Last week the German arm of Deloitte Consulting announced a deal with decentralized identity (DiD) firm BOTLabs, the developer of the KILT Protocol, a public blockchain for verifiable credentials. Deloitte has integrated KILT’s blockchain technology into its know-your-customer (KYC) and know-your-business (KYB) processes.
The reusable credentials are for various compliance applications, including banking, decentralized finance (DeFi) and age verification, such as for purchasing alcohol.
The concept of using blockchain for digital identity often seems like a contradiction because blockchains are transparent, and identity information is private. As KILT is a self-sovereign identity solution, individuals or businesses store the credentials and personal information in their wallets rather than creating a honeypot of private data stored in a centralized corporate database. Hence there is no private information on the blockchain (see later).
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