Enhancement of User Identity Verification Business Process Based on Blockchain Technology

Student: Koleoshkin Vadim

Supervisor: Nikolay Kazantsev

Educational Programme: Business Informatics (Master)

Year of Graduation: 2017

Financial institutions which intend to provide financial or other services required accurate identification of the person need to build a complex procedure for verifying a person's identity which is known as “Know Your Customer” (KYC). The whole procedure takes time, human resources and is very expensive, especially for small companies. The annual cost of KYC inspections can reach $ 500 million. The checks themselves become more complicated, and the costs of organizations to carry them out grow, which has a negative impact on the business. This led to the study of this question: "How to reduce costs for the verification procedure of the client's identity?". In this paper the question of optimizing the user verification process using blockchain technology is investigated. Keywords: blockchain, ethereum, kyc, smart contract, person verification.

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