Deloitte has announced its partnership with KILT Protocol, a parachain project on the Polkadot ecosystem, to enhance digital identification protocols.
The partnership will help Deloitte leverage KILT’s reusable digital identity credentials to support its know-your-customer (KYC) processes, which are vital for protecting financial institutions against fraud, corruption, money laundering, and terrorist financing.
The KILT protocol, which runs as a parachain on Polkadot, provides reusable credentials that are stored in customer wallets and remain under their control.
Deloitte will provide a browser extension to help customers manage their credentials, while the firm will digitally sign the credentials and can revoke them using the blockchain if customer conditions change.
Micha Bitterli, head of Deloitte Managed Services, commented that “By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.”
The move is significant for KILT and the wider Polkadot ecosystem, as it will vastly improve KYC inefficiencies that can put consumer data at risk.
Moreover, decentralized identifiers (DIDs) can also be used for decentralized finance (DeFi) compliance, e-commerce, gaming, and new digital marketplaces.
Deloitte’s international professional services network will provide industry-leading audit, consulting, tax, and advisory services for many of the world’s leading companies, which will strengthen KILT’s credentials.
Following the news, KILT’s native token of the same name surged by 41%, currently trading at $0.489, its highest price since late February.
However, the token remains down by 95% from its December 2021 all-time high of $9.80. In contrast, Polkadot’s native DOT token remained flat on the day, trading at $5.75 at the time of writing.
