Deloitte Unveils KILT Identity Blockchain to Secure Digital Credentials for Customers

Jimmy Aki
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Deloitte Consulting has incorporated the KILT blockchain protocol to provide digital credentials to support Know Your Customer (KYC) and Know Your Bank (KYB) processes for verifying individuals’ and businesses’ identities.

KILT Integration: Impact on Deloitte Broad Ecosystem

Deloitte, an industry leader in auditing, consulting, and financial advisory, is embracing blockchain technology with the introduction of the KILT digital credential wallet in the form of a browser extension.

As detailed in the official press release, the blockchain credentials are designed to be versatile and can facilitate regulatory compliance for banking and decentralized finance (DeFi), identity verification for individuals, ecommerce, and many more.

The KILT supports are built to be intuitive and straightforward, allowing users with no blockchain technology knowledge to navigate KYC and KYB processes seamlessly.

Deloitte digitally signs reusable digital identity credentials deployed on the KILT blockchain.

The consulting firm can also revoke initial signatures if the identification conditions of customers and businesses have changed after initial documentation.

By issuing credentials anchored on the KILT chain, Deloitte aims to revolutionize verification processes for individuals and businesses globally.

The innovative blockchain identity is powerful, cost-effective, intuitive, and, most importantly, secure.

The concept can potentially build new digital wallet marketplaces, such as e-commerce, blockchain gaming, and DeFi, where users can verify and store their online identity.

Considering the firm’s tremendous global reach, Deloitte’s new technology knowledge and software have the potential to achieve global acceptance.

KILT Holistic Approach to Know Your Customer (KYC) & Know Your Bank (KYB)

The KILT blockchain protocol’s holistic approach to KYC and KYB aims to prevent financial crimes by verifying customers’ identities, whether individuals or businesses/entities.

The initial guidelines for these verifications were drafted in 1970 when the United States introduced the Bank Secrecy Act (BSA) to prevent money laundering and other fiat crimes.

Before the advent of the digital identification credentials pegged to the KILT blockchain, KYC/KYB processes were inefficient for verifying entity and individual customers.

KYC/KYB requires multiple data entries when only one is needed. For example, date of birth, country of residence, or residential address.

Storage of data collection and personal information were processed across multiple platforms that were inherent to data privacy risk.

Additionally, verification check results were often paper-based, which added mismanagements.

Deloitte’s introduction of reusable KYC and KYB digital credentials deployed on KILT’s identity blockchain is geared towards proffering solutions to challenges while providing customers and entities with control and flexibility over their data.

The credentials are stored in a unique device wallet under the customers’ control. With this unique wallet, users can select who they share their credentials and data points with.

The wallet is built in the form of a browser extension to help users share their credentials. Due to its simple layout, users can set up the KILT KYC/KYB wallet without complexities.

The unveiling of the versatile reusable digital identity credentials further solidifies Deloitte’s stance on being a world-revered auditing and financial advisory firm as its technology is geared toward mitigating money laundering and other financial crimes.

Furthermore, the CEO of BOTLabs GmbH and founder of KILT Protocol, Ingo Rübe, cited that the identification solutions anchored on KILT will enable customers to use verifiable digital credentials simultaneously across various services.

More so, the idea of control and flexibility is potentially perfect and shows the advancement of presenting technology in the palms of users as they can now easily control and share their personal information.

Ingo Rübe further stated that KILT is powered by the Polkadot parachain, which facilitates more security for its overall ecosystem.

That said, Deloitte aims to become an industry leader in digital KYC/KYB verification as it aims to enhance more marketing strategies to drive global acceptance.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.