Deloitte, the world’s biggest accounting firm, has teamed up with a parachain project, “KILT Protocol“, on the Polkadot (DOT) ecosystem to provide digital identification protocols, in order to curb illegal activities such as fraud, corruption, and money laundering.
In today’s digital landscape, there is a significant risk of data breaches, cyber thefts, and other such frauds. Digital transformation has enabled fraudsters to find new lines of attack and exploit vulnerabilities. However, these threats can now be mitigated thanks to the evolving blockchain technology.
This technology allows the transfer of data and information with high security and reliability. It also helps to increase security and reduce the risk of fraud, while also making financial transactions faster and more efficient. In the last few years, several leading financial service providers including, JP Morgan, HSBC, Standard Chartered, and Mastercard, among others, have embraced blockchain technology.
Digital Identification To Combat Illegal Activities
In the latest development, Deloitte has partnered with Polkadot (DOT) to leverage KILT’s reusable digital identity feature to support both its Know Your Customer (KYC) and Know Your Business processes (KYB). The move aims to protect financial institutions against fraud, corruption, money laundering, and terrorist financing.
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
These digital identification credentials will have multiple use cases including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins, and fundraising. Micha Bitterli, head of Deloitte Managed Services said,
“By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.”
According to the official blog post, the reusable credentials will be stored in customer wallets and remain under their control, allowing them to choose who they share their personal details with. Deloitte will be providing a credential wallet in the form of a browser extension, for the customers to manage and share their credentials.
Furthermore, Deloitte can also revoke credentials using blockchain technology, if the conditions of the customer change after the issuance of the credentials. Ingo Rube, the founder of KILT Protocol, explained with streamlined identity solutions built on KILT, customers can use verifiable digital credentials across multiple services while retaining control over when and where to share their personal information. Rube added,
“As a Polkadot parachain, KILT offers the scale and security needed by enterprise partners.”
Polkadot Network Sees Significant Growth
The Polkadot (DOT) network has witnessed a significant uptick in developer activity, since the beginning of this year. In February, it clinched the first position on the basis of development activity on GitHub, the leading code hosting platform, indicating the network received quite a lot of attention from several high-profile crypto 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
Despite ecosystem growth and adoption, the Polkadot (DOT) token has not yet gained much traction. According to CoinMarketCap, DOT is down 0.58% in the last 24 hours to trade at $5.73. Meanwhile, over the past seven days, the digital token plunged more than 3%.