Decentralized KYC in Blockchain
Introduction KYC chains in the financial sector are essential, requiring strict compliance and costly manual processes. The Know-Your-Customer process is the backbone of a financial institution's anti-money laundering efforts. Spending on KYC processes worldwide is estimated to have increased to $1.5 billion. While this process is costly, it is estimated that much of the effort is spent on information gathering. Minimal effort is required to evaluate and closely monitor the data. What is KYC? Is it essential for cryptocurrency trading? The term "Know Your Customer" refers to checking and verifying a customer's authenticity for an institution. This requires the client to submit all her KYC documents before investing in various instruments. Financial institutions are usually required by their RBI to go through their KYC process for all customers before giving them the right to carry out financial transactions. Whether the customer uses her KYC online verification or