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The know your customer (KYC) guidelines in financial services require that institutions make an effort to verify the identity, suitability, and assess risks involved while maintaining a business relationship. The procedures fit within the broader scope of any financial institution’s Anti-Money Laundering (AML) policy. Governments around the world h...
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Money laundering is the process that intends to legalize the income derived from illicit activities, thus facilitating their entry into the monetary flow of the economy without jeopardizing their source. It is crucial to identify such activities accurately and reliably in order to enforce anti-money laundering (AML). Despite considerable efforts to...
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... Know-your-customer (KYC) regulations in the financial sector require institutions to focus on confirming identity, suitability, and assessing associated risks while preserving a business relationship (Hannan et al., 2023). Manual extraction of identification data, such as passport photos and background checks for new customers, has proven to be a laborious operation for individual banks, compounded by the massive scale of KYC identity verification (Vinther Daugaard et al., 2024). ...
Déclaration de divulgation : L'auteur n'a pas connaissance de quelconque financement qui pourrait affecter l'objectivité de cette étude. Abstract In a constantly changing world, competitiveness is becoming more and more pronounced. Consumer behavior has changed and the purchasing and payment methods are becoming more digitalized. Thus, the use of a well-defined strategy to attract, satisfy and retain customers is essential. Hence, the integration of AI into this process is an inevitable opportunity. With this in mind, this paper focuses on the confidentiality of consumer information and their behavior in order to satisfy and retain them through AI. To do this, this article is divided into three main parts. A theoretical overview as well as the development of variables and the presentation of hypotheses constitute a decisive phase in us. Then, it is wise to stimulate the methodology chosen for our research, the development and administration of questionnaires as well as the software for processing the data collected. The last part is reserved for the interpretation, discussion of the results as well as the proposal of suggestions intended for entrepreneurs and managers. In this regard, a hypothetical-deductive reasoning is adopted, as well as a questionnaire was administered to 50 companies in the Casablanca-Settat region. The data were processed by the statistical software SPSS version 26. In addition, the data relating to the respondents and the companies were illustrated via graphical representations. However, ANOVA, file and correlation tests are interesting in our case. The results of the correlation have specified the importance of AI in the social field, the confidentiality of customer information and their loyalty. In addition, a summary of the process of developing this test as well as determining the situation of the hypotheses and the implication and the limits are judicious to finalize this research.
... As cloud computing remains integral to digital financial transactions, Olaseni and Familoni (2024) argues that regulatory compliance introduces further complexities in securing cryptocurrency platforms. The implementation of KYC and AML protocols is essential for fraud prevention but often conflicts with user privacy expectations (Hannan et al., 2023). Regulatory agencies worldwide are intensifying oversight of cryptocurrency exchanges, requiring compliance with data protection laws such as the General Data Protection Regulation. ...
This study examines security risks, emerging technologies, and cryptographic techniques in cloud-based digital currency transactions using a quantitative research approach. Data was sourced from the REKT Database, Web3 Security Report, and Elliptic Open Dataset, employing descriptive statistical analysis, regression modeling, and time-series analysis to assess security vulnerabilities, fraud reduction trends, and regulatory compliance effectiveness. Findings reveal that AI-driven security measures reduced fraud cases by 55% from 2022 to 2025, while illicit transactions declined from 12.5% in 2019 to 6.1% in 2023, demonstrating the impact of cryptographic advancements and regulatory interventions. However, cybercriminals are shifting toward high-value, precision-based attacks, necessitating an integrated security framework. This study contributes to AI-driven security, cryptographic resilience, and regulatory compliance in cloud-based digital transactions. By analyzing emerging threats and security frameworks, it offers valuable insights for researchers, policymakers, and financial institutions. The findings aid in developing robust fraud detection, post-quantum cryptography, and regulatory strategies to enhance digital financial security. This research bridges technological advancements with compliance measures, ensuring a more resilient and secure cloud-based cryptocurrency ecosystem. The study recommends enhancing AI fraud detection with cryptographic security models, adopting post-quantum cryptography, strengthening regulatory compliance, and implementing zero-trust security models to ensure long-term resilience in cloud-based financial ecosystems.
... As cloud computing remains integral to digital financial transactions, Olaseni and Familoni (2024) argues that regulatory compliance introduces further complexities in securing cryptocurrency platforms. The implementation of KYC and AML protocols is essential for fraud prevention but often conflicts with user privacy expectations (Hannan et al., 2023). Regulatory agencies worldwide are intensifying oversight of cryptocurrency exchanges, requiring compliance with data protection laws such as the General Data Protection Regulation. ...
