Problem statement :
Know Your Customer (KYC) is a set of guidelines used by the banking system to validate a customer’s identity, assess their appropriateness, and evaluate risks before establishing a banking relationship. With increasing concerns about security, the KYC process has become more complex and costly to complete for a single customer.
Objectives:
To ensure secure and efficient sharing of sensitive information.
To enable customers and financial institutions to verify and maintain accurate customer records.
To facilitate third-party verification processes.
To enhance security through the use of blockchain technology.
Existing System:
Know Your Customer (KYC) is a guideline established for the banking system to validate a customer’s identity, assess their appropriateness, and evaluate risks before forming a banking relationship. Due to growing security concerns, the KYC process has become increasingly complex and costly to complete for each customer. The sharing of confidential KYC data must be explicitly authorized by the customer, and the bank-customer relationship should remain confidential within the network.
Software:
Windows 7 and above
Language : Jsp and Servlet
Hardware:
Processor : Minimum i3 and above
RAM : 1 GB or above
HDD : 256 GB or more
Applications:
Access control systems for digital content distribution.
Media database systems for secure storage and management.
Protection of sensitive information, such as secret chemical formulas or plans for new inventions.
Enhancing privacy in cryptocurrency transactions and certain types of smart contracts.
