International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 09 Issue: 06 | Jun 2022 www.irjet.net p-ISSN: 2395-0072 © 2022, IRJET | Impact Factor value: 7.529 | ISO 9001:2008 Certified Journal | Page 561 A Survey on e-KYC Verifier Using Blockchain Anish S Bhandiwad 1 , Abhilash Y M 2 , Pratik K Kunthe 3 , Amit Kalagi 4 , Prof. Vasudev K Parvati 5 1 Anish S Bhandiwad, Student, Department of Information Science and Engineering, SDMCET, Dharwad, Karnataka, India 2 Abhilash Y M, Student, Department of Information Science and Engineering, SDMCET, Dharwad, Karnataka, India 3 Pratik K Kunthe, Student, Department of Information Science and Engineering, SDMCET, Dharwad, Karnataka, India 4 Amit Kalagi, Student, Department of Information Science and Engineering, SDMCET, Dharwad, Karnataka, India 5 Prof. Vasudev K Parvati, Professor, Department of Information Science and Engineering, SDMCET, Dharwad, Karnataka, India ---------------------------------------------------------------------***--------------------------------------------------------------------- Abstract - KYC is a way for verification of customers which stands for Know Your Customer. Know Your Customer also referred as KYC is used in various fields like Banking system, Healthcare system or any Financial Institutions which include identity verification of a customer. In order to reduce the loss of time and money present in current system of verification, proposed system is designed to be a one-time KYC for any industry. The proposed system is a Blockchain based decentralized system which uses Distributed Ledger Technology (DLT) to verify a customer once for all and be made available for various consortiums. Key Words: Blockchain Technology, KYC using blockchain, Distributed Ledger Technology, e-KYC verification. 1. INTRODUCTION On an average, Global financial institutions spend about USD 60 Million to USD 500 Million to verify their customers and Customer Due Diligence (CDD). Further, the cost of this KYC process is retrieved by fines lapsed that are concerned with anti-money laundering and KYC regulations. The blockchain FinTech market size is expected to reach around USD 6228.2 Million by year 2023, at a rate of 75.9% (CAGR i.e., Compound Annual Growth Rate) during the forecast period. The traditional KYC process is an essential tool to gather, verify, monitor, and screen the customer information to fight unauthorized illegal transactions. In the present digital era of Techno- Financial companies, KYC has gained a lot of attention. Many technology companies (Bigtechs) are invading banking markets like never. Many of these Bigtechs are collaborating with FIs (Financial Institutions) and are offering cost-effective KYC systems globally. There is a huge demand in transparent KYC along with consensus- based KYC data control, and access control increases in order avoid a single point of failure. The KYC system internally shares the data between different banking systems, financial institution, etc., to verify a customer. The Blockchain Technology strengthens storage of KYC data in a distributed way over a single version of records storage. 1.1 Existing System A typical KYC process generally includes verification of customer in a repetitive manner which is redundant process that consumes high time, administrative overhead cost, and is inconsistent. The KYC information when stored locally in Banks or FIs has following major challenges.  The FIs spend an unwanted cost, effort, and abundant time during KYC process. This makes FIs focus less on their core business.  Since the KYC related data lies locally in the FI’s storage devices, other organizations cannot trust and access this data.  Onboarding process of a customer is delayed due to repetitive submission if same documents to different organizations which might lead to agonizing experience for a customer.  Typical KYC depository systems cannot adapt demands of changing regulatory requirements, and sometimes fail in providing efficient security assurance to the existing stored information/data. 1.2 Proposed System Keeping in mind the major challenges specified under existing traditional system, the proposed system tries to implement Blockchain-based KYC regulatory system which helps customer verify their identity on a one-time basis. To kick start with the methodology, the process begins with deploying a smart contract and getting a Blockchain address. The Ethereum test network, ganache provides local blockchain addresses which can is used to register a Bank on the e-KYC verifier portal. Once the bank