Blockchain technology is often proposed as an infrastructure for decentralized Know-Your-Customer (KYC) verification, i.e., a process determining whether a customer is eligible for a given transaction. The benefit of using blockchain technology lies in the expected compliance costs reduction for companies by automatically enforcing KYC-requirements, whose results are accessible by multiple financial institutions. While information systems researchers have proposed conceptual models and prototypes of blockchain-based KYC-systems, they do not yet consider severe penalties that are applicable to companies if KYC-requirements are not met. Hence, if the legal requirements for KYC-processes cannot be met, these systems are not applicable. The paper uses an objective-centered design science research approach to develop a blockchain-based KYC-system for the conduct of ICOs that is compliant-by-design. To this end, the authors first identify existing KYC-requirements and define corresponding system design objectives that are used to develop a KYC-system that automatically enforces KYC-regulations, thereby preventing money laundering and other forms of identity fraud. Second, the authors contribute to the literature by providing a blueprint for compliant-by-design blockchain-based KYC-systems, in the paper, integrated into the investment flow of an ICO. Third, the authors propose a KYC-system that is applicable in the real world, by making – due to legal certainty – KYC-processes cost-effective, i.e., the proposed blockchain-based KYC-system expectably reduces compliance costs for customers and financial organizations.

中文翻译：

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首次代币发行的了解你的客户 (KYC) 要求

区块链技术通常被提议作为去中心化了解你的客户 (KYC) 验证的基础设施，即确定客户是否有资格进行给定交易的过程。使用区块链技术的好处在于，通过自动执行 KYC 要求，预计可以降低公司的合规成本，其结果可供多个金融机构访问。虽然信息系统研究人员已经提出了基于区块链的 KYC 系统的概念模型和原型，但他们还没有考虑如果不满足 KYC 要求的公司适用的严厉处罚。因此，如果无法满足 KYC 流程的法律要求，则这些系统不适用。该论文使用以目标为中心的设计科学研究方法来开发基于区块链的 KYC 系统，用于执行符合设计的 ICO。为此，作者首先确定现有的 KYC 要求并定义相应的系统设计目标，用于开发自动执行 KYC 法规的 KYC 系统，从而防止洗钱和其他形式的身份欺诈。其次，作者通过在论文中为基于设计的区块链 KYC 系统提供了一个蓝图，为文献做出了贡献，并将其集成到 ICO 的投资流程中。第三，作者提出了一种适用于现实世界的 KYC 系统，通过使 KYC 流程具有成本效益，即，由于法律确定性，