2 years ago
Deloitte, 1 of the world’s largest accounting firms, is integrating the KILT blockchain, a Polkadot parachain focusing connected decentralized identities and verifiable credentials, Polkadot announced connected May 4.
Deloitte volition usage KILT to enactment its know-your-customer (KYC) and know-your-business (KYB) processes, which are captious to support institutions against fraud, corruption, wealth laundering, and different crimes.
According to KILT, the emblematic KYC/KYB process is laden with inefficiencies. It sometimes involves verifying paper-based documents and lawsuit information is stored crossed aggregate platforms, creating privateness risks. Moreover, aft the verification, a certificate is issued, which tin lone beryllium utilized erstwhile by the verifier portion the lawsuit ne'er receives the certificate.
With reusable KYC and KYB credentials generated utilizing KILT’s individuality infrastructure, credentials are stored wrong the users’ wallets connected their ain devices. This gives the idiosyncratic implicit power implicit their information astatine each times. It is up to the idiosyncratic to determine however and which information points of their credentials they share, and with whom. To assistance users negociate and stock their credentials, Deloitte volition connection a wallet arsenic a browser extension.
Ingo Rübe, CEO of BOTLabs and laminitis of KILT Protocol, said:
”With streamlined individuality solutions “Built connected KILT”, customers tin usage verifiable integer credentials crossed aggregate services, portion retaining power implicit erstwhile and wherever to stock their idiosyncratic information.”
The reusable credentials person aggregate usage cases, specified arsenic regulatory compliance for banking and Decentralized Finance (DeFi), property verification for e-commerce, backstage logins, and fundraising.
Micha Bitterli, Head of Deloitte Managed Services, said:
“Digital credentials that are convenient, cost-effective and unafraid person the imaginable to unfastened caller integer marketplaces, from e-commerce and DeFi to gaming. Deloitte has the exertion knowledge, scope and spot to contented credentials that are globally accepted.”
The issued credentials are signed by Deloitte and the steadfast tin revoke them utilizing blockchain if determination are immoderate changes to a user’s presumption aft the credentials were issued.
The station Deloitte enters the Polkadot ecosystem to contented reusable integer credentials appeared archetypal connected CryptoSlate.
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