• 29 May, 2024
News

Deloitte Joins Hands with Polkadot’s KILT for Seamless KYC Processing

Deloitte Switzerland, one of the world’s leading accounting firms, recently announced its partnership with blockchain network Polkadot’s KILT protocol to enhance its Know-Your-Customer (KYC) solution. According to the firm, the application of blockchain technology could significantly improve processing times while also enhancing data security.

Polkadot’s official Twitter channel announced the development with a tweet:

Notably, the KILT protocol, developed on the Polkadot Blockchain is a platform that uses blockchain technology to verify identities in a secure and private manner. Users could share their personal data without any worries. The platform creates unique digital identities for each user, called decentralized identifiers (DIDs), which could be used across various platforms and services.

Deloitte Switzerland plans to leverage KILT’s reusable digital identity credentials to support its KYC and Know Your Business (KYB) processes, vital for protecting financial institutions against fraud, corruption, money laundering, and terrorist financing. 

Furthermore, reusable credentials are stored in customer wallets and controlled by the customers themselves, with the customer alone choosing who they share their details with. Deloitte has also offered a credential wallet in the form of a browser extension to help non-tech-savvy customers manage their credentials.

Talking about the development, Micha Bitterli, head of Deloitte Managed Services, said: 

Digital credentials that are convenient, cost-effective, and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.

The announcement continued that all credentials would be digitally signed by Deloitte. However, the company would hold the right to revoke credentials using blockchain technology if the conditions of the customer have changed after the credential has been issued.

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