Deloitte starts using the Kilt blockchain in the Polkadot ecosystem

The company has developed its own supply chain management solution for the shipping industry

07.12.2023 - 14:06

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What’s new? Leading accounting firm Deloitte has begun using the Kilt blockchain in the Polkadot ecosystem to provide logistics services to the shipping industry. The project was implemented in collaboration with Nexxiot, a technology company specializing in supply chain management. As part of it, the parties have developed a Kilt-based way to verify customers and their shipments, called KYX.

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What else is known? The development of KYX began in May of this year. The shipping giant Hapag-Lloyd is the first to implement the system, later one of the world’s largest mobile operators Vodafone will join the project. After the announcement, the native token KILT jumped by 19% to $0,45. By the time the news was written, the rate had corrected to $0,41.

Kilt Protocol is based on the Kusama blockchain in the Polkadot ecosystem. This is an open-source project that specializes in creating decentralized solutions for identification. Thus, it can be used to issue verifiable identifiers for various purposes.

In May 2021, the developers presented their main product SocialKYC, which allows one to confirm the identity of the user using social networks and at the same time does not store processed data.

In July of this year, Deloitte began working with analytics company Chainalysis to jointly provide compliance services. Since January, Deloitte has been the auditor of Circle, the issuer of the second-largest stablecoin on the crypto market, USDC, which has a capitalization of over $24 billion.

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