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Application of Blockchain in KYC Compliance

Author

Listed:
  • Shashank R. B.

    (R.V College of Engineering, India)

  • Chirag Chhabra

    (R.V College of Engineering, India)

  • Nagaraj G. Cholli

    (R.V College of Engineering, India)

Abstract

The current process of Know Your Customer (KYC) used by banks is time-consuming, expensive, and redundant in practice. A Thomson Reuters Research states that while banks globally spend around 60 million USD on an average, this number may go up to 500 million USD for some banks [1]. Hence, to improve the efficiency of this process, the use of a blockchain-based mechanism is suggested. The use of smart contracts also provides scope for adding features that cannot be achieved by the current process. The paper majorly discusses the advantages and disadvantages of using blockchain for performing KYC processes.

Suggested Citation

  • Shashank R. B. & Chirag Chhabra & Nagaraj G. Cholli, 2020. "Application of Blockchain in KYC Compliance," European Journal of Engineering and Technology Research, European Open Science, vol. 5(7), pages 781-784, July.
    • Handle: RePEc:epw:ejeng0:v:5:y:2020:i:7:id:61973
    DOI: 10.24018/ejeng.2020.5.7.1973
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