vKYC Chain for a Banking Consortium

Team: SyntaxError

Ctrl Alt Debt : 2022

Theme: vKYC Chain for a Banking Consortium

Team Members: Sushil Adwe | Chirag Hegde | Ayush Yadav

Indian Institute of Technology, Guwahati

Demo Website : https://vkyc.netlify.app/
Demo Video : https://youtu.be/rUyT8FlGMnQ

Updated Frontend Repo : https://github.com/ayushyadav9/eKYC-Frontend
Updated Backend Repo : https://github.com/ayushyadav9/eKYC-Backend

Problem Statement

Covid-19 Pandemic has triggered a new innovation in the field of KYC called Video KYC (Know Your Customer) - vKYC. Typically a vKYC is done via a weblink which asks the applicant to upload a few digital documents link PAN Card, Aadhaar along with selfie pictures and location of the applicant through GPS & IP address. This is followed by an employee of the financial institution calling the application over a video call to verify the data and documents. However, this process is done by each institution in silos for which the applicant ends up doing vKYC for each institution separately.

Imagine a group of N banks coming together and forming a consortium who agrees to have the same vKYC for all the member banks. They want to develop a blockchain based vKYC platform where the vKYC is done once and is stored in a blockchain and the member banks share this data for their KYC needs. Apply your innovations and develop a blockchain based vKYC platform.

Key Features

• Client and Bank Registration
• Crypto Wallet-less UI for Clients
• Additional Layer of Authorisation Protecting Client Data
• Admin Panel
• Decentralized IPFS for Documents
• Detailed User Dashboard
• Entire Customer KYC History Visualisation
• Geo-tagging
• In-built Video KYC Platform

Our Solution

Conventional banking and financial institutions spend a substantial part of customer acquisition costs and isolated KYC databases and try to keep them updated and accurate. The overall cost of managing the silo KYC per customer increases because of a lack of transparency, poor control, mistrust, and data duplication. ​

To overcome the problems caused in traditional system we designed a new, efficient and effective KYC processes which makes use of highly decentralized technologies such as InterPlanetary File System (IPFS) and Ethereum blockchain that allows, through the suggested developed smart contracts, the implementation of multi-party KYC processes on top of blockchains.

Our solution presents a unique trust management platform based on self-sovereign and decentralizes Video-Know-Your-Customer (vKYC) model to enhance customer privacy through consent-based access, featuring regulator governance and helping banks to use trusted and accurate customer data while reducing the customer acquisition costs.​

Moreover, in decentralized vKYC platform the vKYC is done once and is stored in a blockchain and the member banks share this data for their KYC needs.

Screenshots

Client Pannel

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Video KYC by Bank Client

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Accessing KYC history

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Adding remark and Acceping/Rejection of KYC request

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Tech Stack used

• Ethereum Smart Contracts
• InterPlanetary File System (IPFS)
• Solidity
• React.js
• Node.js
• Web3.js
• MongoDb
• Ganache GUI
• MetaMask

Step 1. Clone the project

git clone https://github.com/ayushyadav9/eKYC-Portal

Step 2. Install dependencies

$ cd eKYC-Portal
$ npm install

Step 3. Start Ganache

Open the Ganache GUI client that you downloaded and installed. This will start your local blockchain instance. You can also use other local blockchains.

Step 4. Compile & Deploy Election Smart Contract

$ truffle migrate --reset You must migrate the verification smart contract each time your restart ganache.

Step 5. Configure Metamask

• Unlock Metamask
• Connect metamask to your local Etherum blockchain provided by Ganache.
• Import an account provided by ganache.

Step 6. Run the Front End Application

$ npm start Visit this URL in your browser: http://localhost:3000

Step 6. Run the Back End Application

$ npm run server Visit this URL in your browser: http://localhost:5000