Bonfring International Journal of Advances in Image Processing
Online ISSN: 2277-503X | Print ISSN: 2250-1053 | Frequency: 4 Issues/Year
Impact Factor: 0.245 | International Scientific Indexing(ISI) calculate based on International Citation Report(ICR)
Optimized Blockchain-based KYC Verification: Enhancing Security, Efficiency, and Transparency with Ethereum
Abstract:
Know your customer (KYC) is the process of confirming user identities and assessing business risks from illicit activity. The manual KYC procedure is insecure, time-consuming, and expensive. With Blockchain technology's immutability, security, and decentralisation, such difficulties can be solved. KYC legal provide blockchain-based KYC verification by validating papers by a trustworthy network participant. This paper proposes an Ethereum-based Optimised KYC Blockchain system with symmetric AES encryption and LZ compression. The distributed ledger, cryptography, compression algorithm, and blockchain technologies make this system transparent, secure, efficient, and optimised. The suggested method uses Distributed Ledger Technology (Blockchain technology) to reduce KYC verification costs for institutions and speed up the process for clients. Our system is superior to conventional techniques since each customer only needs to be verified once, regardless of the number of institutions they want to link to. Since we use the DLT, we can securely communicate verification results with customers, boosting transparency. We created a Proof of Concept (POC) using the Ethereum API, websites as endpoints, and an android app as front office to prove its viability and efficacy. Overall, this strategy enhances customer experience, decreases costs, and boosts customer on boarding transparency.
Keywords: AES Encryption, Blockchain System, Distributed Ledger Technology, Homomorphic Encryption, Compression Algorithm, Conventional Methods.
Volume: 15 | Issue: 1
Pages: 10
Issue Date: April , 2025
DOI: 10.9756/BIJAIP/V15I1/BIJ25002
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