HomeNewsPolkadot Locks in Game-Changing Collaborations with Powerhouses Deloitte, Sony, Uniswap, Beatport, and...

Polkadot Locks in Game-Changing Collaborations with Powerhouses Deloitte, Sony, Uniswap, Beatport, and More – Anticipating DOT Price Surge?

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  • Social network MeWe is integrating with Polkadot’s parachain, Frequency, shifting its 20M users onto a blockchain network.
  • Deloitte integrates KILT Protocol for reusable digital KYC/KYB credentials, enhancing data privacy and customer control.

MeWe, the social media platform known as the “Facebook alternative,” is set to upgrade its technology by integrating with Frequency, a parachain of Polkadot. Announced at Consensus 2023, this strategic shift entails the transfer of MeWe’s user accounts to the blockchain network in the current quarter.

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Launched in 2012, MeWe has built a user base of 20 million, providing robust privacy protections compared to its mainstream counterparts. Frequency, on the other hand, went live as a Polkadot parachain in November. The integration leverages the Decentralized Social Networking Protocol (DSNP), a brainchild of Project Liberty, which received a $100 million investment from Frank McCourt in June 2021.

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MeWe CEO Jeffrey Edell posits that the migration to blockchain constitutes a steadfast commitment to privacy. Emphasizing MeWe’s core values, Edell notes that the company never encourages misinformation, priming the platform for a seamless transition to Web3. Although the solution doesn’t rectify all social media issues, Braxton Woodham, president of Amplica Labs and initial technical contributor to Frequency, considers it as a basic framework for future developments.

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Simultaneously, a remarkable adoption of blockchain technology is taking place in the financial sector. Deloitte Consulting AG has announced an integration with KILT Protocol, developed by BOTLabs GmbH, to issue reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes.

KYC and KYB checks are mandatory procedures that identify individuals or confirm the existence of businesses. Typically, these procedures involve redundant and cumbersome data collection and verification processes. Deloitte’s integration with KILT Protocol addresses these issues by issuing reusable credentials stored in the customer’s wallet, empowering individuals with full control of their data.

Deloitte is facilitating a credential wallet in the form of a browser extension for customers to manage and share their credentials. Any change in the customer’s condition can lead to revocation of credentials using blockchain technology, ensuring a dynamic and responsive system. Micha Bitterli, Head of Deloitte Managed Services, envisages these digital credentials as game-changers in creating new digital marketplaces, ranging from e-commerce and DeFi to gaming.

As blockchain technology continues to permeate various sectors, MeWe’s integration with Polkadot’s parachain and Deloitte’s adoption of KILT Protocol for digital KYC/KYB credentials demonstrate the transformative potential of blockchain, advancing privacy, control, and interoperability.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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