Deloitte, one of the world’s largest accounting firms, integrates the KILT blockchain, a Polkadot parachain focused on decentralized identities and verifiable credentials, Polkadot announcement on May 4.
Deloitte will use KILT to support its Know Your Customer (KYC) and Know Your Business (KYB) processes, which are critical to protecting institutions against fraud, corruption, money laundering and other crimes.
According to KILT, the typical KYC/KYB process is fraught with inefficiencies. This sometimes involves verifying paper documents and customer data is stored across multiple platforms, creating privacy risks. Additionally, after verification, a certificate is issued, which can only be used once by the verifier while the client never receives the certificate.
With reusable KYC and KYB credentials generated using KILT’s identity infrastructure, credentials are stored in users’ wallets on their own devices. This gives the user full control over their data at all times. It is up to the user to decide how and which data points of their credentials they share, and with whom. To help users manage and share their credentials, Deloitte will offer a wallet as a browser extension.
Ingo Rübe, CEO of BOTLabs and founder of the KILT protocol, said:
“With streamlined ‘built on KILT’ identity solutions, customers can use verifiable digital credentials across multiple services, while maintaining control over when and where to share their personal information. »
Reusable credentials have multiple use cases, such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private connections, and fundraising .
Micha Bitterli, head of managed services at Deloitte, said:
“Convenient, cost-effective and secure digital credentials have the potential to open new digital markets, from e-commerce and DeFi to gaming. Deloitte has the technological knowledge, reach and confidence to deliver credentials that are accepted globally.
The issued credentials are signed by Deloitte and the company can revoke them using blockchain if a user’s status changes after the credentials are issued.