Decentralized e-KYC System for Secure Identity Verification in Bangladesh

In this modern age where everything is developing and moving forward to achieve new heights, Fraud and scam-related cases are also increasing. That’s why we need to be more careful than ever before. nowadays whether we want to open a bank account or use a financial app we first need to verify ourselves by doing e-KYC. But the problem is this e-KYC verification is needed in so many sectors and we have to do it multiple times. This paper shows how this situation can be solved by using a blockchain-based e-KYC (Electronic Know Your Customer) system. This will be a one-stop solution for e-KYC, where people need to do KYC only one time and then they can use it in multiple organizations. Because of blockchain technology, our system will be transparent, decentralized, efficient, and trustworthy. Where users can choose whom to give the e-KYC information and can transfer all the information or the state of the information within a second. The proposed e-KYC systems’ motive is to create a more secure and widespread digitalized ecosystem that will bring benefits to any country.