Enabling Trust and Privacy-Preserving e-KYC System Using Blockchain

The electronic know your customer (e-KYC) is a system for the banking or identity provider to establish a customer identity data verification process between relying parties. Due to the efficient resource consumption and the high degree of accessibility and availability of cloud computing, most banks implement their e-KYC system on the cloud. Essentially, the security and privacy of e-KYC related documents stored in the cloud becomes the crucial issue. Existing e-KYC platforms generally rely on strong authentication and apply traditional encryption to support their security and privacy requirement. In this model, the KYC system owner encrypts the file with their host’s key and uploads it to the cloud. This method induces encryption dependency and communication and key management overheads. In this paper, we introduce a novel blockchain-based e-KYC scheme called e-KYC TrustBlock based on the ciphertext policy attribute-based encryption (CP-ABE) method binding with the client consent enforcement to deliver trust, security and privacy compliance. In addition, we introduce attribute-based encryption to enable the privacy preserving and fine-grained access of sensitive transactions stored in the blockchain. Finally, we conduct experiments to show that our system is efficient and scalable in practice.