Reinventing Electronic Know Your Customer Solutions Using Blockchain: A Business Model Approach

This paper proposes an innovative blockchain-based framework to address challenges related to security, privacy, and redundancy in existing eKYC solutions.A detailed business model canvas is developed and validated through focus group discussions with banking experts.The key components of the model include the value proposition of costeffectiveness, security, and convenience, along with eKYC integration, data storage protocols, and revenue strategies.This research represents a pioneering effort to harness blockchain technology to streamline and enhance the eKYC process for multiple stakeholders.The standardized and interoperable architecture can facilitate transparency, trust, and efficiency in the digital identity verification process.