The Switzerland arm of Deloitte will be integrating one of the parachains of the popular blockchain project Polkadot (DOT), KILT. 

Deloitte Switzerland Announces the Integration of Polkadot Parachain KILT

  • The Switzerland arm of Deloitte will be integrating one of the parachains of the popular blockchain project Polkadot (DOT), KILT. 
  • The company said that it will leverage the KILT blockchain to issue “reusable digital credentials to support KYC and KYB processes.”
  • Deloitte is also providing a credential wallet in the form of a browser extension so that customers can easily manage their credentials.
  • It was revealed that the clients’ credentials will be stored in their wallet on their own device, remaining under their control at all times.

The big names in the world of traditional finance are trying to make their way into the blockchain industry by utilizing the various applications that the technology presents. Interestingly, one of the Big Four accounting firms in the world, Deloitte, continues to discover ways to integrate blockchain technology into its current system. According to an announcement earlier this week, the Switzerland arm of the company will be integrating one of the parachains of the popular blockchain project Polkadot (DOT), KILT. 

Deloitte Switzerland confirmed earlier this week that it will leverage the KILT blockchain to issue “reusable digital credentials to support KYC and KYB processes.” According to the announcement, “these credentials have multiple use cases, including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins, and fundraising.”

It is important to mention here that KILT is an identity blockchain that is capable of issuing decentralized identifiers (DIDs) and verifiable credentials. Basically, the parachain allows people to keep their data private and choose what to share with whom. The blockchain was created in 2018 by BOTLabs GmbH, which was in turn founded by Ingo in January of the same year. 

Deloitte Switzerland stated that the credentials of its clients will be stored in their wallets on their own devices, remaining under their control at all times. They will also be able to choose with whom they share their credential and which data points of the credential they make available.

Micha Bitterli, Head of Deloitte Managed Services, said that “by offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities,” while adding:

“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.”

It is also crucial to note that Deloitte is also providing a credential wallet in the form of a browser extension so that customers can easily manage and share their credentials. Also, setting up this wallet is a very seamless process that requires little to no effort. 

Moreover, the credentials will be digitally signed by the company, and it can also “revoke credentials using blockchain technology if the 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.

As reported earlier by Bitnation, Deloitte has expressed interest in blockchain technology multiple times in the past. The company, which primarily offers audit, consultancy, financial advisory, risk advisory, tax, and legal services, is actively looking for people with experience in cryptocurrencies to join their team, according to recent updates on LinkedIn. 

Additionally, some of the crypto-related job titles include Blockchain and Digital Assets Manager (which has openings in 97 different locations across the US), Tax Manager, Blockchain & Cryptocurrency (available in 18 U.S. locations), and Tax Manager, Blockchain & Cryptocurrency in NFTs (available in three US locations).

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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