Deloitte to offer blockchain credentials for KYC processes

The multinational Deloitte launches itself in the digital identities with the parachain Polkadot KILT. The goal: to propose “ reusable digital identifiers supporting and facilitating the processes KYC and KYBwhile providing more security.

The Big Four firm announced Thursday that it will issue ” reusable digital identifiers compatible with the processes Know Your Customer/Know Your Business and based on blockchain technology KILT.

The processes KYC and KYB are used to verify the identity of an individual or the existence of a company. Much used in the banking sector but also in decentralized finance and gaming, they are today ” inefficient for the audit entity and ” repetitive for the individual client according to Deloitte.

By offering reusable digital identifiers anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities. Convenient, cost-effective and secure digital credentials have the potential to open up new digital markets, from e-commerce and DeFi to gaming,” trumpeted Micha Bitterli, head of managed services at Deloitte in a statement.

In a LinkedIn post, Deloitte states that the solution allows only the desired personal data to be shared and provides a layer of security additional. “The verified information is stored in your digital walletwhich is only accessible by you. The wallet is your entry point to the Web3 adds the firm.

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The identifiers are digitally signed by Deloitte and the firm has the ability to revoke them in the event that the client’s terms have changed after it was issued, according to the announcement.

With ‘Built on KILT’ streamlined identity solutions, customers can use verifiable digital credentials across multiple services, while maintaining control […] And as a Polkadot parachain, KILT offers the scale and security needed by partner companies,” commented Ingo Rübe, the boss of the German startup BOTLabs behind the development of KILT Protocol.

Recently, the world’s leading auditing company partnered with wallet maker Ledger to help companies secure their digital assets.

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