- With its vast expertise in audit, consulting, and risk management, Deloitte recently launched its reusable KYC (Know Your Customer) and KYB (Know Your Business) credentials “Built on KILT”, harnessing the power of the KILT blockchain.
- The announcement occurred during the Polkadot Pulse 1.0 event at Bangalore
Deloitte and Nexxiot – a TradeTech pioneer digitizing supply chain assets leveraging advanced technology, have announced their partnership to elevate the logistics industry through KYX. Aimed to revolutionize global trade compliance and operational efficiency in the logistics supply chain, KYX is a strategic combination of Know Your Client (KYC) and Know Your Cargo. This project will utilize KYC / KYB credentials which are built on KILT for the logistics industry.
The announcement took place at Polkadot Pulse 1.0 during the presentation KYX: FREIGHT & CARGO MEET WEB3, with Ingo Ruebe from KILT Protocol and Micha Bitterli and Werner Fontanive from Deloitte Managed Services on 7th December 2023.
Commenting on the announcement, Ingo Rube, Founder, KILT Protocol, said, ‘Deloitte and Nexxiot alliance is innovating best blockchain integration that will bring the traditional process of trust in real-world credentials to the digital world while keeping data private and in possession of its owner, and aims to foster new business models for anyone to build on their trust reputation. Using decentralised and open-source solutions ‘Built on KILT’, any entity could create a service built on blockchain without having to deal with cryptocurrencies or needing blockchain experience. And we can see today that KILT is ready to change the world!’
Hapag-Lloyd, Shipping giant will be the first to implement KYX followed by Vodafone onboarding. This collaboration is set to redefine supply chain management, speed up processes, and set the standard for logistics services. Merging Deloitte’s established KYC services with Nexxiot’s cutting-edge asset intelligence technology and the regulatory-approved CINFONI platform, KYX promises to benefit stakeholders across trade finance, banking, and insurance. First-movers Hapag-Lloyd are equipping 1.5 Million containers with Nexxiot devices. These will use the Vodafone company Pairpoint for extended e-SIM card services. Using these devices, containers can be tracked to show that they are secure and have not been opened.
Since its launch in the Polkadot ecosystem in September 2021, KILT Protocol has gone from strength to strength. KILT is an identity blockchain for generating decentralised identifiers (DIDs) and verifiable credentials, providing secure, practical identity solutions for enterprise, government and consumers. Following W3C decentralised identity standards, KILT is the brainchild of Berlin-based Ingo Ruebe, who recognised the need for effective identity solutions based on his own experience of working in industry.