Enabling Trust and Privacy Preserving e-KYC System Using Blockchain

Abstract

The electronic know your customer (e-KYC) system allows financial institutions
or identity providers to set up a procedure for reliant parties to verify a client's identification.
The majority of banks operate their e-KYC system on the cloud because to the efficient
resource usage and high degree of accessibility and availability of cloud computing. In
essence, the important problem becomes the security and privacy of e-KYC-related data kept
in the cloud. Strong authentication and conventional encryption are often used by existing e-
KYC systems to satisfy their security and privacy requirements[1]. According to this
paradigm, the file is encrypted using the host's key and uploaded to the cloud by the owner of
the KYC system. This approach results in communication, key management, and encryption
dependence overheads. In this research, we present the e-KYC TrustBlock, a unique
blockchain-based e-KYC scheme that binds client consent enforcement with the ciphertext
policy attribute based encryption (CP-ABE) technique to achieve compliance in terms of
trust, security, and privacy.
Additionally, we introduce attribute-based encryption to make it possible for sensitive
transactions stored in the blockchain to be accessed with great precision while maintaining
privacy[2]. Finally, we run tests to demonstrate the practical scalability and efficiency of our
system.