Know your customer (KYC) checks are currently an extremely time consuming and costly affair. Banks have to spend millions of dollars every year to keep up with KYC regulations or risk being fined heavily. Through KYC chain we aim to simplify this process to a great extent. The nature of a block-chain ensures that unauthorized changes to the data are automatically invalidated. The proof-of-reputation concept makes the verification process more robust.
KYC-chain eliminates the redundant KYC checks that banks currently perform by maintaining a common secure database in a block-chain. So, there are a few limitations regarding scalability such as the maximum number of banks that can be registered which is currently capped at 10 and so on. Going ahead we plan to deploy this registry over the Ethereum network to increase its scalability.
Currently we have built this registry over a local test-net that we hosted our personal laptops.
Had to learn about implementinng IPFS in blockchain , writing smart contracts(Digital ledger) in SOLIDITY