Robert Steinadler, 23 days ago
Polkadot has a unique approach to solving a struggle that many blockchain technologies face. In order to scale to a large number of transactions, each blockchain serves a specific purpose, and no single chain has to deal with all types of transactions. Each of the so-called parachain offers an advantage to its users by running its own protocol. KILT is one of these parachains that provides identity solutions that attract prominent international players.
What is KILT, and why is Deloitte Switzerland integrating with its identity management solution?
Polkadot has announced that Deloitte Switzerland will become part of the Polkadot ecosystem by incorporating the KILT parachain for issuing digital certificates to support KYC and KYB processes. With this integration, Deloitte becomes one of the largest enterprise partners to join the Polkadot ecosystem. Digital certificates generated on KILT's identity infrastructure have broad applications, including bank regulatory compliance and decentralized finance.
As part of the integration, Deloitte will offer its clients a wallet to manage and share their certificates via a browser extension that is said to require no prior knowledge of blockchain technologies. The reusable KYB and KYC certificates are expected to solve control and flexibility challenges for Deloitte by allowing clients to maintain control over credentials stored in their devices' wallets.
This move isn't Deloitte's first encounter with blockchain technology. Instead, the accounting firm runs its own blockchain institute to help customers navigate the space and is highly active in this field. Therefore, it is no surprise that Deloitte is integrating blockchain-driven solutions for its customers.
This is not the first partnership with a global player that KILT successfully managed. In April, KILT announced that Axel Springer has developed a service built on the open-source protocol. Springer wants to implement Web3 technologies and uses KILT to provide decentralized wallets for direct logging into Web3 applications.
KILT resided on Kusama, which is Polkadot's canary chain, until October 2022, when it finally became a parachain and connected with Polkadot. Even though Polkadot's native DOT token did not have a big run like other chains during the 2021 bull market, its whole ecosystem is still evolving.
While others grew with more speculative use cases, Polkadot and the protocols connected as parachains attract more mature use cases.
Featured image: © Bascar / Shutterstock.com
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