A systematic literature review of blockchain-based e-KYC systems

Hannan, Md. Abdul; Shahriar, Md. Atik; Ferdous, Sadek; Chowdhury, Mohammad Jabed Morshed; Rahman, Mohammad Shahriar

doi:10.1007/s00607-023-01176-8

Cited by 12 publications

(3 citation statements)

References 26 publications

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“…This lack of standardization hinders interoperability and makes authentication difficult across various blockchain applications. We are motivated to solve the issue of authentication and attempt to use eKYC [18,19] with HASH [20], using SHA256 for a safer data flow through the channel. We considered the scenario of inherent data immutability during the eKYC process and user information changes over time.…”

Section: Problem Statement and Motivationmentioning

confidence: 99%

Blockchain-Empowered Decentralized Philanthropic Charity for Social Good

Ahmed,

Fumimoto,

Nakano

et al. 2023

Sustainability

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The charity sector impacts society significantly in many areas, including providing education, healthcare, hunger relief, drinking water, disaster relief, environmental preservation, and assistance to underserved people. The existing charity organizations have numerous limitations, such as poor management, high operation costs, and a lack of transparency in the donation execution flow. The authentication of users and institutions is a big problem in the existing system. This research resolves the issues of transparency and reliability with an immutable and traceable distributed ledger. We empower the existing centralized charity works with the electronic know-your-customer (eKYC) authentication approach and cryptographic HASH. Information privacy is implemented using the filters within smart contracts. The implementation of eKYC to ensure authenticity and to secure data flow through the channel are two significant contributions of this work. A coin-toss function for data selection and a random time delay between pieces of data are used to avoid attacks based on guesswork. We aim for this framework to send 100% of donations to the beneficiaries and become a hyper-liquid medium to fill the United Nations Sustainable Development Goals (SDG) funding gap. We also introduce the concept of service charity to broaden the ability for people to offer their services and skills as charity.

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Section: Problem Statement and Motivationmentioning

confidence: 99%

Blockchain-Empowered Decentralized Philanthropic Charity for Social Good

Ahmed,

Fumimoto,

Nakano

et al. 2023

Sustainability

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“…In recent years, the field of blockchain for KYC has seen the emergence of several survey papers, each offering unique contributions and areas of focus. The article [11] presents a systematic literature review (SLR) focusing on blockchain-based e-KYC systems in the financial services industry. The paper investigates the intersection of blockchain and e-KYC, analyzing various research perspectives and implementations.…”

Section: Introductionmentioning

confidence: 99%

“…The existing surveys on blockchain-based KYC lack certain critical elements that would enhance their effectiveness. For instance, [11] lacks a detailed analysis of e-KYC solutions for standardized comparisons and insights into blockchain effectiveness, while also needing uniform performance metrics for blockchain-based e-KYC systems. Similarly, [12] would benefit from a deeper examination of framework-based works to understand their practical applicability.…”

Section: Introductionmentioning

confidence: 99%

A Review of Blockchain Approaches for KYC

Mansoor,

Antora,

Deb

et al. 2023

IEEE Access

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The traditional Know Your Customer (KYC) procedure used by banks is deemed unreliable and costly. Therefore, the adoption of emerging technologies is essential for banking firms' future prospects. One such technology that has gained widespread acceptance is Blockchain, which is known for its dependability and security across various fields. This study aims to investigate how the implementation of Blockchain technology can modify the existing banking business, particularly the KYC document verification process, by storing and monitoring information. The current need for an optimized KYC system is paramount, one that is coupled with a secure and trustworthy technology like Blockchain that can withstand fraudulent activities while also overcoming scalability and privacy challenges. The article analyses previous relevant works, which highlight how the implementation of Blockchain technology eliminates the need for intermediaries, thereby reducing the possibility of malicious activities and errors that may occur when there are multiple manual tasks involved.

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