Secure And Transparent Kyc For Banking System Using IPFS
Loading...
Files
Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
NHCE
Abstract
Know Your Customer (KYC) procedures are essential in the banking industry for confirming customers' identities and guaranteeing adherence to legal obligations. Conventional KYC procedures include a lot of paperwork, effort duplication between institutions, and privacy and data security risks. This study offers a novel solution to these problems by utilizing the Inter Planetary File System (IPFS) to construct a transparent and safe
Verifiable digital documents can be stored and shared in a distributed, tamper-proof manner thanks to IPFS, a decentralized system. This method does away with the requirement for centralized databases that are vulnerable to single points of failure and data breaches by utilizing IPFS. Alternatively, KYC records, which include bank records, address verifications, and identity certificates, can be safely kept as unchangeable data.