Blockchain KYC (Know Your Customer) refers to using blockchain technology to streamline and secure verifying customer identities. By storing identity information on a blockchain, users can control access to their data while minimizing risks of identity theft or fraud. Blockchain's transparency and immutability ensure that once verified, identity data cannot be altered or tampered with. This decentralized approach reduces the need for repeated KYC checks, improving efficiency and compliance, particularly in financial services and regulated industries.
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