In the context of blockchain what does kyc stand for?

Question: In the context of blockchain what does kyc stand for?

KYC stands for Know Your Customer, which is a process of verifying the identity and address of the customers by banks and other financial institutions. KYC helps to prevent money laundering, fraud, and other illegal activities. Blockchain technology can improve the KYC process by creating a secure, decentralized, and shared platform for customer data management, where the data can be verified only once and then accessed by authorized parties with the customer's consent. Blockchain can also reduce the redundancy, inefficiency, and uncertainty of the traditional KYC process, which involves manual and time-consuming verification of documents across multiple institutions.

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