KYC As A Service (KASE) - A Blockchain Approach

Abstract : KYC or Know-Your-Customer is an integral part of the onboarding process of a customer for a company. This process requires independent and tedious verification of a customer's identity documents by the businesses leading to wastage of resources. In this paper, we propose a solution where the submission and verification of a customer is done only once, and the results are shared with the businesses which require the information. The proposed system uses blockchain to record and manage the KYC requests and ensure transparency. The KYC data is verified using machine learning processes to ensure further efficiency in the process by reducing a significant amount of time spent on verifying the customers.