Deloitte Consulting AG, one of the world's largest accounting firms and a leader in enterprise consulting, has partnered up with the KILT protocol to incorporate blockchain-based identity infrastructure into their know-your-customer (KYC) and know-your-business (KYB) processes. This new digital credential system is intended to provide greater cost- efficiency and security by ensuring single-use certificates and the safe storage of personal data without a risk to consumer privacy.

A credential wallet will be provided for customers through a browser extension, offering the ease of a simple setup process and no need to already have knowledge of blockchain technology. This wallet will be a convenient way for customers to manage their credentials and exchange them when needed. According to Micha Bitterli, Head of Deloitte Managed Service, clients will receive the power an freedom to revolutionize industries through reusable digital credentials, with support from KILT.

The KILT protocol has been encouraged by its potential to open up new digital marketplaces in numerous industries, such as e-commerce, DeFi, and gaming. Additionally, users have the unique opportunity to use the same valid digital identity across different services, with the advantage of complete control over their information. By providing the convenient and secure system of reusable digital credentials, KILT is fundamentally changing the way businesses verify their customers and protect their financial institution from fraud and money laundering.

Deloitte's integration of the KILT protocol is just another step in the ever growing interest and implementation of blockchain technology, with the goal of enhancing, streamlining and protecting the digital infrastructure for hundreds of business around the world.



Other News from Today