Blockchain
Deloitte Consulting AG integrates KILT, a Polkadot parachain, to improve the know-your-customer (KYC) and know-your-business (KYB) processes.
The integration makes it possible to issue reusable digital credentials, helping companies in various industries.
Errors in traditional processes
KYC and KYB checks are the processes used to confirm people’s identity and the legitimacy of their business. However, current procedures are time consuming for clients and ineffective for verifiers.
This is because identity verification requests often ask for additional data points. Meanwhile, conventional paper-based certifications require additional processing work.
1/ @DeloitteCH – the world’s largest accounting firm – is the latest major corporate partner to come to the Polkadot ecosystem, adopting advanced technology from the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I
— Polkadot (@Polkadot) May 4, 2023
The collection and storage of personal data across numerous platforms also poses an additional risk to consumer data privacy. In addition, the existing authentication procedures only produce single-use certificates.
Deloitte intends to use KILT’s reusable digital identifiers to support its KYB and KYC activities. It will come in handy to protect financial institutions against fraud, money laundering, corruption and terrorist financing.
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Reusable digital credentials for authentication
KILT’s identity infrastructure will produce reusable KYB and KYC credentials, giving consumers power and flexibility. In addition, the end user is always in full control of their data and can securely store all details on non-custodial wallets.
Deloitte will also provide a credential wallet as a handy browser extension to make managing and exchanging credentials easier. As a result, the customer does not need any prior knowledge of blockchain during the simple wallet setup process.
Micha Bitterli, Head of Deloitte Managed Services, highlighted the potential to revolutionize industries through reusable digital credentials established on KILT.
He also stressed how these credentials; that have the potential to open up new digital marketplaces in industries such as e-commerce, decentralized finance (DeFi), and gaming are convenient, cost-effective, and secure.
KILT’s streamlined identity solutions enable users to use valid digital identities across services while maintaining control over their personal information, said Ingo Rübe, CEO of BOTLabs GmbH and creator of the KILT protocol.
Read more: Deloitte and NYDIG have teamed up to provide access to Digital Asset Banking
