Polkadot announced that Deloitte Switzerland is integrating the former’s parachain KILT blockchain technology for issuing reusable digital credentials to support KYC and KYB processes.
With this move, Deloitte has become the latest major enterprise partner to come to the Polkadot ecosystem. The digital credentials in question will have extensive use cases such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.
The official blog post explained that reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, address the challenges associated with offering control and flexibility to the customer. As such, clients remain in control since credentials are stored in the wallet on their own devices, thereby granting them the power to choose with whom they share their credentials and which data points of the credential they make available.
As part of the integration, Deloitte will provide a wallet to the customer for the purpose of managing and sharing their credential. This new feature will be in the form of a browser extension, setting up, which would not require any prior knowledge of blockchain.
Following the development, Micha Bitterli, Head of Deloitte Managed Services, stated,
“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.”
The exec further highlighted the convenience, cost-effectiveness, and security aspects of using digital credentials and its potential to set the stage for new digital marketplaces, from e-commerce and DeFi to gaming.
Meanwhile, Deloitte will be tasked with digitally signing the credentials, and the accounting firm can revoke them using blockchain technology if the conditions of the customer have altered after the credential was issued.
Polkadot KILT’s tech is a blockchain-based decentralized identity solution that seeks to eliminate existing inefficiencies around KYC/KYB processes that can put consumer data privacy at risk. The latest integration follows yet another collaboration with Axel Springer, which happens to be one of Europe’s largest digital publishers, to introduce a service for login based on Web3 tech.
Last year, it announced the launch of an application called – web3name – for creating a custom name to represent users’ digital identity. The goal was to ramp up the transparency of users’ identities without sacrificing the privacy involved with personal data.