Polkadot And Deloitte Integrate KILT Identity Blockchain
One of the largest accounting companies in the world is joining the Polkadot community.
Polkadot said that Deloitte Switzerland will use its parachain KILT blockchain technology to issue digital identities that can be used more than once. This will help with the KYC and KYB processes.
With this move, Deloitte is the latest big enterprise partner to join the Polkadot ecosystem. The digital credentials in question will have a wide range of uses, such as meeting regulations for banking and decentralized finance (DeFi), proving your age for online shopping, logging in privately, and collecting money.
Deloitte-KILT Integration
The official blog post said that reusable KYB and KYC credentials, which are made on KILT’s identity infrastructure, solve the problems that come with giving the customer power and flexibility. Since credentials are saved in the wallet on the client’s own device, the client stays in charge and can decide with whom to share their credentials and which parts of the credentials to share.
As part of the connection, Deloitte will give the customer a wallet that can be used to store and share credentials. This new tool will come in the form of an add-on for your browser, which you can set up without knowing anything about blockchain.
After the event, the head of Deloitte Managed Services, Micha Bitterli, said,
“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.”
The executive also talked about how convenient, cheap, and safe it is to use digital credentials, as well as how it could pave the way for new digital markets, from e-commerce and DeFi to games.
Deloitte will be in charge of digitally signing the credentials, and if the customer’s situation changes after the credentials were issued, the accounting company can revoke them using blockchain technology.
Polkadot’s KILT
Polkadot KILT’s blockchain-based decentralized identity solution aims to remove KYC/KYB inefficiencies that put customer data privacy at risk. Axel Springer, one of Europe’s major digital publishers, introduced a Web3-based login service after the newest integration.
Last year, it revealed that an app called “web3name” would be coming out that would let users make their own digital names. The goal was to make users’ identities more clear without giving up the privacy that comes with personal info.
