Deloitte will use the Kilt blockchain to issue reusable digital credentials for KYC and KYB processes

These credentials have multiple use cases, including regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.

The purpose of a Know Your Customer/Know Your Business check is to confirm the identity of a person or the existence of a business. The process is usually inefficient for the verification entity and repetitive for the individual customer:

• KYC/KYB certificates are often paper-based, which creates extra work to process.
• Identity verification processes often require multiple data points when only one is needed, such as date of birth or country of residence.
• Data collection and storage of personal information across multiple platforms and databases puts the privacy of the consumer’s data at risk.
• The verification check results in a certificate that can only be used once by the verifier and the customer.
• The customer never receives the certificate.

Reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, solve many of these challenges while offering control and flexibility to the customer. The credentials are stored in the customer’s wallet on their own device, and remain under their control at all times. The customer can choose with whom they share their credentials and which data points for the credentials they make available.

In order for the customer to be able to manage and share their credentials, Deloitte offers a credentials wallet in the form of a browser extension. Setting up a wallet is a simple, seamless process that requires no blockchain knowledge from the customer.

“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities,” said Micha Bitterli, head of Deloitte Managed Services. “Digital credentials that are convenient, cost-effective and secure have the potential to open up new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology know-how, reach and confidence to issue credentials that are globally accepted.”

The credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if the conditions of the customer have changed after the credentials were issued.

“With streamlined identity solutions ‘Built on KILT,’ customers can use verifiable digital credentials across multiple services, while retaining control over when and where to share their personal information. And as a Polkadot parachain, KILT offers the scale and security that needed by business partners, said Ingo Rübe, CEO of BOTLabs GmbH and founder of the KILT protocol.