned blockchain infrastructure.