INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
The Know Your Customer (KYC)
process plays a vital role in the financial industry,
especially for banks and other financial
institutions. Its main objective is to verify the
identities of customers, ensuring their legitimacy.
This verification is essential to prevent illicit
activities such as money laundering and
terrorism financing, which can have severe
repercussions for both the financial sector and
society. Historically KYC procedures have
heavily relied on manual methods that are now
considered outdated and problematic. These
methods entail the collection and validation of
various identification documents from
customers, often involving extensive paperwork
and in-person visits to physical bank branches.
The manual nature of these procedures results in
time-consuming processes and a heightened risk
of errors In contrast blockchain-based KYC
verification presents an innovative solution. It
offers decentralization, immutability, and
heightened security. Blockchain technology
makes use of advanced encryption algorithms
like Ciphertext-Policy Attribute-Based
Encryption (CPABE) to reinforce security
measures. The immutability of blockchain
ensures the integrity and accuracy of KYC data.
Once customer information is recorded on the
blockchain, it becomes impossible to alter or
delete it without proper authorization. This
eliminates the risk of fraud and data tampering,
addressing common issues in traditional KYC
procedures. Financial institutions can rely on the
precision of customer data and their adherence to
regulatory requirements.
"KYC VERIFICATION USING CIPHERTEXT-POLICY ATTRIBUTE-BASED ENCRYPTION AND BLOCKCHAIN TECHNOLOGY", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 2, page no.b775-b779, February-2024, Available :http://www.ijnrd.org/papers/IJNRD2402191.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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