Deloitte adopts Polkadot parachain KILT Protocol for KYC

One of the world’s largest auditing and consulting firms Deloitte will begin applying Polkadot parachain technologies from the KILT Protocol to improve its KYC/KYB processes.

1/ @DeloitteCH — the world’s biggest accounting firm — is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I

— Polkadot (@Polkadot) May 4, 2023

The company will deploy reusable digital identity credentials from KILT Protocol.

The technology supports regulatory compliance in banking and DeFi, age verification for e-commerce. The protocol works with private logins and could be useful as a tool in fundraising rounds.

Reusable credentials are stored in clients’ wallets. Clients have a choice of whom they may share their data with.

To manage the tool Deloitte will develop a browser extension.

“KILT Protocol will transform verification processes for individuals and legal entities”, said Misha Bitterli, head of Deloitte’s Managed Services division.

According to the project’s founder ingoruebe, Polkadot provides the scalability and security necessary for corporations.

Vitalik Buterin named decentralized identity tools among five exciting vectors of development.

Earlier in the European Parliament approved the text of a bill extending AML requirements to DAOs, NFT- and DeFi platforms AML-requirements in line with TradFi.