In May of this year, Deloitte announced the integration of KILT for creating new markets with reusable KYC (Know Your Customer) and KYB (Know Your Business) digital credentials.
The first Deloitte credentials “are now live.”
KYC/KYB credentials are increasingly required “for regulatory reasons to verify the identity of an individual or existence of a business.”
Typically, these credentials are paper-based and single-use. Deloitte has now harnessed the power of the KILT blockchain in order “to reimagine the process of issuing KYC and KYB credentials, making it more efficient and giving the user sovereignty over their personal data.”
The Enterprise Service, provided by KILT partner BTE BOTLabs Trusted Entity, enables enterprises to pay “in advance via bank transfer for a large volume of blockchain transactions, which can then be processed over time as needed.”
No cryptocurrency is needed “by the enterprise or their customers.”
Applications that interact with “the blockchain can be built without blockchain knowledge using the TypeScript software development kit (SDK) and code examples, or by adapting existing open source applications. Deloitte created its own digital wallet for managing credentials based on the KILT Sporran wallet (a browser extension).”
Users can follow the Deloitte process “to get a decentralized identifier (DID; a string of letters and numbers unique to that user) which forms the core of their identity. Once the information provided for KYC/KYB is approved, the credential is attested by Deloitte, linked to that DID. To maintain privacy, the user always retains control of their DID and credential in their personal wallet on their own device.”
This reduces the need for centralized storage of credentials and puts the user in charge of their own data.
The user decides who they share the credential “with and how much information in the credential they share (selective disclosure). Only a hash representing the data is stored on the blockchain, keeping the information private.” The credential can “later be revoked using this hash when the information is no longer valid.”
We are delighted to see credentials “Built on KILT” in action. The first use case has already been announced, with more to follow shortly.
As noted in the update, KILT is “an identity blockchain for generating decentralized identifiers (DIDs) and verifiable credentials, providing secure, practical identity solutions for enterprise, government and consumers.”
KILT brings the traditional process of trust “in real-world credentials (passport, driver’s license) to the digital world, while keeping data private and in possession of its owner.”