The problem Unified eKYC Consortium solves

The Project aims to create a blockchain based KYC system where the banks are part of the network and Customers can store their data in the blockchain. Since this system develops a consortium or a group the customer does not need to seperately do KYC for any other bank belonging to the same group. Every account is linked to ablockchain wallet which is used as a password and transactions would me made through wallets like MetaMask. The Data can be share with other bank only if it is approved by the Owner(Customer) as a form of transaction. Thus decentralisation is achieved.

Although complete Decentralisation creates a different problem that is immutability. Let's say the customer changed his/her residence, then his accounts would be considered illegitimate by the maintainers of the blockchain since the current address doesn't match. To tackle with this problem, we are using a combination of data structure that is Array of Structs which stores data in the smart contracts but also allows to modify it only with the permission of the customer.

Working

1. The smart contract is deployed, the address is logged in the console.
2. The Bank creates a KYC record for the customer using a unique Username and makes the transaction using the bank's wallet address.
3. The Username is given to to the user to sign up on the customer portal and view KYC form.
4. When some other bank wants access to the KYC an approval request is sent to the Owner.
5. Once approved the other bank can also access it.
6. Modification can also be done by the Bank.

Future Plans

IPFS will be integrated into the application so that file transfer is also possible. Also a second ethereum layer like Polygon will be used to make sure there are gas-less transaction when deployed to main-net. Also video-KYC will be implemented where the customer can upload live pictures for verification. Outside Finance, this system can also be used in Hospitals where a patients data can be stored over a blockchain network.

Challenges I ran into

While building the smart contract there were several instances when the transactions were not carried out. After several tweaks related to web3 connections and the smart contract, most of thebugs are solved related to making transactions. Although some bugs might remain while running the program which will surely be dealt with in the future