Deloitte, whose Avalanche partnership came to the agenda in November last year, announced its cooperation with a new altcoin.
Deloitte chose this altcoin network for their digital credentials
According to a new announcement from the Polkadot team, collaboration has been achieved with Deloitte, the world’s largest accounting firm. The audit giant is integrating KILT Protocol, a Polkadot parachain focused on decentralized-identities and verifiable-credentials.
Deloitte chooses the KILT network, which supports know-your-customer (KYC) and know-your-business (KYB) processes, which are vital to protecting organizations against fraud, corruption, money laundering and other crimes. The collaboration highlights the growing interest in using Blockchain technology to improve compliance processes, particularly in the financial sector.
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
How did the altcoin price react to the news?
The KILT price rises around 30% at the time of the partnership’s launch. Its price hit an intraday low of $0.3299 to $0.4286.
In the meantime, let’s note that despite the recent momentum, the price is still 96.88% away from the ATH level. KILT price has been recovering since its peak of $13.49 in November 2021.
What is KILT Protocol? Why did Deloitte choose it?
KILT is a parachain that provides secure and decentralized digital identity solutions in the Polkadot ecosystem. Specifically, it aims for interoperability with Polkadot. Its most important ability is to provide the creation, issuance and verification of digital identity information with Blockchain technology.
The open-source Blockchain protocol enables the issuance of verifiable and retrievable credentials within Web3.
Meanwhile, the reusable KYC and KYB credentials created using KILT’s identity infrastructure and credentials are stored in users’ wallets on their own devices. This gives each user full control over their data at all times.
In addition, the user decides which data points the Credentials will share, how and with whom. To help users manage and share their credentials, Deloitte will provide a wallet as a browser extension.
Press releases
On the other hand, the partnership of KILT Protocol and Deloitte has succeeded in making a sound in the altcoin market. Ingo Rübe, CEO of BOTLabs and founder of KILT Protocol, commented on the Deloitte collaboration:
With streamlined identity solutions built on KILT, customers can use verifiable digital credentials across multiple services while maintaining control over when and where they share their personal information.
Micha Bitterli, Deloitte Head of Managed Services, said, “Deloitte offers reusable digital credentials connected to the KILT Blockchain. Thus, it transforms verification processes for individuals and organizations.”
Use of Blockchain in KYC
Blockchain technology has taken an important step in the financial industry by using it in the KYC process. Companies like Deloitte Switzerland prefer Blockchain-based solutions to improve their compliance processes. This means that adoption will become more and more widespread. This trend is helping financial institutions become more efficient and customer-centric.
Last month, Bybit took a step towards full compliance by introducing mandatory KYC for its users. The Dubai-based crypto exchange proposes that KYC become mandatory for financial service providers. This means potential collaborations with the traditional company, especially for digital identity providers like KILT. KILT cooperated with Axel Springer last month, as we quoted as Kriptokoin.com.
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