Design of Blockchain-based Travel Rule Compliance System
- Title
- Design of Blockchain-based Travel Rule Compliance System
- Authors
- HONG, WON KI; Lee, Chaehyeon; Kang, Changhoon; Choi, Wonseok; Lee, Jehoon; Cha, Myunghun; Woo, Jongsoo; Hong, James Won-Ki
- Date Issued
- 2022-05-05
- Publisher
- Institute of Electrical and Electronics Engineers Inc.
- Abstract
- In accordance with the guidelines of the Financial Action Task Force (FATF), Virtual Asset Service Providers (VASPs) should comply with a 'travel rule', which requires them to exchange originator's and beneficiary's personal information when transferring virtual assets. In this paper, we propose a novel blockchain-based travel rule compliance system that supports fully-decentralized data exchange. The proposed system uses a permissioned blockchain, and thereby eliminates the possibility of leakage of personal information to third parties or even to travel rule service providers, and ensures that travel rule data can be managed securely.
- URI
- https://oasis.postech.ac.kr/handle/2014.oak/115413
- Article Type
- Conference
- Citation
- 4th IEEE International Conference on Blockchain and Cryptocurrency, ICBC 2022, 2022-05-05
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- There are no files associated with this item.
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