Deloitte Integrates Blockchain-Based KYC, KYB Solution KILT
For its Know Your Customer (KYC) and Know Your Business (KYB) credentials, Deloitte uses KILT, an identification blockchain solution created by BOTLabs in Germany. As part of its Know Your Customer (KYC) and Know Your Business (KYB) identity verification processes, Deloitte Consulting AG, a Swiss subsidiary of Deloitte, will utilize KILT to issue digital credentials that may be reused. The business said in a news release that the credentials will be used for age verification in e-commerce, private logins, crowdfunding, and regulatory compliance for banking and Decentralized Finance (DeFi).
KILT is a distributed ledger that creates digital identity credentials that can be verified and decentralized identifiers (DIDs). According to Ingo Rübe, CEO of BOTLabs and architect of the KILT Protocol, the most significant advantage of decentralized identifiers (DIDs) is that users may utilize trustworthy digital credentials in a variety of contexts, with the option to give their personal data only when necessary. Most digital IDs are kept in the platform’s central database, making it an attractive target for hackers. As Rübe points out, these services also create, own, and manage unique IDs in digital form.
Deloitte clients may save their digitally signed credentials in a wallet on a device of their choosing. Deloitte’s credential wallet is a plug-in for Chrome or Firefox. If the customer’s situation has changed after the credentials were granted, Deloitte may cancel them using blockchain technology.
To paraphrase the head of Deloitte Managed Services, “by offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming the verification processes for individuals and entities,” Micha Bitterli. New digital industries, including e-commerce, DeFi, and gaming, might be spawned by the availability of simple, low-cost, and secure digital credentials.