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- The KILT protocol created by Polkadot serves as a blockchain-based identity verification system.
- Numerous financial institutions continue to rely on labor-intensive and costly manual verification processes.
To enhance its Know-Your-Customer (KYC) framework, Deloitte Switzerland has formed a partnership with Polkadot’s KILT protocol. This emerging interest in blockchain technology to refine compliance practices is particularly significant for the banking industry.
Interestingly, employing blockchain for Know Your Customer verifications could significantly reduce costs, accelerate processes, and strengthen security measures.
Polkadot’s KILT protocol is a blockchain-based identity verification system that safeguards the privacy and security of user data. Each user on the platform possesses a unique digital identity that can be shared across various applications and services through decentralized identifiers (DIDs).
KYC Simplified and More Secure
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The KILT protocol leverages blockchain technology to ensure that personal data remains secure and is accessible solely to authorized parties. Deloitte Switzerland’s integration of the KILT protocol into its Know Your Customer solution illustrates how blockchain technology can help address some of the key challenges faced by compliance professionals. The firm is recognized for its commitment to crypto-related innovations.
Importantly, many financial institutions still engage in lengthy and costly manual checks and documentation as part of their Know Your Customer (KYC) protocols.
This leads to errors and delays, resulting in dissatisfied clients and a decline in revenue. By implementing the KILT protocol, Deloitte Switzerland has the potential to enhance the efficiency of its Know Your Customer (KYC) processes and reduce the risk of errors or fraudulent activities.
Similarly, the platform enables the rapid and secure exchange of sensitive information among users. Consequently, financial institutions can conserve resources while still adhering to all relevant regulations. The integration of blockchain technology into Know Your Customer (KYC) practices holds the promise of improving privacy, alongside efficiency and security.
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