Blockchain KYC (Know Your Customer) is a process where user identification and verification are carried out using blockchain technology. This approach offers a more secure, transparent, and efficient alternative to traditional KYC procedures. Blockchain allows users to control their personal data while sharing it with financial institutions or service providers in a verifiable manner. By storing KYC information on a distributed ledger, blockchain reduces the risks of data breaches, ensuring the integrity and privacy of customer data.
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