BOTLabs GmbH, developer of KILT Protocol, and Deloitte Consulting AG announced the integration of KILT blockchain technology for issuing reusable digital credentials to support KYC and KYB processes. These credentials have multiple use cases including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.
The purpose of a Know Your Customer/Know Your Business check is to verify the identity of an individual or the existence of a business. The process is typically inefficient for the verifying entity and repetitive for the individual customer:
. KYC/KYB certificates are often paper-based, creating extra work to process.
. Identity verification processes often request multiple data points when only one is needed, such as date of birth or country of residence.
. Data collection and storage of personal information across multiple platforms and databases put consumer data privacy at risk.
. The verification check results in a certificate that can only be used once by the verifier and the customer.
. The customer never receives the certificate.
Reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, solve many of these challenges while offering control and flexibility to the customer. 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.
In order for the customer to manage and share their credential, 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,” said 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. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.”
Credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.
”With streamlined identity solutions “Built on KILT”, customers can use verifiable digital credentials across multiple services, while retaining control over when and where to share their personal information. And as a Polkadot parachain, KILT offers the scale and security needed by enterprise partners”, said Ingo Rübe, CEO of BOTLabs GmbH and founder of KILT Protocol.
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