Blockchain and IPFS-Based Solution for KYC

We use a centralised financial system in India. The ‘Know Your Customer’ (KYC) process, which requires customers to update their credentials, has just begun. Other companies and business institutions are using this approach to store data for user authentication and staff verification, among many other things. The challenge with this system is that the users must complete KYC each time they visit a new institution for various reasons. They require KYC even at banks for various transactions. If they transact, there are several procedures and intermediaries involved. We recommend a solution where users complete a one-time KYC to eliminate the intermediaries and expenses associated with the ongoing KYC. Later, users will be able to access this data at any time and from any location for multiple purposes. Our system will use blockchain, the most advanced technology in the world, for this purpose, providing us with a distributed environment, transparency for the user and no outside intervention, boosting its security. Throughout the user onboarding process, this technology enables efficiency improvements, cost savings, improved client experiences and increased transparency.