... These implementations underscore the benefits of employing Hyperledger in financial services, including enhanced privacy controls, reduced transaction costs, and improved adherence to financial regulations. Financial institutions can ensure compliance by adopting permissioned blockchain solutions while capitalising on blockchain technology's efficiency and transparency [22][23][24]. ...
... The literature review underscores the transformative potential of blockchain technology, extending beyond mere transaction processing to encompass broader applications such as compliance, supply chain transparency, and asset tokenisation. For example, blockchain-based Know Your Customer (KYC) [23] solutions, implemented by major financial institutions, enhance identity verification by securely storing and sharing customer data across networks. Similarly, blockchain-enabled supply chain systems utilised by companies like IBM and Walmart facilitate real-time tracking of goods, ensuring authenticity and accountability [35]. ...
This article delves into the transformative impact of blockchain technology on enhancing transaction quality and efficiency. Since the emergence of blockchain alongside Bitcoin in 2008, its decentralised and transparent nature has significantly improved transaction speed, security, and cost efficiency. These advancements have solidified blockchain as a foundational innovation in financial services. The paper examines critical milestones in blockchain, including Bitcoin, Ethereum, and Binance Coin (BNB), and their role in reshaping global finance by automating processes and reducing reliance on intermediaries. Additionally, the study evaluates blockchain’s impact on quality management, particularly emphasising how its immutable ledger system enhances the reliability and transparency of financial transactions. Despite challenges such as scalability, energy consumption, and regulatory hurdles, the potential for blockchain to redefine transaction quality in financial services is evident. This research contributes to the growing body of literature by integrating blockchain technology and traditional quality management systems, providing a comprehensive perspective on how the two domains influence one another. The findings underscore blockchain’s ability to drive innovation in financial services while addressing security, efficiency, and operational quality concerns.
... In 2023, Hannan et al. [5] examined how the financial industry is moving toward electronic KYC and how blockchain technology could improve security and transparency. Consistency, fraud, and privacy are among the challenges that need more research and technique development. ...
... The findings from this SLR will contribute to the ongoing discussion on digital identity verification and its implications for various sectors. Our systematic review is structured focusing on key research questions to address key aspects of blockchain-enabled eKYC [12] and identification systems. This review will examine technologies enhancing security, privacy, and self-sovereignty in eKYC, focusing on blockchain platforms and the role of smart contracts in automation and transparency. ...
... Blockchain technology addresses these challenges by providing a decentralized and tamper-proof system. The integration of blockchain into eKYC [12] procedures is widely recognized for improving efficiency and trustworthiness. The integration of blockchain technology into eKYC [25] [29] procedures is becoming more widely acknowledged. ...
... They fall into three main categories: identity authorization, privacy-preservation of smart contracts, and transaction data anonymization. M. A. Hannan et al. [12] give the idea of eKYC application domains. Banks and other financial organizations handle the majority of the applications using eKYC. ...
Abstract -
The electronic Know Your Customer (eKYC) identifies clients for organizations that maintain privacy and security. It automates the process and reduces the costs associated with manual KYC processes such as paper handling, physical storage, and manpower. A systematic review of identification systems is essential to provide a comprehensive overview of existing research to identify scope and gaps. This systematic literature review (SLR) using the PRISMA model investigates the revolutionary potential of blockchain technology, Decentralized Identifiers (DID), Self-Sovereign Identity (SSI), and selective disclosure in the context of eKYC and their combined effects. The evaluation is conducted to provide a thorough summary of the present state of blockchain-enabled eKYC by analyzing 44 selected research works from the 367 preliminary selections of research works from search results. The study explores how SSI and DID can improve user-centricity in identity verification. The review examines the theoretical foundations, empirical case studies, and practical implementations to elucidate the benefits, challenges, and emerging applications of this innovative convergence. This study explores that most of the identity management solutions are proposed on Ethereum (33%), and the second most used platform is Hyperledger(18%). About 51% of solutions used smart contracts. Banking (23%) and financial industries (19%) are the primary adopters of identity solutions. This study also analyzes the recommended solutions to these issues and addresses especially the privacy and security issues. A crucial finding of this review is that, still, there is no standard of eKYC, and it badly needs to be standardized for mass adoption.
... Wallets and monitoring tools are also available in this space, making development and implementation more feasible. For an overview of some research in this direction, refer to studies [7] and [8]. ...
