Exploring blockchain for KYC: deepening client understanding

Anuar, Muhammad Akmal and Khedher, Akram M Z M and Abubakar Ibrahim, Adamu (2023) Exploring blockchain for KYC: deepening client understanding. In: 2023 IEEE 13th International Conference on Control System, Computing and Engineering (ICCSCE), 25th - 26th August 2023, Penang, Malaysia.

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Abstract

Examining one's client status in depth, also known by its acronym "Know Your Customer" (KYC), raises a significant problem that needs to be addressed thoroughly. As a result of this, the current paper examines the dynamics of client status and utilized "Blockchain Technology" to developed KYC. Since earlier research was lacking in its capacity to establish a KYC system, which is utilized in the financial sector, principally by banks, to collect information mandated by law regarding their customers in order to provide access to financial services, it is important to note this deficiency. The existing system makes use of databases that are hosted on servers operated by private corporations or by organizations that have their own infrastructures. Traditional KYC systems come with several potential drawbacks, including a single point of failure (SPOF), tedious and timeconsuming processes for customers, and high costs to construct one's own KYC identification and verification system. The aim of this project's proof-of-concept is to mitigate the effects of the identified issues through the utilization of blockchain technology. The system's ability to facilitate the data gathering and verification process was enhanced by the provision of previously registered KYC data by individual users through a single click, as well as the cross-checking of KYC data by bank users to verify their users' information.

Item Type:	Proceeding Paper (Plenary Papers)
Uncontrolled Keywords:	component, formatting, styling, insert, KCY, SPOF
Subjects:	Q Science > Q Science (General) > Q300 Cybernetics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Information and Communication Technology Kulliyyah of Information and Communication Technology Kulliyyah of Information and Communication Technology > Department of Computer Science Kulliyyah of Information and Communication Technology > Department of Computer Science Kulliyyah of Information and Communication Technology > Department of Information System Kulliyyah of Information and Communication Technology > Department of Information System
Depositing User:	Dr Adamu Abubakar
Date Deposited:	15 Sep 2023 17:06
Last Modified:	01 Feb 2024 16:14
URI:	http://irep.iium.edu.my/id/eprint/106680

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