Secure and Transparent KYC for Banking System Using IPFS and Blockchain Technology

The know your customer or know your client (KYC) is a guideline for the banking system to validate a customer using identity, appropriateness, risk assessment in establishing a banking relationship. With the growing concern of security, the KYC process is complex and involves a high cost for completing for a single customer. In this work, we propose an economical, swift, secure, and transparent platform for KYC document verification for the Banking system through InterPlanetary File System (IPFS) and blockchain technology. The proposed system allows a customer to open an account at one Bank, complete the KYC process there, and generate a hash value using the IPFS network and share it using the blockchain technique. Upon receiving the private key, any…