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Securing KYC Documents by using Blockchain Technology

Author(s):

K Prudhviraj , K.M.M. Institute of P.G.Studies; Dr. K Venkataramana, K.M.M. Institute of P.G.Studies

Keywords:

Crypto Currency, Blockchain, Distributed Ledger, Digital Payments

Abstract

In the future most of market deals with the Blockchain Technology, because this technology has decentralized database that records the data such as finance contracts, physical assets, and supply chain information. It has achievement over the time and is currently dominated and used by Bitcoin. It is not a new technology but it shown up with the bitcoin, now a days some of the transactions are done with the crypto currency. It gives innovative solutions for FinTech Industry. This technology has energized the financial services industry globally. This concept already brought a disruption in the financial industry. Coming the some of the Industries, which already implementing this technology are, Deutsche Bank, DBS Bank, EBA (Euro Banking Association), US Federal Reserve are some of Financial Sector Banks are going to use this Technology in as like Digital Payments, Assets. This technology is Transparent Business way. So this is very secured and transparent. It is like as distributed ledger. In this paper we have the securing the KYC Documents by using Blockchain Technology. Through by using this Technology we can immutable the data of KYC. If the data is immutable then automatically it will be secured without tampering the data.

Other Details

Paper ID: IJSRDV7I10557
Published in: Volume : 7, Issue : 1
Publication Date: 01/04/2019
Page(s): 776-779

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