Each financial institution has to comply with Know Your Customer (KYC) guidelines before onboarding any customer.
As a result, every time a customer wants to open a new account, the financial institution needs to collect and verify the customer’s documents. This is a time-consuming and expensive process.
As blockchain uses distributed ledger technology and provides an immutable audit history of any document, it can be used to simplify the Know-Your-Customer processes. Once a KYC check for a particular customer is done, other institutions can leverage the information.
Our dapp allows uploading documents in an offchain database. As KYC documents contain personally identifiable information and are usually heavy (scanned copies of physical documents) are not stored on the blockchain. Our solution store only a document identifier on the blockchain. Once the unique identifier for the documents is stored on blockchain, it can be used to check if the customer’s KYC was already done. Our dapp ask for the customer’s consent before any other institution wants to access the documents.