The problem Decentralised KYC Platform solves

Our traditional/legacy KYC platforms are closed systems, and no one knows what happens behind the scenes. No one can be sure how our data is being utilized or even how secure it is.

An Independent KYC System

Validating an Individual's Identity with Blockchain's Security

The proposed system will leverage Blockchain's decentralised system and will feature:

• Establishing Proof of Identity for an Individual: The individual will be able to store their KYC info on the DAPP which can be used by various platforms to verify the user in future.
• Immutable feature of IPFS: So the data stored will be tamper proof thanks to IPFS Storage .
• Similar to legacy KYC System: We tried to create our system very similar to the general KYC systems.
• No Third party involvement for trust verification between users.
• Data Replication: Thanks to IPFS Storage tech it is being handeled .
• Data Backup: Again thanks to IPFS Storage tech it is being handeled.
• No single point of Falure: Being hosted on a decentralised platform it is being hosted on multiple devices so a single server is not responsible for the uptime of our app .

The proposed system costs next to nothing as of now. We will be using Filecoin which offers free storage for an individual upto a limit which is more than enough for the user to store their document on the IPFS.

Challenges we ran into

Major challenges faced by our team:

• Uploading files on IPFS Storage was an issue.
• Trying to complete this project with our Academics and Exams going on.