Blockchain: Is it hype?  91

Smart Contract

KYC Architecture

Customer Systems

Bank A Onboarding

Team

Bank A Node

Regulatory Node

Customer Node

Third Party Node

Regulatory Systems

Regulator

Proof of authority

Request authorization to

use PI data

Customer

Wallet

Approval/Rejection

to authorize the use

of data

Customer

Customer

Private Blockchain – Consortium based KYC

Bank B Node

Bank C Node

A

F

D

E

C

B

G

H

Figure 3.3  KYC use case blockchain architecture.