The first generation of cryptocurrencies introduced revolutionary concepts, yet faced challenges in privacy and regulatory compliance. While subsequent cryptocurrencies aimed to address privacy concerns (like Zcash and Monero), they often conflicted with regulatory frameworks, hindering broader adoption. In response, inspired by recent researches about privacy and accountability and incentive techniques in Blockchain, we propose IdentityChain as a novel framework that integrates privacy and accountability principles, leading to a robust system equipped with adaptable rules. IdentityChain is a KYC (Know Your Customer) service on top of a public Blockchain (e.g., Ethereum, Ton, Polygon). The goal is to maintain privacy while ensuring compliance with existing regulations. Privacy is one of the key characteristics of IdentityChain, it's crucial for preventing conflicts of interests further discussed how. Accountability is also one of the main characteristics of IdentityChain and prevents from misbehave of users. Privacy and accountability together wouldn't be possible unless advancements in cryptography.
... This would allow businesses to verify customer identity without relying on third-party intermediaries. KYC application on Blockchain is a well-researched area (Biradar & Dakshayini, 2020;Hannan et al., 2023). Such Blockchainbased KYC applications are seen improving customer experience, reducing cost overheads, and increasing transparency in onboarding a customer (Yadav & Chandak, 2019). ...
Blockchain implementation of the peer-to-peer transfer of assets, such as stocks, and the working of a stock exchange, its legislative and regulatory issues are topics of researcher interest. The stock market systems globally involve several financial intermediaries who add value, facilitating investors and traders to make their transactions. Blockchain proposed disruption, but the disruptive transformations in the stock markets are complex and have many operational challenges and practical hurdles. While most existing research dealt with disruption and new processes for the stock markets, little research explored the possibility of empowering the existing systems to convince them to make the first steps in a gradual, long transformational journey. This exploratory study examines the use of Blockchain in various areas of the existing stock market ecosystem. Findings from this work help various stakeholders in the stock markets ecosystem make their first moves in their transformation.
... This lack of standardization hinders interoperability and makes authentication difficult across various blockchain applications. We are motivated to solve the issue of authentication and attempt to use eKYC [18,19] with HASH [20], using SHA256 for a safer data flow through the channel. We considered the scenario of inherent data immutability during the eKYC process and user information changes over time. ...
The charity sector impacts society significantly in many areas, including providing education, healthcare, hunger relief, drinking water, disaster relief, environmental preservation, and assistance to underserved people. The existing charity organizations have numerous limitations, such as poor management, high operation costs, and a lack of transparency in the donation execution flow. The authentication of users and institutions is a big problem in the existing system. This research resolves the issues of transparency and reliability with an immutable and traceable distributed ledger. We empower the existing centralized charity works with the electronic know-your-customer (eKYC) authentication approach and cryptographic HASH. Information privacy is implemented using the filters within smart contracts. The implementation of eKYC to ensure authenticity and to secure data flow through the channel are two significant contributions of this work. A coin-toss function for data selection and a random time delay between pieces of data are used to avoid attacks based on guesswork. We aim for this framework to send 100% of donations to the beneficiaries and become a hyper-liquid medium to fill the United Nations Sustainable Development Goals (SDG) funding gap. We also introduce the concept of service charity to broaden the ability for people to offer their services and skills as charity.
... Since the evolution of Bitcoin (i.e., the first and most popular use case of BT) and Ethereum (i.e., the second popular use case of BT), BT has become popular in other use cases also apart from cryptocurrency [5,6]. This includes land records [7], transportation [8], supply-chain, medical records, e-governance, education sector (EdS), etc [3]. ...
Blockchain facilitates the education sector from its unique bundles of characteristics, like decentralization, immutability, reliability, transparency, traceability, security, and integrity. These characteristics improve the ecosystem’s accountability, collaboration, credibility, identification, transparency, and trustability. Despite these attractive features and benefits, blockchain technology in education still needs to overcome many challenges that require consistent effort. This paper systematically studies leading blockchain proposals in the education sector. Our study mainly focuses on four categories: (i) Blockchain-based initiatives, (ii) Existing blockchain-based products/solutions, (iii) Applications/Use cases, benefits and challenges in the adoption of blockchain, and (iv) Future research direction in the education sector. We categorize the distinct challenges based on the Technology-Organization-Environment (TOE) framework. This article covers research articles published in eight well-known scientific databases between 2017 and the first quarter of 2023. We screen the articles with the help of the PRISMA (Preferred Reporting Items for Systematic Review and Meta-Analysis) approach. This article also explores other educational areas that could benefit from blockchain due to its potential and attractive features.
