• Wed. May 22nd, 2024

Deloitte Creates New Markets, Introduces KILT Identity Blockchain

Maria Bartiromo

ByMaria Bartiromo

May 6, 2023
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It has been gathered that KILT Identity Blockchain, a Polkadot parachain, has incorporated Reusable digital credentials into Deloitte’s managed services offerings, a well-known international professional services company. With this action, Reusable digital credentials are expected to find new markets to streamline and simplify Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

Deloitte Managed Services is a significant provider of end-to-end managed services for KYC and AML in Europe. For customers of Deloitte, the integration of the KILT Identity Blockchain is expected to have several advantages.

According to Ingo Rübe, CEO of BOTLabs GmbH and creator of the KILT Protocol, the KILT Protocol provides business partners the scale and security required. The report says that with this move, Deloitte customers can easily and securely retain their digital credentials in a decentralized manner.

This function is meant to be propelled by the KILT Identity Blockchain. Analysts who have revealed the walkings of this latest feature say that with this, digital credentials may be easily checked and disseminated, negating the need for time-consuming and expensive manual processes. Examples include passports, driver’s licenses, and academic degrees.

It was also said that in a case where the customer’s circumstances have changed since the credential was provided, Deloitte’s blockchain technology can also cancel credentials. This feature can stop the usage of fake credentials and guarantee that all supplied credentials are accurate and up to date.

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It is also said that customers of Deloitte will find the KILT Identity Blockchain to be an appealing solution because of its distinctive features. Setting up a wallet is simple, and it doesn’t require any prior knowledge of the blockchain on the user’s part. The KILT Protocol additionally enables the creation of reusable digital credentials that may be updated and distributed among numerous apps and services.

Integration Of A Reusable Digital Credentials Borne Out Of Necessity

Information gathered on this new development says stakeholders are looking forward to new markets for reusable digital credentials, which they believe will emerge due to integrating the KILT Identity Blockchain into Deloitte’s managed services solutions. Customers of Deloitte will be able to easily share and keep their digital credentials securely as a result of the change, expediting the KYC and AML procedures.

Deloitte’s entry into the blockchain market is part of a wider trend among businesses that provide professional services. As a result, many companies are looking into using blockchain technology to improve their processes and provide customers with new services.

Integrating the KILT Identity Blockchain by Deloitte represents a significant advancement for the company. This is anticipated to open up new markets for reusable digital credentials and streamline and simplify KYC and AML procedures.

A Polkadot parachain, or a blockchain that is linked to the Polkadot network, and that’s  what the KILT Identity Blockchain represents. The next-generation blockchain platform Polkadot enables communication across many blockchains. This creates new opportunities for cross-chain applications because it allows communication between the KILT Identity Blockchain and other blockchains on the Polkadot network.

Deloitte Explains Security And Other Features Of The KILT

By incorporating the KILT Identity Blockchain into its managed services solutions, Deloitte has greatly advanced. The size and security provided by the KILT Protocol meet the requirements of enterprise partners, making it a desirable option for Deloitte’s clients.

Experts have affirmed that Deloitte is in a good position to take advantage of the rising demand for blockchain-based solutions in the professional services sector. While speaking to journalists, Rübe said that with the “Built on KILT,” an organized identity solution, users could easily verify their credentials across several services through a verifiable digital feature.

They can do this while retaining the right to control where and when they want to share personal data. He also went further to reveal that KILT, as a Polkadot para chain, offers customers the necessary security and scale as needed by their enterprise partner.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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