Optimised and dynamic KYC system based on blockchain technology Online publication date: Wed, 28-Aug-2019
by José Parra-Moyano; Tryggvi Thoroddsen; Omri Ross
International Journal of Blockchains and Cryptocurrencies (IJBC), Vol. 1, No. 1, 2019
Abstract: Systems that use blockchain technology to improve the know-your-customer (KYC) process have only been proposed at a conceptual level and all share certain attributes that make their adoption very difficult. We propose and program a blockchain-based system that reduces and shares out among the financial institutions (FIs) that work with a customer the costs of the KYC process and also makes it possible for FIs to dynamically update information related to customers and disseminates this information among participating FIs. Additionally, our system addresses some of the attributes that hinder the adoption of previously proposed solutions by FIs. The result is a stand-alone solution that reduces the cost of the KYC process without requiring any central instance to store the customer's data, and in which FIs share the initial costs of the KYC process as well as the running costs of keeping the information about customers up to date.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Blockchains and Cryptocurrencies (IJBC):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook