Deloitte and Nexxiot, a TradeTech digitizing supply chain assets leveraging advanced technology, have partnered to elevate the logistics industry through KYX. With the objective to revolutionize global trade compliance and operational efficiency in the logistics supply chain, KYX amalgamates Know Your Client (KYC) and Know Your Cargo. This project will use KYC / KYB credentials built on KILT for the logistics industry.
The announcement was made at Polkadot Pulse 1.0 during the presentation KYX: FREIGHT & CARGO MEET WEB3, with Ingo Ruebe from KILT Protocol and Micha Bitterli and Werner Fontanive from Deloitte Managed Services on 7th December 2023.
Ingo Rube, Founder, KILT Protocol, stated that Deloitte and Nexxiot alliance is innovating blockchain integration that will bring in trust in real-world credentials to the digital world while keeping data private and in control of its owner. The alliance aims to facilitate new business models for anyone to build on their reputation. Utilizing decentralized and open-source solutions ‘Built on KILT’, any entity will be able to create a service built on blockchain without dealing with cryptocurrencies or having blockchain knowledge.
Hapag-Lloyd, a shipping corporation will be the first to implement KYX followed by Vodafone onboarding. The objective of this collaboration is set to redefine supply chain management, accelerate processes, and set the standard for logistics services. Combining Deloitte's established KYC services with Nexxiot's advanced asset intelligence technology and the regulatory-approved CINFONI platform, KYX promises to benefit stakeholders across trade finance, banking, and insurance.