On May 4, 2023, Polkadot announced that Deloitte, the international professional services network, had joined its ecosystem. Deloitte has chosen to work with the KILT Protocol, a parachain on Polkadot, to provide cutting-edge technology for digital identities.
1/ @DeloitteCH – the world’s biggest accounting firm – is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I
— Polkadot (@Polkadot) May 4, 2023
Deloitte will leverage KILT’s reusable digital identity credentials to support its KYC processes. KYC is vital for protecting financial institutions against fraud, corruption, money laundering, and terrorist financing. Current KYC inefficiencies can put consumer data at risk. The KILT protocol vastly improves upon these inefficiencies by providing reusable credentials that are stored in customer wallets and remain under their control.
Reusable Credentials for Customer Control
The individual can then choose who they share their personal details with. Deloitte will provide a browser extension to help customers manage their credentials. Deloitte will also digitally sign the credentials and can revoke them using the blockchain if customer conditions change.
Ingo Rübe, founder of the KILT Protocol, stated,
“As a Polkadot parachain, KILT offers the scale and security needed by enterprise partners.”
Decentralized identifiers (DIDs) can also be used for DeFi compliance, e-commerce, gaming, and new digital marketplaces. Therefore, the move is a significant development for KILT and the wider Polkadot ecosystem.
Micha Bitterli, head of Deloitte Managed Services, commented,
“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.”
Deloitte provides industry-leading audit, consulting, tax, and advisory services for many of the world’s leading companies.