HOMEWORK 4: @fluzzy TASK ON ETHEREUM BLOCKCHAIN

Hi Steemians, It is a well enlightened section of the week's lectures by @gbenga, introducing the steemians to PROJECTS ON ETHEREUM BLOCKCHAIN .

In the week 4 task we are to explain in full a project built on the ethereum blockchain.

INTRODUCTION TO ETHEREUM BLOCKCHAIN

Ethereum blockchain is a decentralized computing platform just like the internet or
Ethereum blockchain{Second generations} is a ledger the keeps allowing for data to be stored in it continuously.
It allows users to program their code and create application on blockchain dApps.

We have a long list of projects built on ethereum blockchain. E.g
*DEX(Distributed Exchange)
*KYC Chain
*Ethereum based ERC721 games.

I will be writing on a project "KYC CHAIN {Bank Solution}

INTRODUCTION TO KYC CHAIN

KYC-Chain is a platform built over blockchain technology and smart contracts functionalities, allowing financial institutions to easily manage to Know Your Customer (KYC) data. It allows users to share only the necessary information through identity wallets. The platform helps you operate your business globally and make the security of your data a priority as data can be retrieved only by the trusted authenticator and the users themselves.

KYC is embedded into the account opening forms, which mandate customers to provide accurate information and ideally update as soon as any change occurs in the KYC data.

Primarily KYC helps financial institutions to prevent identity thefts, money laundering, terrorist financing, and profiling and eliminating the runaway creditors.

Blockchain technology offers a solution to establish trust and transparency and provide a secure and publicly verifiable KYC. This paper presents a unique trust management platform based on self-sovereign and decentralizes Know-Your-Customer (DKYC) model to enhance customer privacy through consent-based access, featuring regulator governance and helping banks to use trusted and accurate customer data while reducing the customer acquisition costs.

In the context of Know Your Customer (KYC) standardization, a decentralized schema that enables user privacy protection on enterprise
blockchains is proposed with two types of developed smart contracts.
Through the public KYC smart contract, a user registers and uploads their KYC information to the exploited IPFS storage, actions interpreted in blockchain transactions on the permissioned blockchain of Alastria Network.

Furthermore, through the public KYC smart contract, an admin user approves or rejects the validityand expiration date of the initial user’s KYC documents. Inside the private KYC smart contract, CRUD (Create, read, update and delete) operations for the KYC file repository occurs.

Thanks for reading.....
Steemit to the world

@gbenga
@steemcurator01
@steemcurator02