SecureKYC
Tech Used
🔹 The main technology used in this Solidity contract is the Ethereum blockchain platform. Solidity is the programming language used to write smart contracts on the Ethereum network. It enables the implementation of the KYC contract's business logic and rules. 💻🌐
🔹 Other technologies and concepts utilized in this contract include:
🔸 Ethereum Virtual Machine (EVM): The EVM is the runtime environment for executing smart contracts on the Ethereum network. ⚙️💡
🔸 Cryptography: Cryptographic algorithms and techniques are used for data encryption, validation, and securing the KYC data stored on the blockchain. 🔒🔑
🔸 Events: Events are used to emit specific occurrences or actions in the contract, providing a way for external applications to be notified of these events. 📢📡
🔸 Structs: Structs are used to define custom data structures to store and organize the customer, bank, and KYC request information. 🏢👥📝
🔸 Mappings: Mappings are used to create key-value pairs for efficient storage and retrieval of data. The contract uses mappings to store customer details, KYC requests, bank details, and voting history. 🗺️🔍
🔸 Modifiers: Modifiers are used to add additional conditions to functions. In this contract, modifiers are used to enforce access restrictions and validation checks. ✅🛡️
🔸 Function Visibility: The contract uses different function visibility modifiers such as public, internal, and view to control access and visibility of contract functions. 👁️🗨️🔒
🔸 Events: Events are used to emit specific occurrences or actions within the contract. They allow external applications to listen for these events and take appropriate actions. 📢👂
SOLUTION USING BLOCKCHAIN 🧱
Blockchain technology offers potential solutions to address the problems associated with the current KYC process:
Standardization and Consistency ✅: A blockchain-based KYC system can establish standardized specifications and requirements for customer verification. All participating banks can agree upon a common set of KYC rules and procedures, ensuring consistency across the industry and reducing disparity.
Streamlined Data Compilation 📚: By utilizing a blockchain network, customers' KYC information can be securely stored and accessed by authorized parties. Once customers complete the KYC process with one bank, their verified details can be shared with other banks through the blockchain, eliminating the need for repetitive submissions.
**Improved Customer Experience 😊: ** Implementing a blockchain-based KYC system simplifies the process for customers. They no longer need to provide the same information multiple times, reducing frustration and saving time. This improved customer experience strengthens the relationship between customers and banks.
By leveraging blockchain technology, the banking industry can overcome the challenges associated with the current KYC process. Standardization, streamlined data compilation, and enhanced customer experience can be achieved, ultimately benefiting both customers and banking entities.