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How Blockchain Can Automate KYC: Systematic Review

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Abstract

Since the advent of cryptocurrency, Blockchain has evolved as a promising technology towards diverse application areas such as education, healthcare, supply chain management, etc. Various institutions, essentially, the financial institutions, use traditional Know Your Customer (KYC) for the identity verification of a customer. However, KYC being manual and labor-intensive process, the repetitive task of onboarding different institutions by any customer makes it cost inefficient. With decentralized Blockchain technology, the overall efficiency of KYC can be increased manifold in terms of improved speed, minimum onboard time, reduced risk and total cost involved. In the paper, we conduct a PRISMA guided systematic review on the use of Blockchain technology for KYC and its application areas from 2014 onwards. Lastly, the Blockchain platforms such as Ethereum and Hyperledger along with related case studies have been presented followed by future directions in KYC.

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DM: The acquisition, analysis, or interpretation of data for the work, Drafting the work. PS: Drafting the work and revising it critically for important intellectual content. AKS: Final approval of the version to be published.

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Correspondence to Diksha Malhotra.

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Malhotra, D., Saini, P. & Singh, A.K. How Blockchain Can Automate KYC: Systematic Review. Wireless Pers Commun 122, 1987–2021 (2022). https://doi.org/10.1007/s11277-021-08977-0

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