Ensuring Secure Sharing Of Identity Information Of Kyc Compliance And Verification

Abstract

The growing reliance on centralized servers for storing approximately 70% of user data, including sensitive information like addresses, zip codes, gender, and medical history, poses significant threats due to potential misuse or alteration. To address these risks, a Blockchain-based KYC Sharing system is proposed, leveraging Blockchain's strengths in data encryption, access control, and immutability. Each record in the Blockchain is stored as a transaction or block associated with a unique HASHCODE, ensuring data integrity by verifying the HASHCODE of all preceding records before adding new ones. Users have explicit access control, and whenever an organization accesses their KYC data, Blockchain triggers an automatic email notification, promoting transparency and accountability. Smart Contracts coded in Solidity facilitate efficient data storage and retrieval in the Blockchain. This approach ensures secure sharing of information, mitigates privacy breaches, and provides a more accountable, user-centric data management system, addressing concerns about centralized storage