- The KILT protocol developed by Polkadot is a blockchain-based identity verification platform.
- Many financial institutions still use time-consuming and expensive manual checks.
In order to improve its Know-Your-Customer (KYC) solution, Deloitte Switzerland has partnered with Polkadot’s KILT protocol. This newfound interest in blockchain technology to enhance compliance procedures is especially relevant to the banking sector.
Intriguingly, using blockchain for Know Your Customer checks might drastically cut down on expenses, speed up operations, and tighten up security.
Polkadot’s KILT protocol is a blockchain-based identity verification platform that ensures the privacy and security of user information. Every user on the platform has their own digital identity. That can be shared across applications and services thanks to decentralized identifiers (DIDs).
KYC Made Simple and Safer
The KILT protocol uses blockchain technology to guarantee that private information is kept safe and accessible only to those who need it. Deloitte Switzerland’s adoption of the KILT protocol for its Know Your Customer solution demonstrates how blockchain technology might assist solve some of the primary difficulties encountered by compliance experts. The firm is well-known for its interest in crypto-related technologies.
Notably, many financial institutions still use time-consuming and expensive manual checks and paperwork as part of their Know Your Customer (KYC) processes.
Errors and delays follow, causing dissatisfied consumers and a drop in income. Deloitte Switzerland may improve the efficiency of its Know Your Customer (KYC) procedures and lower the likelihood of mistakes or fraud by adopting the KILT protocol.
In a similar vein, the platform facilitates the swift and safe transfer of sensitive information between users. As a result, financial institutions may reduce resources while still meeting all applicable regulations. The application of blockchain technology in Know Your Customer (KYC) procedures has the potential to increase privacy, in addition to efficiency, and security.
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