KYC as a Service (KASE)—A Blockchain Approach

Abstract

KYC or Know-Your-Customer is an integral part of the onboarding process of a customer for a company. This process requires independent and tedious verification of a customer's identity documents by the businesses leading to wastage of resources. In this paper, we propose a solution where the submission and verification of a customer is done only once, and the results are shared with the businesses which require the information. The proposed system uses blockchain to record and manage the KYC requests and ensure transparency. The KYC data is verified using machine learning processes to ensure further efficiency in the process by reducing a significant amount of time spent on verifying the customers.

Optimizing the KYC Process using a Blockchain based approach

“…"KYC as a Service (KASE)-A Blockchain Approach." -Dhiren Patel Patel et al [8] proposed a method that combines machine learning and blockchain technologies to partially simplify the due diligence phase. According to their method, the customer's data is checked using machine learning techniques, and if approved, the data is encrypted and the transaction is recorded on the blockchain.…”