Deloitte integrates KILT identity blockchain for KYC and KYB
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BOTLabs, developer of the KILT Protocol, and Deloitte Consulting have integrated KILT blockchain technology to issue reusable digital credentials to support KYC and KYB processes.
According to the information detailed in the press release, the credential has multiple use cases, including regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.
KILT Identity Blockchain and Reusable Digital Credential for KYC/KYB
Know your customer/Know your business checks are intended to confirm the identity of a person or the existence of a business. Typically, the process is inefficient for the verification entity and repetitive for the individual customer:
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KYC/KYB certificates are often paper-based, adding extra work to the process.
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Identity verification processes typically require multiple data points when only one is needed, such as date of birth or country of residence.
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Data collection and storage of personal information across multiple platforms and databases puts consumer privacy at risk.
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The verification check results in a certificate that is used only once by the verifier and the consumer.
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The customer never receives the certificate.
According to the announcement, the reusable KYB and KYC credentials generated on KILT’s identity infrastructure look to address these challenges while providing customers with control and flexibility. The credential is stored in the customer’s wallet on their device, and is always under their control, and the customer can choose who they share the credential with and which data points for said credential they make available.
Deloitte offers a credential wallet in the form of a browser extension to help clients manage and share their credentials, and the wallet setup process is both simple and straightforward, with no blockchain knowledge required from the client.
Micha Bitterli, head of Deloitte Managed Services said that by providing reusable digital credentials anchored on the KILT blockchain, Deloitte wants to transform the verification processes for both individuals and entities. According to their statement, digital credentials that are convenient, cost-effective and secure can help open up new digital marketplaces ranging from e-commerce and DeFi to gaming, adding that Deloitte has the technical know-how, reach and confidence to issue credentials that is accepted worldwide.
The announcement further highlights that the credential is digitally signed by Deloitte, which is able to revoke credential leveraging blockchain technology if the conditions of the customer change when the credential was issued.
In addition, Ingo Rübe, CEO of BOTLabs GmbH and founder of the KILT protocol announced that with simplified identity solutions “Built on KILT”, customers can use verifiable digital credentials across a range of services, while retaining control over who and where they will share their personal information. The spokesperson further stated that as a Polkadot parachain, KILT provides the scale and security that its corporate partners require.
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