Designing a framework for digital KYC processes built on blockchain-based self-sovereign identity

Schlatt, Vincent; SEDLMEIR, Johannes; Feulner, Simon; Urbach, Nils

doi:10.1016/j.im.2021.103553

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Designing a framework for digital KYC processes built on blockchain-based self-sovereign identity

Schlatt, Vincent; SEDLMEIR, Johannes; Feulner, Simon et al.

2022 • In Information and Management, 59 (7)

Peer Reviewed verified by ORBi

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https://hdl.handle.net/10993/53718

DOI
10.1016/j.im.2021.103553

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Keywords :

Banking; Digital certificate; Digital wallet; Decentralized identity; Distributed ledger technology; Verifiable credential

Abstract :

[en] Know your customer (KYC) processes place a great burden on banks, because they are costly, inefficient, and inconvenient for customers. While blockchain technology is often mentioned as a potential solution, it is not clear how to use the technology’s advantages without violating data protection regulations and customer privacy. We demonstrate how blockchain-based self-sovereign identity (SSI) can solve the challenges of KYC. We follow a rigorous design science research approach to create a framework that utilizes SSI in the KYC process, deriving nascent design principles that theorize on blockchain’s role for SSI.

Disciplines :

Management information systems
Computer science

Author, co-author :

Schlatt, Vincent

SEDLMEIR, Johannes ; University of Luxembourg

Feulner, Simon

Urbach, Nils

External co-authors :

yes

Language :

English

Title :

Designing a framework for digital KYC processes built on blockchain-based self-sovereign identity

Publication date :

November 2022

Journal title :

Information and Management

ISSN :

0378-7206

eISSN :

1872-7530

Publisher :

Elsevier, Amsterdam, Netherlands

Special issue title :

Blockchain innovations: Business opportunities and management challenges

Volume :

Issue :

Peer reviewed :

Peer Reviewed verified by ORBi

Focus Area :

Security, Reliability and Trust

Available on ORBilu :

since 12 January 2023

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