The Use of Blockchain Technology to Verify KYC Documents
Vijay U. Rathod, Yogesh Kisan Mali, Nilesh P. Sable, Rahul Ramkishan Rathod, Manoj N Rathod, Nachiket A Rathod
Abstract
Sensitive personal data is frequently uploaded on internet, which is currently misused or disclosed leading to compromise of financial assets and thus endangering the entire ecosystem for online transactions. As a result, academic resources as well as internet firms are interested in learning how to manage an online identity. We propose a solution that provides user with authority over their own identities, using Blockchain Based (BCB) identity management system. Proposed system allows users to store data on a blockchain in place of vulnerable servers. The blockchain enables users to securely register their personal information and documents, guaranteeing the immutability and integrity of their identification of data. Organizations on the other hand, play crucial role in using proposed BCB system to verify identity of persons for their requirements like recruitments, loan sanctioning, asset management, admission to schools and colleges. The proposed solution provides a blockchain network for user to store the KYC details for identification purpose. It also provides platform for users and organizations to join blockchain network and retrieve the KYC documents of the required persons. The verifier in blockchain network verifies the identity of person. Block chain is made lightweight using blockchain server. Reward system is introduced to motivate users/organizations in blockchain network to participate in verification of KYC document of any user.