In an exciting development for the crypto world, Deloitte Consulting AG and BOTLabs GmbH have announced the integration of KILT blockchain technology to support KYC and KYB processes. The integration of KILT Protocol will allow the issuing of reusable digital credentials that have multiple use cases, including regulatory compliance for banking and decentralized finance, age verification for e-commerce, private logins, and fundraising.
For those who are not familiar with KYC/KYB, it is a process that verifies the identity of an individual or the existence of a business. This process can be inefficient for the verifying entity and repetitive for the individual customer. In many cases, KYC/KYB certificates are paper-based, creating extra work to process, and data collection and storage of personal information across multiple platforms and databases can put consumer data privacy at risk.
Reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, offer a solution to many of these challenges. Credentials are stored in the customer’s wallet on their own device, remaining under their control at all times. The customer can choose with whom they share their credential and which data points of the credential they make available.
To make it easy for customers to manage and share their credentials, Deloitte is providing a credential wallet in the form of a browser extension. Setting up a wallet is a straightforward, seamless process that doesn’t require any blockchain knowledge by the customer.
By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities. The convenience, cost-effectiveness, and security of digital credentials have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming.
The credentials are digitally signed by Deloitte, and if the conditions of the customer have changed after the credential was issued, Deloitte can revoke credentials using blockchain technology. This ensures the integrity and security of the system.
This integration is a significant step towards mass adoption of web3. By offering customers control over their personal data, it is expected that more individuals and businesses will be willing to embrace blockchain technology for identity verification. With Deloitte’s technology knowledge, reach, and trust, the digital credentials issued are globally accepted.
In conclusion, the integration of KILT blockchain technology for issuing reusable digital credentials is an exciting development that could transform verification processes for individuals and entities. This is a significant step towards mass adoption of web3 and could open up new digital marketplaces. Deloitte's technology expertise and reach make them well-positioned to lead the way in offering secure, cost-effective, and convenient digital credentials that are globally accepted.
