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 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.
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.
Reusable digital credentials for 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.
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.