Deloitte Integrates with KILT Protocol to Streamline KYC/KYB Verification

• Deloitte has announced its integration with KILT Protocol, a Polkadot-based parachain, to enhance its KYC and KYB verification processes.
• The integration aims to streamline identity verification by issuing reusable digital credentials to customers and improve operational factors.
• These credentials will have applications across various sectors, such as banking, DeFi, e-commerce, and more while also improving data privacy.

Deloitte Integrates with KILT Protocol

Deloitte has announced its integration with KILT Protocol, a Polkadot-based parachain, to enhance its Know Your Customer (KYC) and Know Your Business (KYB) verification processes. The integration aims to streamline identity verification by issuing reusable digital credentials to customers in order to significantly improve operational factors.

Improving Efficiency & Data Privacy

The reusable digital credentials enabled by this integration will have applications across various sectors including banking, DeFi, e-commerce and more. KYC and KYB processes in the past have often involved paper-based certificates and require multiple data points for identity verification leading to increased workloads and inefficiencies. These methods also pose a risk to consumer data privacy as personal information is stored across multiple platforms and databases. By integrating with the KILT Protocol, Deloitte seeks to address such issues by allowing its customers store their verification credentials in a single digital wallet which can then be used for various use cases such as regulatory compliance for banking/DeFi; age verification for e-commerce; private logins; fundraising etcetera.

Digital Wallet & Authentication

The wallet in form of browser extension will be stored on the customer’s device and remain under their control at all times. Customers may also choose which data points they share and with whom they share their credentials. Deloitte claims that its customer base would not need any prior knowledge in blockchain-based technologies to make use of the new features. Notably Deloitte has disclosed that it shall retain authority to revoke credentials using the parachain if a customer’s circumstances change after credential was issued – these credentials are digitally signed by Deloitte ensuring authenticity & reliability.

Benefits of Streamlined Identity Solutions

KILT Protocol founder Ingo Rübe emphasized the benefits of streamlined identity solutions built on KILT allowing customers use verifiable digital credentials across multiple services while maintaining control over when & where they share personal information rather than having it scattered through multiple databases or systems making them vulnerable to misuse or theft of sensitive personal details like passwords or credit card numbers etcetera .

Conclusion

Integrating with KILT protocol enables Deloite’s customers access safe & efficient ways of serving up verifiable identities online without any prior knowledge about blockchain technology which otherwise would be difficult due traditional methods involving paper based certificates requiring multiple data points for identity verifications leading increased workloads & redundancy leaving consumers vulnerable when it comes protecting their own personal information from theft or mismanagement