BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Deloitte Adopts KILT Blockchain for Enhanced KYC and KYB Processes with Reusable Digital Credentials

by Dan K
May 4, 2023 - 7:00 pm
in Blockchain
Deloitte logo displayed on a digital screen, symbolizing the company's adoption of KILT Protocol blockchain technology for issuing digital credentials.

Deloitte Consulting AG integrates KILT Blockchain

Deloitte Consulting AG is integrating KILT, a Polkadot parachain, to enhance know-your-customer (KYC) and know-your-business (KYB) processes. The integration will enable issuing reusable digital credentials, assisting businesses across various industries.

Flaws in Traditional KYC and KYB Processes

KYC and KYB checks are the processes used to confirm people’s identities and the legitimacy of their businesses. The current procedures, however, are time-consuming for clients and ineffective for verifiers. This is because identity verification requests frequently call for extra data points. Meanwhile, conventional paper-based certifications need additional processing work.

The gathering and storage of personal data across numerous platforms also pose an additional risk to consumer data privacy. Additionally, the existing verification procedures produce single-use certificates only.

KILT’s Reusable Digital Credentials Solution

Deloitte plans on using KILT’s reusable digital identification credentials to help its KYB and KYC operations. It will come in handy for safeguarding financial institutions against fraud, money laundering, corruption, and terrorist funding.

Empowering Users with Secure and Flexible Verification

KILT’s identity infrastructure will produce reusable KYB and KYC credentials, giving consumers power and flexibility. Moreover, the end user will always have complete control over their data and can safely store all details on non-custodial wallets.

Deloitte will also provide a credential wallet as a convenient browser extension to make managing and exchanging credentials easier. As a result, the customer would not need prior knowledge of blockchain throughout the simple wallet setup process.

Revolutionizing Industries with KILT’s Reusable Digital Credentials

Micha Bitterli, head of Deloitte Managed Services, highlighted the potential to revolutionize industries through reusable digital credentials established on KILT. He also stressed how these credentials, which have the potential to open up new digital marketplaces in industries like e-commerce, decentralized finance (DeFi), and gaming, are convenient, cost-effective, and secure.

The streamlined identity solutions by KILT will allow users to use valid digital identities across various services while maintaining control over their personal information, according to Ingo Rübe, CEO of BOTLabs GmbH and creator of the KILT Protocol.

Conclusion: A Promising Future for Digital Identity Verification

In summary, Deloitte’s integration of KILT blockchain technology promises to revolutionize the KYC and KYB processes by providing reusable digital credentials. This innovative solution not only enhances security and efficiency but also empowers users to maintain control over their personal information. As industries like e-commerce, DeFi, and gaming continue to grow, the adoption of KILT’s reusable digital credentials will play a crucial role in shaping a more secure, user-friendly, and cost-effective digital identity landscape.

Tags: BlockchainPolkadot
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Arthur Hayes speaking about Bitcoin as Japan’s new Prime Minister announces economic stimulus measures

Arthur Hayes Predicts $1M Bitcoin as Japan’s New PM Unveils Economic Stimulus

October 22, 2025

Arthur Hayes predicts Bitcoin could hit $1M as Japan’s new PM Sanae Takaichi launches economic stimulus, signaling potential...

blockchain

Bolivia’s President-Elect Rodrigo Paz Turns to Blockchain to Fight Corruption

October 20, 2025

Bolivia’s new president Rodrigo Paz plans to use blockchain in public procurement and crypto asset declarations as part...

Metaplanet and Bitcoin Magazine logos, symbolizing their new partnership to expand operations in Japan.

Japan Moves Toward Allowing Banks to Buy Bitcoin Under New Regulatory Framework

October 19, 2025

Japan’s regulators are reviewing changes that could let banks buy and hold Bitcoin, signaling a major shift in...

24H HOLD token price chart showing 35% surge despite market pullback

Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

October 19, 2025

Crypto markets rebound after Trump confirms October 31 summit with Xi Jinping, easing US-China tensions and sparking optimism...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service