A blockchain based KYC registry prototype
A blockchain based KYC registry prototype
Know your customer (KYC) checks are currently an extremely time consuming and costly affair. Banks have to spend millions of dollars every year to keep up with KYC regulations or risk being fined heavily. Through KYC chain we aim to simplify this process to a great extent.
KYC-chain eliminates the redundant KYC checks that banks currently perform by maintaining a common secure database in a block-chain. The nature of a block-chain ensures that unauthorized changes to the data are automatically invalidated. The proof-of-reputation concept makes the verification process more robust.
Currently we have built this registry over a local test-net that we hosted our personal laptops. So, there are a few limitations regarding scalability such as the maximum number of banks that can be registered which is currently capped at 10 and so on. Going ahead we plan to deploy this registry over the Ethereum network to increase its scalability.
npm install [email protected]
npm install [email protected]
ganache-cli
.root
directory.init.js
file using the command line node init.js
.root\js\contractDetails.js
and open it using a text editor.contractAddress
to the 20 byte address obtained in step 4
.ganache-cli
is up and running. It acts as the local ethereum test network.