• Deloitte is integrating KILT blockchain to issue reusable digital credentials and support KYC/KYB processes.
• This integration allows users to store their credentials in a browser extension wallet managed by them.
• The new process eliminates paper-based documents, privacy risks, and gives the user control of their credentials.
Deloitte Integrates KILT Blockchain
Deloitte, one of the world’s largest accounting firms, is set to use the KILT blockchain – a Polkadot parachain focusing on decentralized identities and verifiable credentials – to support its know-your-customer (KYC) and know-your-business (KYB) processes. This integration will improve security for institutions against fraud, corruption, money laundering, and other crimes.
Inefficiencies in Current Process
The typical KYC/KYB process involves verifying paper-based documents and customer data stored across multiple platforms which can create privacy risks. Additionally, after the verification process is complete a certificate is issued but only used once by the verifier while the customer never receives it for themselves.
Reusable Digital Credentials
KILT’s identity infrastructure creates reusable KYC and KYB credentials that are stored inside a user’s wallet on their own device. This gives the user complete control of their personal data while also allowing them to access secure digital services with ease wherever they go whenever they need them.
Improved Security & Privacy
By issuing reusable digital credentials through KILT’s identity infrastructure this eliminates any paper-based documents or storage of customer data across multiple platforms thus reducing any potential privacy risks that come along with traditional methods of authentication. Furthermore this improved security also increases trust between customers and organizations as well as simplifies compliance with regulatory requirements for businesses around the world.
Benefits for Users
KILT’s integration with Deloitte offers numerous benefits for users such as having full control over their personal data, safely accessing secure digital services from anywhere at anytime, increased trust between customers and organizations, simplified compliance with regulatory requirements for businesses around the world, reduction of potential privacy risks associated with traditional authentication methods through eliminating paper-based documents and storing customer data across multiple platforms.