Deloitte integrates blockchain-based digital credentials from KILT for KYC, KYB
Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) certificates are getting a blockchain twist with the integration of KILT, an identity blockchain created by German company BOTLabs.
Deloitte Consulting AG, a part of Deloitte Switzerland, will be using KILT for issuing reusable digital credentials for KYC and KYB processes that verify the identity of an individual or the existence of a business. The credentials will be used for regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising, the company said in a press release.
Ingo Rübe, CEO of BOTLabs and founder of KILT Protocol argues that the main benefit of decentralized identifiers (DIDs) is that customers can use verifiable digital credentials across multiple services while choosing when and where to share their personal information. Most digital identifiers are stored in central databases controlled by platforms making them an attractive target for attackers. Digital identifiers are also generated, owned, and controlled by these platforms, according to Rübe.
Deloitte’s customers will be able to store credentials digitally signed by Deloitte in a wallet on their own device, remaining under their control. Deloitte is providing a credential wallet in the form of a browser extension. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.
“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities,” says Micha Bitterli, head of Deloitte Managed Services. “Digital credentials that are convenient, cost-effective and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming.”