KYC Optimization by Blockchain Based Hyperledger Fabric Network

Ullah, Nazir; Al‐Dhlan, Kawther A.; Al-Rahmi, Waleed Mugahed

doi:10.1109/aemcse51986.2021.00264

Cited by 11 publications

(6 citation statements)

References 25 publications

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“… Cost Saving Cost1 A digital ledger makes it possible for the energy sector to reduce costs while improving reliability and distribution efficiency. [ 52 , 53 ] Cost2 Blockchain can create a stable energy market with lesser electricity costs by connecting customers directly to the grid. Cost3 Blockchain will reduce transaction cost in the energy sector.…”

Section: Methodsmentioning

confidence: 99%

Blockchain-powered grids: Paving the way for a sustainable and efficient future

Ullah,

Al-Rahmi,

Alblehai

et al. 2024

Heliyon

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Section: Methodsmentioning

confidence: 99%

Blockchain-powered grids: Paving the way for a sustainable and efficient future

Ullah,

Al-Rahmi,

Alblehai

et al. 2024

Heliyon

Self Cite

View full text Add to dashboard Cite

“…eKYC and KYC appear to have very similar processes. KYC onboarding begins with a prospective customer requesting the opening of an account, followed by completing a registration form, identification card verification, and logging into a financial services dashboard to obtain the desired account [16].…”

Section: Prospects Of Blockchain For Kycmentioning

confidence: 99%

“…The article [16] has used the Hyperledger Composer to test the performance of the proposed system. The experiment result confirms the proposed system can speed up KYC clearing transfers, challenge inefficiencies caused by the duplicated performance of similar tasks, secure data sharing, be cost-effective, and ultimately bring transparency to the traditional KYC system due to the robust and identity features of Hyperledger Fabric.…”

Section: A Kyc Related Existing Workmentioning

confidence: 99%

“…The experiment result confirms the proposed system can speed up KYC clearing transfers, challenge inefficiencies caused by the duplicated performance of similar tasks, secure data sharing, be cost-effective, and ultimately bring transparency to the traditional KYC system due to the robust and identity features of Hyperledger Fabric. The authors in [16] have suggested a Blockchain Hyperledger Fabric network for client KYC optimization. The global difficulty is shouldering the regulatory costs paid by all financial institutions as a result of the KYC verification process.…”

Section: A Kyc Related Existing Workmentioning

confidence: 99%

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A Review of Blockchain Approaches for KYC

Mansoor,

Antora,

Deb

et al. 2023

IEEE Access

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The traditional Know Your Customer (KYC) procedure used by banks is deemed unreliable and costly. Therefore, the adoption of emerging technologies is essential for banking firms' future prospects. One such technology that has gained widespread acceptance is Blockchain, which is known for its dependability and security across various fields. This study aims to investigate how the implementation of Blockchain technology can modify the existing banking business, particularly the KYC document verification process, by storing and monitoring information. The current need for an optimized KYC system is paramount, one that is coupled with a secure and trustworthy technology like Blockchain that can withstand fraudulent activities while also overcoming scalability and privacy challenges. The article analyses previous relevant works, which highlight how the implementation of Blockchain technology eliminates the need for intermediaries, thereby reducing the possibility of malicious activities and errors that may occur when there are multiple manual tasks involved.

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“…Smart contract for the transaction process is included in BCT 2.0. The upcoming BCT 3.0. allows for high autonomy with autonomous organizations by using Smart contracts with established sophisticated regulations [6]. Furthermore, anyone can participate in and view the ledgers in a permissionless BCT, such as Ethereum.…”

Section: Distributed Ledger Technologymentioning

confidence: 99%

Understanding the Blockchain adoption in the energy trading system for COVID-19 and beyond

ullah

2023

Second International Conference on Sustainable Technology and Management (ICSTM 2023)

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Blockchain technology (BCT) is altering the Energy trade and leading to an upsurge in the contemporary Energy trading system. Like in developed states, BCT is essential to improve the traditional energy trading systems in developing states for COVID-19 and beyond. This study aim is to examine the significant constructs that impact a user’s intention to adopt BCT for Energy firms. The proposed model is based on the integration of TAM constructs with Information System Success Theory (ISS) and Theory of Planned Behavior (TPB), using structural equation modeling. Based on the study findings, all constructs except (service and system quality on perceived usefulness and attitude on intention to use) were found to have a significant influence during the distributed ledger technology (DLT) adoption for COVID-19 and beyond. Consequently, the subsequent implications are assessed for post pandemic, although with obvious restrictions.

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KYC Optimization by Blockchain Based Hyperledger Fabric Network

Cited by 11 publications

References 25 publications

Blockchain-powered grids: Paving the way for a sustainable and efficient future

Blockchain-powered grids: Paving the way for a sustainable and efficient future

A Review of Blockchain Approaches for KYC

Understanding the Blockchain adoption in the energy trading system for COVID-19 and beyond

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