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A systematic literature review of blockchain-based e-KYC systems

April 2023
Computing 105(10):2089-2118

DOI:10.1007/s00607-023-01176-8

Authors:

Md Abdul Hannan

Colorado State University

Md Atik Shahriar

Shahjalal University of Science and Technology

Md. Sadek Ferdous

BRAC University

Mohammad Jabed Morshed Chowdhury

La Trobe University

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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 have digitalised this process to make it more convenient and transparent by introducing the notion of e-KYC (Electronic KYC). e-KYC provides a flexibility for the users as they might even quickly complete the on-boarding process from the comfort of their homes. However, there are a few outstanding issues, such as the lack of any global standardisation, possible fraudulent activities during the e-KYC process and other privacy concerns, that must be addressed before its full benefits can be achieved. Recently, blockchain technology (or blockchain in short) has emerged as a foundational technology with possibilities to disrupt a wide range of application domains. Understandably, it is increasingly being investigated how blockchain can be a useful tool to address these outstanding issues. Towards this aim, a number of research works have emerged in the recent years. In this article, we present a systematic literature review (SLR) of these works using the PRISMA model in order to identify and critically analyse the existing researches at the intersection of e-KYC and blockchain. Based on our study we have also identified the limitations of the existing solutions and provided future directions.

Architecture of current practice of e-KYC

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Search and selection process

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Application domains of reviewed papers

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Platforms of the reviewed systems

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Other implementation aspects considered

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Computing (2023) 105:2089–2118

https://doi.org/10.1007/s00607-023-01176-8

REGULAR PAPER

A systematic literature review of blockchain-based e-KYC

systems

Md. Abdul Hannan1·Md. Atik Shahriar2·Md Sadek Ferdous3·

Mohammad Jabed Morshed Chowdhury4·Mohammad Shahriar Rahman5

Received: 2 July 2022 / Accepted: 1 April 2023 / Published online: 13 April 2023

Abstract

The know your customer (KYC) guidelines in ﬁnancial services require that institu-

tions 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 have digitalised this process to make it more convenient and transparent

by introducing the notion of e-KYC (Electronic KYC). e-KYC provides a ﬂexibility

for the users as they might even quickly complete the on-boarding process from the

comfort of their homes. However, there are a few outstanding issues, such as the lack

of any global standardisation, possible fraudulent activities during the e-KYC pro-

cess and other privacy concerns, that must be addressed before its full beneﬁts can

be achieved. Recently, blockchain technology (or blockchain in short) has emerged

as a foundational technology with possibilities to disrupt a wide range of application

domains. Understandably, it is increasingly being investigated how blockchain can

be a useful tool to address these outstanding issues. Towards this aim, a number of

research works have emerged in the recent years. In this article, we present a sys-

tematic literature review (SLR) of these works using the PRISMA model in order to

identify and critically analyse the existing researches at the intersection of e-KYC and

blockchain. Based on our study we have also identiﬁed the limitations of the existing

solutions and provided future directions.

Keywords Know your customer ·KYC ·e-KYC ·Blockchain ·PRISMA

Mathematics Subject Classiﬁcation 68U99

Md. Abdul Hannan and Md. Atik Shahriar have contributed equally to this work.

BMd Sadek Ferdous

sadek.ferdous@bracu.ac.bd

Extended author information available on the last page of the article

123

Content courtesy of Springer Nature, terms of use apply. Rights reserved.

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Privacy: Autonomy and Selective Disclosure

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