Polkadots Kilt Identity Blockchain integrates into Deloitte

Polkadots Kilt Identity Blockchain integrates into Deloitte

Polkadot announced that Deloitte Switzerland will integrate the Parachain-Kilt-Blockchain technology from Deloitte in order to issue reusable digital registration information to support KYC and KYB processes.

With this step, Deloitte is the youngest large company partner who joins the Polkadot ecosystem. The relevant digital login information will have extensive applications, such as: B. compliance with legal regulations for banks and decentralized finances (defi), age check for e-commerce, private logins and fundraising.

Deloitte-Kilt-Integration

The official blog post explained that reusable KYB and KYC registration information, which is generated on the identity infrastructure of Kilt, tackling the challenges that are associated with offering the customer control and flexibility. Customers keep control as such, since the login information in the wallet is saved on their own devices, which means that they have the power with who they share their login information and what data points of the cancellation information they provide.

As part of the integration, Deloitte provides the customer with a wallet to manage and pass on his login information. This new function is set up in the form of a browser extension that would not require any previous knowledge in blockchain.

After the development, Micha Bitterli, Head of Deloitte Managed Services said,

"Due to the offer of reusable digital login information that is anchored in the Kilt-Blockchain, Deloitte transforms verification processes for individuals and organizations. Deloitte has the technological knowledge, reach and trust in order to issue globally recognized evidence."

The managing director also emphasized the convenience, cost efficiency and security aspects of using digital login information and its potential to prepare the stage for new digital marketplaces, from e-commerce and defi to.

In the meantime, Deloitte is commissioned to digitally sign the login information, and the auditing company can with the help of blockchain technology if the conditions of the customer have changed after issuing the registration information.

Polkadots kilt

The technology of Polkadot Kilt is a blockchain-based decentralized identity solution that aims to remove existing inefficiencies in KYC/KYB processes that can endanger the data protection of consumers. The latest integration follows a further cooperation with Axel Springer, one of the largest digital publishers in Europe to introduce a registration service based on Web3 technology.

Last year it announced the start of an application called "Web3Name", with which a custom name can be created that represents the digital identity of users. The aim was to increase the transparency of user identities without sacrificing the privacy associated with personal data.

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