Decentralised Know Your Customer (KYC) System Using Fetch.ai uAgents

Abstract

The standard Know Your Customer (KYC) procedures employed by banks are widely regarded as inefficient, costly, and prone to errors, leading to delays and dissatisfaction among customers. These challenges underscore the need for transformative technology to improve operational viability while ensuring compliance with stringent regulatory requirements. This study delves into how Fetch.ai’s blockchain infrastructure and uAgent technology can revolutionize the KYC process by facilitating secure, decentralized data storage, real-time monitoring, and seamless data verification. By leveraging Fetch.ai’s decentralized ledger and autonomous agents (uAgents), financial institutions can significantly reduce intermediary dependence, lower operational costs, and minimize human errors associated with manual data management. This innovative approach enhances scalability, privacy, and data security, while providing a robust framework to counter fraudulent activities in the banking sector. Additionally, the integration of Fetch.ai’s ecosystem promotes a customer-centric KYC experience, fostering greater trust and transparency in financial transactions. The study demonstrates the potential for blockchain-driven KYC to streamline operations, optimize resource utilization, and redefine the standards of regulatory compliance in the modern banking industry