Polkadot’s KILT Identity Blockchain integrates with Deloitte

Polkadot announced that Deloitte Switzerland is integrating the former’s parachain KILT blockchain technology to issue reusable digital credentials to support KYC and KYB processes.

With this move, Deloitte has become the latest major enterprise partner to join the Polkadot ecosystem. The relevant digital credentials will have extensive use cases such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins and fundraising.

Deloitte-KILT integration

The official blog post explained that reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, address the challenges of offering control and flexibility to the customer. As such, clients remain in control since the credential is stored in the wallet on their own devices, thus giving them the ability to choose who they share the credential with and which credential data points they make available.

As part of the integration, Deloitte will provide a wallet to the client for the purpose of managing and sharing their credentials. This new feature will be in the form of a browser extension, setup, which requires no 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 expertise, reach and confidence to issue credentials that are globally accepted.”

The executive further highlighted the convenience, cost-effectiveness and security aspects of using digital credentials and the 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 client’s conditions have changed after the credentials were issued.

Polka dot’s KILT

Polkadot KILT’s technology is a blockchain-based decentralized identity solution that seeks to eliminate existing inefficiencies around KYC/KYB processes that can put consumer privacy at risk. The latest integration follows another collaboration with Axel Springer, which happens to be one of Europe’s largest digital publishers, to introduce a login service based on Web3 technology.

Last year, it announced the launch of an application called – web3name – to create a custom name to represent users’ digital identity. The goal was to increase the transparency of users’ identities without sacrificing privacy related to personal data.