Deloitte Releases a Polkadot KILT Protocol Parachain for KYC

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Deloitte, one of the largest audit and consulting firms in the world, is utilizing Polkadot’s KILT Protocol parachain technology to improve its KYC/KYB processes.

The protocol provides individuals and businesses with reusable digital identities, as well as regulatory compliance for banking and DeFi, age verification for e-commerce, and private logins for fundraising rounds.

These certificates will be stored in users’ wallets, allowing them to decide who they share their data with. Deloitte will also be developing a browser extension to manage the tool.

The head of Deloitte’s managed services division has commented on the technology, saying:

“KILT Protocol is transforming the verification process for individuals and businesses.”

The founder of the ingoruebe project pointed out that Polkadot offers the scalability and security that companies need.