Deloitte, the Accounting Giant, Join the Polkadot System

2023-05-18, 09:17

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![](https://gimg2.gateimg.com/image/article/1684401099RDZZ.jpeg)

## [TL; DR]

Deloitte has partnered with Parachain on <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>, KILT, to provide identities and credential services.

Deloitte will provide a credential wallet on its browser extension.

The price of DOT rose by 40% following Deloitte’s announcement of its partnership with KILT blockchain.

## Introduction 
It is important for businesses to use Know Your Customers (KYC) and know your Business (KYB) verification. In the traditional financial sector the KYC and KYB involve much paperwork and duplications. However, KYC and KYB based on the blockchain eradicate the need for physical paperwork. This article covers how the integration of Deloitte and KILT protocol enhances paperless KYC and KYB verifications.

## KILT Protocol to offer digital ID credentials

Deloitte, the accounting giant firm, has announced its intention to issue signed credentials using the blockchain technology [on the KILT Protocol](https://www.gate.io/price/kilt-protocol-kilt "on the KILT Protocol"). In fact, Deloitte will integrate with the KILT Protocol, a <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> parachain that specializes on verifiable decentralized identities and credentials.

Deloitte will use the blockchain, through KILT Protocol, to support its Know Your Business (KYB) and Know Your Customer (KYC) which are important to protect institutions against crimes like money laundering and frauds.

Read also: [How to Buy Polkadot (DOT) - HODL or Trade Crypto](https://www.gate.io/how-to-buy/polkadot-dot "How to Buy Polkadot (DOT) - HODL or Trade Crypto")

![](https://gimg2.gateimg.com/image/article/1684401364Deloitte 1.png)

The good thing is that Deloitte can amend the credentials if there are changes in the statuses of individuals and businesses. One advantage of using the blockchain to issue these credentials and identities is that they become reusable as their owners can give them to any parties they want.

[Per its press release Deloite said](https://www2.deloitte.com/ch/en/pages/press-releases/articles/deloitte-integrates-kilt-identity-blockchain-creating-new-markets-with-reusable-digital-credentials.html "Per its press release Deloite said"), “Credentials are stored in the customer’s wallet on their own device, remaining under their control at all times. The customer can choose with whom they share their credential and which data points of the credential they make available.”

The use of Know Your Customer and Know Your Business is to verify the existence of a customer or business. Traditionally, the KYB and KYC have been in the form of paper certificates which are very difficult to process. Identity verification involves assessing another party’s data such as date of birth, facial appearance and country of residence.

[Deloitte maintains that](https://www2.deloitte.com/ch/en/pages/press-releases/articles/deloitte-integrates-kilt-identity-blockchain-creating-new-markets-with-reusable-digital-credentials.html "Deloitte maintains that") “These credentials have multiple use cases including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.”

Using the blockchain for identity and credential verification is efficient, cost effective and less time consuming than the traditional paper way. Importantly, the digital verification where the data is stored on multiple databases may lead to infringement of personal privacy.

With blockchain technology, the users will be in charge of their data. Also, the same credentials can be used on multiple service platforms. The <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>’s KILT protocol eliminates trust processes that are based on paper certificates such as drivers’ licenses and passports and replaces it with the blockchain dependent verification process which is secure and within an individual’s control.

In this context 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.”

He added that, “Digital credentials that are convenient, cost-effective and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.”

## The need for a wallet
The reusable KYC and KYB credentials are stored in a digital wallet making them very accessible and convenient to use. As you may know, the users can install the wallets on their electronic devices like desktops and smartphones. With this, the user has the prerogative to decide the data he/she wants to share and with whom.

Therefore, Deloitte will introduce a credential wallet which the users can manage using its web browser extension. According to Deloitte, the digital wallet will be very easy to use to the extent that even users without the knowledge of the blockchain can access and share their credentials.

## How the system works
Basically three parties are involved in creating and certifying an individual’s or business’ credentials. First the KILT blockchain will allow its users to present their characteristics to their trusted entities known as the attesters. If the attester thinks that the information is accurate he/she certifies it and gives the certificate to the user who is called the claimer.

The certificate’s hash value is kept on the blockchain.  As a result, the claimer will be able to give the certificate to a verifier who can check the validity of the certificate using its blockchain hash.

## Impact of the news of the partnership between Deloitte and Kilt Protocol on Polkadot price

Deloitte’s announcement of its partnership with <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> parachain, KILT, led to a rise in the price of <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">dot crypto</a>. In fact, the excitement surrounding this partnership led to a 40% increase in the value of DOT. However, <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">dot crypto</a> did not maintain the upward price momentum as <a href="/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a> shows.

![](https://gimg2.gateimg.com/image/article/1684401374Deloitte 2.png)

As <a href="/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a> indicates, there was a price increase on 4 May, the day Deloitte announced its partnership with <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>’s KILT Protocol. DOT managed to maintain a high momentum between 4 and 8 May.

However, from that time [its price](https://www.gate.io/price/polkadot-dot "its price") fell until 13 May when it shot up again. At the time of writing, the value of DOT is rising, having gained 0.36% within 24 hours. The fact that the value of DOT increased by 12% in the last week, ending Friday (12 May), shows that its price has the potential to continue rising within the following weeks.

Read also: [Polkadot (DOT) Price Prediction 2023-2030](https://www.gate.io/price-prediction/polkadot-dot "Polkadot (DOT) <a href="/price-prediction" target="_blank" class="blog_inner_link">price prediction</a> 2023-2030")

## Conclusion

Deloitte has partnered with KILT blockchain to offer digital ID credentials for individuals and businesses. These Know Your Customer and Know Your Business identities and credentials are reusable since they exist on the blockchain. Deloitte will provide a credential wallet on its browser extension enabling individual users to be in control of their data.

## FAQs about Polkadot blockchain

**What is <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>? **

<a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> is a decentralized protocol that connects blockchains, allowing them to communicate with each other. Therefore, it enables the transfer of value among different blockchains.

**What are <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> use cases?**

<a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> is scalable and fast since it does many  of the tasks off-chain using its parallel chains. Its main purpose is to enable blockchains like <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to share their data.

**What type of blockchain is <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>? **

<a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> is a layer-0 blockchain that supports other blockchains like <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> by enabling them to communicate with each other. It is a foundation on which various crypto projects can exist.

**Who competes with <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>? **
<a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> has several competitors that include <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, <a href="/price/chainlink-link" target="_blank" class="blog_inner_link">Chainlink</a>, Eclipse, Cosmos, and Octopus Network. These blockchains allow crypto projects including decentralized applications to exist on them.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>