The Inefficiencies of Traditional Verification
KYC and KYB Processes
Know Your Customer (KYC) and Know Your Business (KYB) verification processes are crucial for businesses to stay compliant with regulations and maintain a secure environment. However, these standard procedures can be time-consuming and inefficient.
Data Privacy Concerns
Traditional verification methods also involve storing data across multiple platforms and databases, which puts consumer data privacy at risk. The need for a more secure and streamlined solution is apparent.
Deloitte’s Solution: KILT Protocol Integration
Deloitte has announced the integration of KILT Protocol, a Polkadot parachain, to address the inefficiencies of traditional verification processes. This integration will enable the issuance of reusable digital credentials to its customers.
Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a credential verifier, in partnership with @Kiltprotocol and @Polkadot. Applications opening soon. #KYC #Blockchain #Web3
— Deloitte Switzerland (@DeloitteCH) May 4, 2023
Reusable Digital Credentials
Customers can store these digital credentials in a single digital wallet. This makes it easier and safer for customers to access verification credentials. By making the verification process easier, Deloitte hopes to make its Know Your Customer (KYC) and Know Your Business (KYB) systems work better.
The digital credentials can be used for various purposes, such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.
Customer Control and Deloitte’s Oversight
While the digital wallet will be stored on the customer’s device and remain under their control at all times, Deloitte retains the ability to modify or revoke credentials using blockchain technology if circumstances change.
No Prior Blockchain Knowledge Needed
Customers do not need any prior knowledge of blockchain technology to set up the digital credential wallet, making the solution user-friendly and accessible.
KILT Protocol and Polkadot Ecosystem
Benefits of KILT Protocol
KILT Protocol founder Ingo Rübe stated that the streamlined identity solutions built on KILT allow customers to use verifiable digital credentials across multiple services while maintaining control over when and where to share personal information.
As a Polkadot parachain, KILT Protocol also provides the scale and security needed by enterprise partners like Deloitte.
Importance of KYC and KYB for Deloitte
Polkadot highlighted the significance of Deloitte leveraging KILT’s solutions to support its KYC and KYB processes, as it helps safeguard the company against illegal activities.
Deloitte’s Crypto-Related Job Opportunities
Deloitte has recently posted over 300 crypto-related job opportunities, reflecting the company’s growing interest in blockchain and digital assets.