Deloitte integrates KILT identity blockchain for KYC and KYB

Monday 8 May 2023 10:57 CET | News

BOTLabs, developer of KILT Protocol, and Deloitte Consulting have integrated KILT blockchain tech to issue reusable digital credentials to support KYC and KYB processes.


Per the information detailed in the press release, the credentials have multiple use cases, including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for ecommerce, private logins, and fundraising.

KILT identity blockchain and reusable digital credentials for KYC/KYB

Know Your Customer/Know Your Business checks have the purpose of verifying the identity of an individual or the existence of a business. Typically, the process is inefficient for the verifying entity and repetitive for the individual customer:
  • KYC/KYB certificates are oftentimes paper-based, which creates additional work to the process.

  • Identity verification processes usually require multiple data points when only one is needed, for example, date of birth or country of residence.

  • Data collection and personal information storage across multiple platforms and databases place consumer data privacy at risk.

  • The verification check results in a certificate that be leveraged only once by the verifier and the consumer.

  • The customer never receives the certificate.

Per the announcement, the reusable KYB and KYC credentials generated on KILT’s identity infrastructure look to solve these challenges while providing the customers with control and flexibility. The credentials are stored in the customer’s wallet on their device, being always under their control, and the customer is enabled to select with whom they share their credential and which data points of the said credential they make available.

BOTLabs, developer of KILT Protocol, and Deloitte Consulting have integrated KILT blockchain tech to issue reusable digital credentials to support KYC and KYB processes.

Deloitte is offering a credential wallet in the form of a browser extension to help customers manage and share their credentials, and the wallet set-up process is both simple and straightforward, with no blockchain knowledge required from the customer.

Micha Bitterli, Head of Deloitte Managed Services said that by providing reusable digital credentials anchored on the KILT blockchain, Deloitte is looking to transform the verification processes for individuals and entities alike. Per their statement, digital credentials that are convenient, cost-effective, and secure, can help open new digital marketplaces ranging from ecommerce and DeFi to gaming, adding that Deloitte has the tech knowledge, reach, and trust to issue credentials that are accepted worldwide.

The announcement further highlights that the credentials are digitally signed by Deloitte, which is enabled to revoke credentials leveraging blockchain tech should the conditions of the customer change once the credential was issued.

Adding on this, Ingo Rübe, CEO of BOTLabs GmbH and founder of KILT Protocol advised that with simplified identity solutions ‘Built on KILT’, customers can use verifiable digital credentials across a multitude of services, while retaining control over who and where to share their personal information. The spokesperson further stated that as a Polkadot parachain, KILT provides the scale and security that its enterprise partners require.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, identity verification, KYC, KYB, digital credentials, blockchain, DeFi, banking, cybersecurity, data sharing, data privacy, cybercrime, fintech, digital wallet, compliance, ecommerce
Categories: Fraud & Financial Crime
Companies: Deloitte, KILT Protocol
Countries: Europe
This article is part of category

Fraud & Financial Crime



KILT Protocol

Discover all the Company news on Deloitte and other articles related to Deloitte in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events