Know Your Customer compliance costs have never been higher for banks in Europe. This
thesis looks at the application of blockchain technology to reduce Know Your Customer
compliance costs. The work within aims to utilise the strengths of blockchain technology in
order to reduce the costs of compliance for banks. This is done through collaboration with
industry partners, resulting in a system designed to meet banks’ needs. The contributions
of this work are: 1) A system which enables data sharing between banks, enabling 2) reduc tion of costs by at least 45%, and 3) reducing or eliminating over reliance on third parties,
4) an exploration of how to price data within the system is made in order to help banks
further reduce their costs, 5) reduction of chain size by reducing the size of contract creation
transactions in Ethereum by 90% for standard users, lastly, 6) to better understand the
functionality and purpose of smart contracts. The system is the first of its kind to remove
the requirement of third party storage solutions, and is the first to explore pricing aspects
in detail.
| Identifer | oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/19032 |
| Date | January 2020 |
| Creators | Norvill, Robert E. |
| Contributors | Awan, Irfan U. |
| Publisher | University of Bradford, Department of Computer Science, Faculty of Engineering and Informatics |
| Source Sets | Bradford Scholars |
| Language | English |
| Detected Language | English |
| Type | Thesis, doctoral, PhD |
| Rights | <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/"><img alt="Creative Commons License" style="border-width:0" src="http://i.creativecommons.org/l/by-nc-nd/3.0/88x31.png" /></a><br />The University of Bradford theses are licenced under a <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/">Creative Commons Licence</a>. |
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