Blockchain-based secure KYC sharing system

B. Haritha Lakshmi; G. Sindhu; G. Geetha; K. Soniya

Author(s)

B. Haritha Lakshmi Department of Information Technology Malla Reddy Engineering College for Women (UGC-Autonomous), Maisammaguda, Hyderabad, Telangana.India

G. Sindhu Department of Information Technology Malla Reddy Engineering College for Women (UGC-Autonomous), Maisammaguda, Hyderabad, Telangana.India

G. Geetha Department of Information Technology Malla Reddy Engineering College for Women (UGC-Autonomous), Maisammaguda, Hyderabad, Telangana.India

K. Soniya Department of Information Technology Malla Reddy Engineering College for Women (UGC-Autonomous), Maisammaguda, Hyderabad, Telangana.India

Abstract

The Blockchain-Based Secure KYC (Know Your Customer) Sharing System leverages blockchain technology to securely streamline the management and sharing of customer identity data. KYC processes are essential for verifying customer identities in industries such as banking, finance, and telecommunications to ensure compliance with regulations and prevent fraud. Historically, KYC practices relied on centralized systems where institutions independently gathered and stored customer data, often leading to duplication, inefficiency, and heightened risks of data breaches. Traditional systems employed secure channels like encrypted email or manual sharing mechanisms, but these approaches faced challenges such as delays, high operational costs, and vulnerability to cyber-attacks. The motivation for this project arises from the inefficiencies and risks associated with centralized KYC systems. High-profile data breaches, redundant processes, and lack of user control over sensitive data inspire the need for an innovative solution. The proposed blockchain-based system addresses these challenges by introducing a decentralized architecture where customer KYC data is securely stored and shared among authorized institutions. Developed using blockchain and Django, this system ensures immutability, transparency, and enhanced security through cryptographic techniques. The system empowers users by granting them control over their data, eliminates duplication of efforts across institutions, and significantly reduces compliance costs. The proposed solution aims to mitigate problems such as data centralization, lack of trust among parties, and security vulnerabilities in traditional systems. By adopting blockchain, the system ensures real-time updates, verifiability, and tamper-proof data storage, overcoming key issues of privacy and trust. This abstract outline a transformative step towards a more efficient and secure KYC process, addressing the needs of modern financial ecosystems while safeguarding sensitive customer information.

Publication Details

Page(s) 669-680

DOI DOI not available

Published Journal: International Journal of Communication Networks and Information Security, Volume: 16, Issue: 05, Year: 2024

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Keywords

Blockchain technology, Decentralized Systems, Cryptographic Techniques, Django

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