Double-blind consent-driven data sharing on blockchain

Abstract

Blockchains are designed for trustworthy and transparent execution of transactions involving multiple parties. An important class of applications requires data to be shared selectively among mutually anonymous transacting peers while retaining the tamper-resistant evidentiary and validation features of a blockchain. KYC validations of corporate customers by banks is one example, where both banks and customers benefit from sharing process and data on a blockchain network. However, sharing of confidential KYC data must be authorized by customers, and a bank-customer relationship must be kept secret from other banks in the network. In this paper, we describe the design and implementation of a smart contract for consent-driven and double-blind data sharing on the Hyperledger Fabric blockchain platform. We show how a KYC application was built around this model to address the needs of the banks while meeting regulatory requirements.