Deloitte Switzerland has partnered with Polkadot to integrate KILT blockchain technology for issuing reusable digital credentials to facilitate KYC and KYB processes. The move makes Deloitte the latest major enterprise partner to join the Polkadot ecosystem. The digital credentials have extensive use cases that include regulatory compliance for banking and DeFi, age verification in e-commerce, private logins, and fundraising.
The official blog post explains that KILT’s identity infrastructure will generate reusable KYB and KYC credentials that offer control and flexibility to customers. Clients can manage their credentials using a wallet on their own devices, granting them the power to choose which data points to share with whom.
As part of the partnership, Deloitte will provide a wallet to customers for managing and sharing their credentials. The wallet will be a browser extension, requiring no prior knowledge of blockchain.
Micha Bitterli, Head of Deloitte Managed Services, said, “By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities”. Digital credentials offer convenience, cost-effectiveness, and security, and they have the potential to set the stage for new digital marketplaces, from e-commerce and DeFi to gaming.
Deloitte will digitally sign the credentials, and they can revoke them if the conditions of the customer have changed since the credential was issued.
KILT is a blockchain-based decentralized identity solution that eliminates inefficiencies around KYC/KYB processes that put consumer data privacy at risk. Last year, Polkadot announced the launch of web3name, an application for creating a custom name to represent users’ digital identity, which aimed to increase identity transparency without sacrificing privacy. Polkadot recently collaborated with Axel Springer, one of Europe’s largest digital publishers, to introduce a Web3-based login service.