Design of Blockchain-based Travel Rule Compliance System
Computational Engineering, Finance, and Science
2022-04-29 v1
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.
Cite
@article{arxiv.2204.13508,
title = {Design of Blockchain-based Travel Rule Compliance System},
author = {Chaehyeon Lee and Changhoon Kang and Wonseok Choi and Jehoon Lee and Myunghun Cha and Jongsoo Woo and James Won-Ki Hong},
journal= {arXiv preprint arXiv:2204.13508},
year = {2022}
}
Comments
3 pages, 1 figure, 1 table. Accepted to IEEE ICBC 2022 as a poster paper