KYC Optimization by Blockchain Based Hyperledger Fabric Network
Nazir Ullah, Kawther A. Al‐Dhlan, Waleed Mugahed Al-Rahmi
Abstract
in financial institutions, the traditional Know Your Customer (KYC) process is insecure, and costly. The adoption of disruptive technology is a necessary condition for the coming future of financial institutions. This study proposed a Hyperledger Fabric network for KYC optimization. The Performance of the proposed system was tested by using the Hyperledger Composer. The experiment results confirm that due to the strong and identity features of Hyperledger Fabric, the proposed system can speed up the KYC clearing transfers, challenge the inefficiencies that arise from duplicated conduct of similar tasks, secure data sharing, cost-effective, and ultimately bring transparency in the traditional KYC system.