Blockchain-Based KYC Model for Credit Allocation in Banking

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dc.authorid0000-0001-9976-8121en_US
dc.authorid0000-0001-9789-5012en_US
dc.contributor.authorKaradağ, Bulut
dc.contributor.authorHalim Zaim A.
dc.contributor.authorAkbulut, Akhan
dc.date.accessioned2024-06-24T07:09:12Z
dc.date.available2024-06-24T07:09:12Z
dc.date.issued2024en_US
dc.departmentFakülteler, Mühendislik Fakültesi, Bilgisayar Mühendisliği Bölümüen_US
dc.description.abstractThe implementation of the Know Your Customer (KYC) strategy by banks within the financial sector enhances the operational efficiency of such establishments. The data gathered from the client during the KYC procedure may be applied to deter possible fraudulent activities, money laundering, and other criminal undertakings. The majority of financial institutions implement their own KYC procedures. Furthermore, a centralized system permits collaboration and operation execution by multiple financial institutions. Aside from these two scenarios, KYC processes can also be executed via a blockchain-based system. The blockchain's decentralized network would be highly transparent, facilitating the validation and verification of customer data in real-time for all relevant stakeholders. In addition, the immutability and cryptography of the blockchain ensure that client information is secure and immutable, thereby eradicating the risk of data breaches. Blockchain-based KYC can further improve the client experience by eliminating the requirement for redundant paperwork and document submissions. After banks grant consumers loans, a blockchain-based KYC system is proposed in this study to collect limit, risk, and collateral information from them. The approach built upon Ethereum grants financial institutions the ability to read and write financial data on the blockchain network. This KYC method establishes a transparent, dynamic, and expeditious framework among financial institutions. In addition, solutions are discussed for the Sybil attack, one of the most severe problems in such networks.en_US
dc.identifier.doi10.1109/ACCESS.2024.3410874en_US
dc.identifier.endpage80182en_US
dc.identifier.scopus2-s2.0-85195388034en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.startpage80176en_US
dc.identifier.urihttps://hdl.handle.net/11467/7304
dc.identifier.urihttps://doi.org/10.1109/ACCESS.2024.3410874
dc.identifier.volume12en_US
dc.identifier.wosWOS:001246128700001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherInstitute of Electrical and Electronics Engineers Incen_US
dc.relation.ispartofIEEE Accessen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectKnow your customer, Blockchain, Ethereum, Smart contract, Distributed ledgeren_US
dc.titleBlockchain-Based KYC Model for Credit Allocation in Bankingen_US
dc.typeArticleen_US

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