Increasingly, regulations require businesses or services to implement KYC or KYB (Know Your Customer / Business) processes. Typically, the user has to go through a lengthy process for each individual registration, then receives a credential that is not transferable.
In addition to being inefficient, this process means that private and personal data is submitted and stored across multiple platforms and databases, putting consumer data privacy at risk.
Building on their trusted reputation, Deloitte is transforming this process by issuing reusable KYC and KYB credentials using KILT blockchain technology. Once the user obtains their credential, they will be able to reuse it across multiple services, while retaining control over when and where to share their personal information.
Read more about how Deloitte uses KILT.