Blockchain kyc verification

ABSTRACT: –

KYC (Know Your Customer) is a set of requirements furthered by the Reserve Bank of India as a way for institutions to do so. confirm, and then confirm the authorization. consumers. Before investing in a number of financial tools, they have to submit their KYC documents to prove their identity and address. costly and time-consuming, The “Know Your Customer” (KYC) process is now important but trivial. problem in the financial sector. Customers must pass the same procedure for any bank or financial institution. the desire to cooperate, which makes the process tedious for them too. The amount of time it takes depends on how each person uses the method, so the time-saving alternative isn’t necessary. This paper aims to provide a solution to this problem. We designed a blockchain-based solution that works. unified KYC verification and maintains a unified security database, eliminating the need for multiple KYC checks. Only With the user’s permission, there will be various financial institutions. To gain access to the user KYC information, you must be present on the blockchain network. Since the user has control over the data, we even remove third-party interventions. It’s up to the user. accept or decline the bank’s request to view their KYC information. Financial institutions would be able to produce better compliance results, efficiency gains, and improvements in customer experience by sharing KYC information on blockchain.

SYSTEM:-

The system for KYC verification using blockchain would involve the following components:

• user interface: this component would allow customers to input their personal information and identification documents into the system. The interface should be easy to use and provide clear instructions to the customer.
• KYC verification module: this component would use artificial intelligence and machine learning algorithms to verify the authenticity of the documents provided by the customer. The module would check for any signs of tampering or forgery and flag any suspicious activity.
• Blockchain integration: this component would integrate the KYC verification process with a blockchain network. The verified information would be stored in a distributed ledger, ensuring that it is secure and immutable. The blockchain would also provide transparency and accountability. allowing regulatory authorities to monitor the process.
• smart contracts: Smart contracts would be used to automate the KYC verification process. The contracts would ensure that the verification process is completed in a timely and efficient manner without the need for manual intervention or a notification system: This component would notify customers and businesses of the status of their KYC verification notifications, which could be sent via email or SMS.
• regulatory compliance: The system would be designed to comply with all relevant regulatory requirements, ensuring that it is secure, transparent, and accountable.
• Data privacy: the system would be designed to protect the privacy of customer data, ensuring that it is only used for the purpose of KYC verification and is not shared with third parties without the customer’s consent.

PROPOSED SYSTEM:-

with regard to the main challenges listed under the existing traditional system the proposed system is trying implement a blockchain-based kyc regulatory system which helps the customer to verify his identity once basis to start with the methodology the process it starts with deploying a smart contract and getting a blockchain address ethereum testnet ganache provides local blockchain addresses where possible register the bank on the e-kyc verifier portal once the bank is registered various information about the customer is stored using the registration form and is stored in json format to view customer details there must be a view operation executed which sends the customer a request for verifying and granting access to his data on the other hand the customer registers in the customer portal and registers himself and logs in by providing the same username as mentioned in the e-kyc portal the the customer can view his details on the portal and can allowreject request sent by bankfinancial institution if allowed the bank will have access to customer data and use it for further processing otherwise if it is rejected the bank will not have access to the details customer all these operations are possible only if correct steps are followed.

MODULES:-

• User Registration Module: This module is responsible for registering new users on the platform. It collects basic user information such as name, address, and contact details.

• Document Verification Module: This module is used to verify the authenticity of the user’s identity documents. The module can use different technologies such as OCR (Optical Character Recognition) and facial recognition to match the user’s information with the data on the identity documents.

• Blockchain Module: This module is responsible for storing the user’s data in a secure and immutable way on the blockchain network. It can be used to store user profiles, documents, and other related information.

• KYC Verification Module: This module is responsible for verifying the user’s identity based on the data collected by the User Registration and Document Verification modules. It checks if the user’s identity documents are valid and match the data entered during registration.

• Admin Dashboard Module: This module is used by the platform’s admin to manage user accounts and to monitor the KYC verification process. The admin can also view the user’s data stored on the blockchain.

• Notification Module: This module is responsible for sending notifications to the user about their KYC verification status. It can be used to notify the user if their verification is successful or if there are any issues that need to be resolved.

• Compliance Module: This module ensures that the KYC verification process is compliant with the regulations and policies of the jurisdiction where the platform operates. It can also be used to update the verification process as regulations change.

• Audit Module: This module is responsible for maintaining an audit trail of all KYC verification activities on the platform. It can be used to provide evidence to regulators and auditors that the platform is compliant with regulations and policies.

• Payment Module: This module can be used to process payments for KYC verification fees. It can also be used to manage refunds in case of failed verifications or errors in the payment process.

APPLICATION:-

• User Registration: The users can register themselves by providing their basic details such as name, email, and phone number. Once registered, they can log in to the platform to start the verification process.

• Document Upload: The users can upload their KYC documents such as ID proof, address proof, and photograph. The uploaded documents will be stored securely on the blockchain network.

• Verification: Once the documents are uploaded, the system will initiate the verification process. The system will use blockchain technology to verify the authenticity of the documents and match them with the user’s information.

• Approval: After the verification process is complete, the system will approve the user’s KYC verification request. The user will be notified via email about the status of their verification request.

• Access Control: The system will provide access control to the verified users to access the services that require KYC verification.

• Audit Trail: The system will maintain an audit trail of all the KYC verification requests and their status.

HARDWARE AND SOFTWARE REQUIREMENTS:-

HARDWARE:-

• Processor: Intel Core i3 or more.
• RAM: 4GB or more.
• Hard disk: 250 GB or more.

SOFTWARE:-

• Operating System : Windows 10, 7, 8.
• python
• anaconda
• Spyder, Jupyter notebook, Flask.
• Ganache