Transforming the Know Your Customer (KYC) Process using Blockchain

Yadav, Piyush; Chandak, Raj

doi:10.1109/icac347590.2019.9036811

Cited by 19 publications

(4 citation statements)

References 1 publication

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“…In addition, [49] established a blockchain‐based ‘Know Your Customer (KYC)’ processing which claims to minimize the processing cost for financial institutions and minimal time consumption for the processing to help with customer satisfaction. The major advantage of the proposed solution is the entire verification procedure is managed at one time for every individual.…”

Section: Literature Reviewmentioning

confidence: 99%

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

Chaudhry

Hydros

2023

IET Blockchain

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Cyber security in the banking sector is of high importance nowadays. The rate of cyberattacks is spiking every year, and the implementation of strong cybersecurity models is required to ensure the confidentiality and integrity of data. Since protecting a bank requires a wide range of security practices, this paper focuses on protecting the bank resources from malicious actors and securing the transactions using a blockchain consensus mechanism that uses a zero-trust security approach among the participants in the transaction. In addition to the framework, an algorithm for blockchain-based online transactions was designed to make use of practical implementation in the future. The ideas formulated during the research and literature review were integrated to design the framework and the algorithm. The proposed framework ensures that the security of the banking sector can be enhanced by adopting the zero-trust concept and blockchain technology. The consensus algorithms used for the transaction make it immutable and decentralized. Zero-trust principles adopted in the model ensure the confidentiality and integrity of the banking system.

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Section: Literature Reviewmentioning

confidence: 99%

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

Chaudhry

Hydros

2023

IET Blockchain

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“…After that, they will fill out the paper registration form and wait for the verification process to complete. [18] FIGURE 1. Traditional KYC Process…”

Section: A the Traditional Kycmentioning

confidence: 99%

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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“…Jain et al [12] proposed a decentralized framework for one-time KYC for easing interbank transactions. Biradar et al [13] used Hyperledger Fabric, for a blockchain-based KYC framework to this end, and Yadav et al [14] developed an Ethereum-based KYC model for improving customer experience and reducing costs. In this system, the bank customers are categorized into two groups: temporary clients requesting basic services, and permanent clients.…”

Section: Background and Related Workmentioning

confidence: 99%

Cyber-Physical Customer Management for Internet of Robotic Things-Enabled Banking

2023

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In-person banking is still an important part of financial services around the world. Hybrid bank branches with service robots can improve efficiency and reduce operating costs. An efficient autonomous Know-Your-Customer (KYC) is required for hybrid banking. In this paper, an automated deep learning-based framework for interbank KYC in robot-based cyber-physical banking is proposed. A deep biometric architecture was used to model the customer's KYC and anonymise the collected visual data to ensure the customer's privacy. The symmetric-asymmetric encryption-decryption module in addition to the blockchain network was used for secure and decentralized transmission and validation of the biometric information. A high-capacity fragile watermarking algorithm based on the integer-to-integer discrete wavelet transform in combination with the Z6 and A6 lattice vector quantization for the secure transmission and storage of inperson banking documents is also proposed. The proposed framework was simulated and validated using a Pepper humanoid robot for the automated biometric-based collection of handwritten bank checks from customers adhering to COVID-19 pandemic safety guidelines. The biometric information of bank customers such as fingerprint and name is embedded as a watermark in the related bank documents using the proposed framework. The results show that the proposed security protection framework can embed more biometric data in bank documents in comparison with similar algorithms. Furthermore, the quality of the secured bank documents is 20% higher in comparison with other proposed algorithms. Also, the hierarchal visual information communication and storage module that anonymizes the identity of people in videos collected by robots can satisfy the privacy requirements of the banks. Overall, the proposed framework can provide a rapid, efficient, and cost-effective inter-bank solution for future in-person banking while adhering to the security requirements and banking regulations.

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Transforming the Know Your Customer (KYC) Process using Blockchain

Cited by 19 publications

References 1 publication

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

A Review of Blockchain Approaches for KYC

Cyber-Physical Customer Management for Internet of Robotic Things-Enabled Banking

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