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

July 2018

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Abstract

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.

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