Identity is universal, but protecting customer identity is often an afterthought. KILT offers identity solutions that benefit enterprise, their employees and their customers.
Below is a sampling of use cases that apply to multiple industries and verticals, with more integrations to come in early 2023.
KYC and Reusable Digital Credentials
Know Your Customer (KYC) is the process of obtaining information about a customer and verifying their identity, making sure they are who they say they are. KYC is part of Anti-Money Laundering (AML) measures carried out by financial institutions and other regulated entities to prevent financial crimes.
Increasingly, businesses are required to develop and effectively implement KYC and AML compliance programs.
If every business has to hold the data of their customers, this opens up a lot of issues around how and where the data required is stored, and data privacy.
This opens up new business opportunities for established trusted firms to provide KYC credentials. This would work in the following way:
- The trusted firm uses the open-source KILT Protocol code to build a credential wallet and makes it downloadable from their website.
- A user who wants a KYC credential downloads the wallet to their browser on their personal device and generates their unique decentralized identifier (DID).
- The user fills out a form with details such as their name, place and date of birth, photo, etc.
- The trusted firm confirms these details and then issues a digital credential, sending it directly to the user’s wallet. This credential can be created to be valid for a specific length of time.
- Services that trust the reputation of the firm that issued the credential accept this KYC credential as proof from users, reducing the amount of data that needs to be stored.
The user can reuse the same KYC credential every time KYC proof is required, for any service that accepts it.
Large corporates that want to issue credentials or equip their customers and employees with decentralized identifiers (DIDs) can buy blockchain transactions in large volumes and pay once via bank transfer. No cryptocurrency is needed.
To maintain customer privacy, the user always retains control of their DID and credentials on their own device.
Signing and Timestamping any Type of Digital File
KILT's DIDsign provides a decentralized way to sign and add a timestamp to any digital file directly in your browser using a unique KILT industry-standard DID (decentralized identifier).
Several people can sign the same file separately and confirm that it was signed. The data stays locally on the user’s device and is never transferred or held in a centralized place that can be hacked. Signed files can be sent via the user’s preferred method (email, Telegram, WhatsApp, via memory stick, etc.).
This can be used on a large scale across many industries, from signing and sending medical reports in a secure way in clinical settings to timestamping and verifying the authenticity of video footage in the field in media.
Once the user has their DID, signing is free. Verifying is free and requires no DID or prerequisites. This can mean a significant cost reduction for institutions who regularly use digital signing.