Optimizing the KYC Process using a Blockchain based approach

Abstract

The Know Your Client (KYC) process is an essential part of the financial ecosystem. The KYC process requires banks to validate and verify primary documents. The market these days, though, is flooded with KYC utilities that facilitate this process and share these documents with multiple entities, however they provide very little value addition. Blockchain technology, with its concept of immutable timestamped ledgers and distributed systems, can effectively facilitate banks to improve their KYC methods by allowing near real-time data exchange among various entities for quicker and effective validation ensuring data integrity alongside bringing down the time and costs significantly.