- Deloitte has joined the Polkadot ecosystem by partnering with KILT protocol to enhance its identity protocols and support its Know Your Customer / Know Your Business (KYC/KYB) processes.
- KILT’s reusable digital identity credentials will be used by Deloitte to address regulatory compliance for banking and DeFi, age verification for e-commerce, private logins and fundraising, while eliminating inefficiencies around KYC/KYB processes.
Deloitte to Leverage KILT’s Reusable Digital Identity Credentials to Enhance KYC/KYB Processes
Deloitte, the world’s largest accounting firm, has partnered with KILT protocol, a Polkadot parachain, to improve its identity protocols. Deloitte will use KILT’s reusable digital identity credentials to enhance its Know Your Customer / Know Your Business (KYC/KYB) processes, which are vital to protect financial institutions against fraud, corruption, money laundering, and terrorist financing.
1/ @DeloitteCH – the world’s biggest accounting firm – is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I
— Polkadot (@Polkadot) May 4, 2023
KILT’s tech will eliminate inefficiencies around KYC/KYB processes and ensure customer data privacy while addressing regulatory compliance for banking and DeFi, age verification for e-commerce, private logins, and fundraising.
KILT’s Reusable Digital Identity Credentials to Give Customers Control Over Personal Information
KILT’s reusable digital identity credentials, stored in customer wallets and controlled by them, will give customers control over their personal information, with customers alone choosing who to share their details with.
Deloitte will offer a browser extension to help customers manage their credentials. According to Micha Bitterli, head of Deloitte Managed Services, by offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.
KILT, as a Polkadot parachain, offers the scale and security needed by enterprise partners.