If at First you Don’t Succeed, Try a Decentralized KYC Platform

July 2018


Blockchain technology can enable the creation of decentralized KYC platforms. The correct platform architecture is one that maintains direct customer-bank relationships while avoiding the pitfalls from centralizing parts of the corporate KYC process. The author explores two different decentralized approaches: a self-sovereign approach and a bank sharing approach, and then addresses the advantages and disadvantages of a decentralized platform relative to a centralized utility.