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Know Your Customer (KYC) Implementation with Smart Contracts on a Privacy-Oriented Decentralized Architecture

Author

Listed:
  • Nikolaos Kapsoulis

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

  • Alexandros Psychas

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

  • Georgios Palaiokrassas

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

  • Achilleas Marinakis

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

  • Antonios Litke

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

  • Theodora Varvarigou

    (Electrical and Computer Engineering School, National Technical University of Athens, 157 80 Athens, Greece)

Abstract

Enterprise blockchain solutions attempt to solve the crucial matter of user privacy, albeit that blockchain was initially directed towards full transparency. In the context of Know Your Customer (KYC) standardization, a decentralized schema that enables user privacy protection on enterprise blockchains is proposed with two types of developed smart contracts. Through the public KYC smart contract, a user registers and uploads their KYC information to the exploited IPFS storage, actions interpreted in blockchain transactions on the permissioned blockchain of Alastria Network. Furthermore, through the public KYC smart contract, an admin user approves or rejects the validity and expiration date of the initial user’s KYC documents. Inside the private KYC smart contract, CRUD (Create, read, update and delete) operations for the KYC file repository occur. The presented system introduces effectiveness and time efficiency of operations through its schema simplicity and smart integration of the different technology modules and components. This developed scheme focuses on blockchain technology as the most important and critical part of the architecture and tends to accomplish an optimal schema clarity.

Suggested Citation

  • Nikolaos Kapsoulis & Alexandros Psychas & Georgios Palaiokrassas & Achilleas Marinakis & Antonios Litke & Theodora Varvarigou, 2020. "Know Your Customer (KYC) Implementation with Smart Contracts on a Privacy-Oriented Decentralized Architecture," Future Internet, MDPI, vol. 12(2), pages 1-13, February.
    • Handle: RePEc:gam:jftint:v:12:y:2020:i:2:p:41-:d:324555
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