A Reliable, Secure and Efficient Decentralised Conditional of KYC Verification System: A Blockchain Approach

KYC or Know Your Customer is the procedure to verify the individuality of its consumers & evaluating the possible dangers of illegitimate trade relations. A few problems with the existing KYC manual process are that it is less secure, time-consuming and expensive. With the advent of Blockchain technology, its structures such as consistency, security, and geographical diversity make them an ideal solution to such problems. Although marketing solutions such as KYC-chain.co, K-Y-C. The legal right to enable blockchain-based KYC authentication provides a way for documents to be verified by a trusted network participant. This project uses an ETHereum based Optimised KYC Block-chain system with uniform A-E-S encryption and compression built on the LZ method. The system publicly verifies a distributed encryption, is protected by cryptography, operates by pressing the algorithm and is all well-designed blockchain features. The suggested scheme is a novel explanation based on Distributed Ledger Technology or Blockchain technology that would cut KYC authentication process expenses of organisations & decrease the regular schedule for completion of the procedure whilst becoming easier for clients. The largest difference in the system in traditional methods is the full authentication procedure is performed in just no time for every client, regardless of the number of institutions you desire to be linked to. Furthermore, since DLT is employed, validation findings may be securely distributed to consumers, enhancing transparency. Based on this method, a Proof of Concept (POC) is produced with Ethereum's API, websites as endpoints and the android app as the front office, recognising the viability and efficacy of this technique. Ultimately, this strategy enhances consumer satisfaction, lowers budget overrun & promotes transparency in the customer transport network.