The innovative blockchain platform Polkadot has recently welcomed Deloitte, the international professional services network, as its latest enterprise partner. Deloitte has chosen the KILT Protocol, which operates as a parachain on Polkadot, to provide cutting-edge technology for digital identities.
This partnership is expected to transform verification processes for individuals and entities, helping to protect financial institutions against fraud, corruption, money laundering, and terrorist financing. According to the announcement, Deloitte will leverage KILT’s reusable digital identity credentials to support its KYC (know your customer) processes.
KILT’s technology vastly improves upon current KYC inefficiencies, which can put consumer data at risk. The protocol provides reusable credentials stored in customer wallets, enabling individuals to control their details and choose who to share them with.
To help customers manage their credentials, Deloitte will provide a browser extension and digitally sign them. If customer conditions change, Deloitte can revoke them using the blockchain. Micha Bitterli, head of Deloitte Managed Services, commented, “Deloitte is transforming verification processes for individuals and entities.”
Moreover, decentralized identifiers (DIDs) can also be used for DeFi compliance, e-commerce, gaming, and new digital marketplaces. This move is a significant development for KILT and the wider Polkadot ecosystem, as it offers the scale and security needed by enterprise partners.
The news has propelled KILT’s native token by 41%, with the platform’s token trading at $0.489, its highest price since late February. However, the token remains down 95% from its December 2021 all-time high of $9.80. On the other hand, Polkadot’s native DOT token remained flat on the day, trading at $5.75 at the time of writing.
Despite ecosystem growth and adoption, the Polkadot token has not seen much momentum during the 2023 crypto rally, remaining down 89% from its peak price of $55 in November 2021.
In conclusion, Deloitte’s partnership with Polkadot and KILT is a significant milestone that showcases the increasing demand for blockchain technology in the finance industry. The KILT Protocol’s advanced digital identity verification technology will help protect customer data, enhance KYC processes, and offer improved security for financial institutions against fraudulent activities. As the ecosystem continues to grow and develop, we can expect to see more innovative blockchain solutions that will change how businesses operate.
