Know Your Client for Banking System using IPFS and Block Chain

Abstract: The term "know your client" (KYC) refers to a rule that requires the financial framework to authorize a client based on identity, propriety, and risk assessment before creating a financial relationship. The KYC cycle can be confusing and expensive to complete for a single client, which is a result of the rising security concerns. By combining InterPlanetary File System (IPFS) and blockchain innovation, we offer a cheap, quick, safe, and easy KYC archive check service for banks. According to the proposed technique, using the IPFS organization, a client can create a hash value and share it through the blockchain method after setting up a record at one bank, finishing KYC there, and then releasing the hash using the IPFS organization. By acquiring the IPFS organization's confidential key, the client will be able to get the client's information (i.e., KYC) and securely save it if they choose to have another account with the Bank/monetary association. It is believed that this approach can help save time, money, and tiresome effort during the KYC cycle when a record has to be opened in more than one bank.

Keywords: Decentralization, IPFS, Blockchain, KYC, GPG4WIN and Smart Contact.