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- Polkadot’s KILT protocol is partnering with Deloitte Switzerland, one of the world’s largest accounting companies, to enhance its KYC solution.
- The partnership is intended to defend financial institutions from scams, graft tax evasion, laundering of funds, and terrorism financing.
Polkadot’s KILT protocol has recently announced that it is partnering with Deloitte Switzerland, one of the world’s largest accounting companies, to enhance its Know-Your-Customer (KYC) solution and foster adoption and technology usage in Its ecosystem. With the growing demand for blockchain, the banking industry is investing heavily in utilizing blockchain technology to improve compliance procedures.
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 partnership is intended to defend financial institutions from scams, graft tax evasion, laundering of funds, and terrorism financing. The integration of blockchain in Know your customer (KYC) and Know your business (KYB) has the intriguing potential to substantially lower costs, accelerate processing times, and improve data security.
According to a blog post by Kilt Protocol, KILT Protocol was chosen to deliver cutting-edge technologies for virtual identities. Moreover, To complement its KYC procedures, Deloitte will use KILT’s reusable virtual identification credentials.
Deloitte’s approach to utilizing Kilt Protocol
The KILT protocol, which uses blockchain technology, ensures that private information is securely saved and can only be obtained by authorized users. With their know your customer and know your business (KYB) solution, Deloitte Switzerland, known for its interest in cryptocurrency-related innovations, has chosen to employ the KILT protocol, showcasing how blockchain technology may help legal professionals address pressing problems.
Micha Bitterli, head of Deloitte Managed Services, commented on the company’s plan to provide a browser extension to help customers manage their credentials. Furthermore, Deloitte will digitally sign the credentials using blockchain technology, and it has the authority to invalidate them if the client’s conditions change.
Ingo Rübe, the developer of the KILT Protocol, stated that KILT’s status as a Polkadot parachain makes it an ideal choice for corporate partners due to its security and scalability. Additionally, KILT can utilize decentralized identifiers to address compliance issues in various sectors such as DeFi, e-commerce, gaming, and emerging digital marketplaces.
Deloitte is a globally recognized accounting firm with its main office in London. They are prominent for providing top-notch audit, consulting, tax, and advisory services to numerous leading companies across the globe. Thus, Deloitte’s decision to partner with KILT and become a part of the larger Polkadot ecosystem carries significant importance.
Substantial growth has been experienced on the Polkadot network over the past month.
Since the start of this year, there has been a noteworthy increase in developer engagement on the Polkadot (DOT) network. In February, it took the top spot in development activity on GitHub, the premier code hosting platform. This demonstrated that the network had garnered significant attention from high-profile cryptocurrency projects.
🧑💻 Top 10 #crypto asset development activity: notable #github commits, past 30 days:
1) #Polkadot $DOT
2) #Kusama $KSM
3) #Cardano $ADA
4) #InternetComputer $ICP
5) #Decentraland $MANA
6) #Ethereum $ETH
7) #Cosmos $ATOM
8) #Status $SNT
9) #VegaProtocol $VEGA
10) #Filecoin $FIL pic.twitter.com/QcnCwsnXDM— Santiment (@santimentfeed) February 22, 2023
As of the time of writing, DOT, the native token of Polkadot, is trading at $5.78 with a 24-hour volume of $101 million. Despite the crypto boom being experienced, the market value of DOT is still 89% below the $55 peak price it reached in November 2021. On the other hand, KILT is currently trading at $0.4418 with a 24-hour trading volume of $470,934. The value of KILT, a native token of Polkadot, has increased by 23.36% within the past 24 hours.
