Paper Title
KYC VERIFICATION USING CIPHERTEXT-POLICY ATTRIBUTE-BASED ENCRYPTION AND BLOCKCHAIN TECHNOLOGY
Article Identifiers
: Authors
Keywords
Dated, Time-consuming, Less Secure, Blockchain-based KYC Verification, Decentralized, Immutable, Secure Features, CPABE Algorithm
Abstract
The Know Your Customer (KYC) process plays a vital role in the financial industry, especially for banks and other financial institutions. Its main objective is to verify the identities of customers, ensuring their legitimacy. This verification is essential to prevent illicit activities such as money laundering and terrorism financing, which can have severe repercussions for both the financial sector and society. Historically KYC procedures have heavily relied on manual methods that are now considered outdated and problematic. These methods entail the collection and validation of various identification documents from customers, often involving extensive paperwork and in-person visits to physical bank branches. The manual nature of these procedures results in time-consuming processes and a heightened risk of errors In contrast blockchain-based KYC verification presents an innovative solution. It offers decentralization, immutability, and heightened security. Blockchain technology makes use of advanced encryption algorithms like Ciphertext-Policy Attribute-Based Encryption (CPABE) to reinforce security measures. The immutability of blockchain ensures the integrity and accuracy of KYC data. Once customer information is recorded on the blockchain, it becomes impossible to alter or delete it without proper authorization. This eliminates the risk of fraud and data tampering, addressing common issues in traditional KYC procedures. Financial institutions can rely on the precision of customer data and their adherence to regulatory requirements.
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How To Cite (APA)
Dhinagaran.V & Mrs. S. ARUNAKUMARI (February-2024). KYC VERIFICATION USING CIPHERTEXT-POLICY ATTRIBUTE-BASED ENCRYPTION AND BLOCKCHAIN TECHNOLOGY. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(2), b775-b779. https://ijnrd.org/papers/IJNRD2402191.pdf
Issue
Volume 9 Issue 2, February-2024
Pages : b775-b779
Other Publication Details
Paper Reg. ID: IJNRD_213744
Published Paper Id: IJNRD2402191
Downloads: 000122044
Research Area: Engineering
Author Type: Indian Author
Country: Villupuram, Tamil Nadu, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2402191.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2402191
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