Polkadot announced that Deloitte Switzerland is integrating the former’s parachain KILT blockchain technology to issue reusable digital IDs to support KYC and KYB processes.
With this decision, Deloitte has become the latest major enterprise partner to join the Polkadot ecosystem. The digital credentials in question will have many use cases such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins and fundraising. .
The official blog post explained that reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, address the challenges associated with providing control and flexibility to the customer. Thus, customers remain in control since credentials are stored in the wallet on their own devices, giving them the power to choose who they share their credentials with and credential data points. that they make available.
As part of the integration, Deloitte will provide a wallet to the client for the purpose of managing and sharing their credentials. This new feature will come in the form of a browser extension, implemented, which would not require any prior knowledge of the blockchain.
Following the development, Micha Bitterli, Head of Managed Services at Deloitte, 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 confidence to deliver credentials that are accepted around the world. »
The executive further highlighted the convenience, cost-effectiveness and security aspects of using digital credentials and its potential to usher in new digital markets, from e-commerce and DeFi to gaming.
During this time, Deloitte will be responsible for digitally signing the credentials, and the accounting firm can revoke them using blockchain technology if the client’s terms have changed after the credentials were issued.
Polka Dot KILT
Polkadot KILT’s technology is a blockchain-based decentralized identity solution that seeks to eliminate existing inefficiencies around KYC/KYB processes that can put consumer data privacy at risk. The latest integration follows another collaboration with Axel Springer, which happens to be one of Europe’s largest digital publishers, to introduce a web3 technology-based login service.
Last year, it announced the launch of an app called – web3name – to create a custom name to represent users’ digital identity. The goal was to increase the transparency of user identities without sacrificing the privacy of personal data.