Development of Blockchain-Based Digital Identity Management System for Financial Sector

The client faces difficulties in securely creating, managing, and verifying digital identities of customers, which hampers the onboarding process, increases fraud risk, and affects compliance with evolving legal frameworks. Current systems lack interoperability and comprehensive verification methods, prompting the need for innovative solutions leveraging blockchain technology and verifiable credentials.

A large financial institution or service provider aiming to enhance customer identity verification, management, and security through verifiable credentials on blockchain technology.

• Design and implement a blockchain-based digital identity creation and management platform for customers in the financial sector.
• Enable secure, user-controlled digital identity profiles incorporating biometric data, documents, and other verification methods.
• Develop a gateway allowing financial institutions to support digital identity creation, updates, and verification processes.
• Align the system with current legal, regulatory, and industry standards for digital identity and data security.
• Establish a scalable, high-performance solution supporting real-time identity verification and management.

• Digital identity creation and management interface supporting biometric data (photo, fingerprint, voice, etc.) and document upload.
• Blockchain-based verifiable credentials issuance, storage, and validation mechanisms ensuring tamper-proof identity data.
• Secure biometric verification and geolocation capabilities integrated into identity validation workflows.
• An access portal for financial institutions to support identity onboarding, updates, and verification.
• Compliance modules to adhere to legal and regulatory standards such as KYC/AML frameworks.
• Interoperability features to connect with external identity providers and identity governance standards.

• External biometric verification services.
• Legal and compliance databases for KYC/AML checks.
• Existing customer management and authentication systems.
• Government or institutional identity registries, if applicable.

• Scalability to support thousands of simultaneous identity operations.
• High reliability and uptime (e.g., 99.9% availability).
• End-to-end data encryption respecting privacy regulations.
• Low latency for real-time verification processes.
• Robust audit logs and traceability for compliance auditing.

The implementation of this blockchain-based digital identity management platform aims to significantly enhance identity security, reduce onboarding time, and lower fraud incidents. It is projected to improve operational efficiency, support regulatory compliance, and position the client as a leader in secure digital identity solutions within the financial sector, enabling real-time, reliable customer verification at scale.