Implementation of Blockchain Technology in Know Your Customer (KYC): RPPOT Model

Know Your Customer (KYC) is one of the key to preserving security in the financial sector. With KYC, we can verify a user identity through the required process just by analyzing various types of documents. However, traditional KYC still lacks time efficiency, too repetitive, and too risky as human error could be made. Therefore, blockchain exists to enhance KYC, growing significantly throughout the years and received good feedback for its efficiency and security. This study conducted Systematic Literature Review (SLR) based on the Regulatory, Process, People, Organization, Technology (RPPOT) model by identifying and analyzing essential factors in implementation of blockchain in KYC. There are 40 essential factors identified and categorized across the five RPPOT dimensions to demonstrate the varied nature of the transformation. Technology (T) resulted as the most frequently reported dimension highlighting the other essential specifications such as Security, Stability, and Interoperability. Success also does highlights Process (P) and Organization (O) factors, addressing the People (P) challenges, and followed a strict Regulatory (R) constraints. Furthermore, this research provides insightful analysis of the academic purposes, a multi-dimensional framework for financial institutions and policy makers in navigating the blockchain adoption in KYC.