- Polimec, a decentralized funding protocol on Polkadot, has joined Deloitte to introduce KYC Credentials.
- According to the Head of Deloitte Managed Services, this initiative is an indication that they are delivering on their promise.
It can be recalled that Deloitte announced a partnership agreement with Polimec to streamline its Know Your Customer credentials. At the Polkadot Decoded in Copenhagen, it was announced that its first use case in which Deloitte Certificates can be used has been triggered.
To celebrate this milestone, a limited number of Deloitte Certificates are being provided at a discount. It is important to note that the new KYC Credential is meant to provide reusable KYC Credentials that give users control over their personal data.
After KYC Credentials are issued by Deloitte, users can use them on different online services including Polimec.
It enables you to establish a digital self-sovereign identity by validating your data once with Deloitte. After Deloitte has issued your KYC Credential, which is kept under your control, you will be able to use it with different online services, the first being Polimec. The provider of the website or service can rely on the shared data as it has been approved and certified by Deloitte – but you share only the minimum necessary data about yourself.
Some key features of the KYC Credentials service include the “KYC in a Wallet” service. This enables clients to verify their data with Deloitte. After that, they can store their KYC Credentials in the Deloitte Wallet. According to the report, the process ensures that the data is reliable for all parties.
More on the Deloitte and Polimec Partnership
For example, if Deloitte verifies that you are above 18, you can pass this information when needed without any further details, such as your date of birth, while the service you wish to consume can rely on the provided information because it is already validated by Deloitte. With this approach, you are in complete control of your data. The verified information is stored in your Deloitte Wallet, which is only available on your computer and only accessible to you. Data from the Wallet is only shared with your prior approval. In addition, Deloitte KYC Credentials will provide access to a secure digital asset and Web3 ecosystem in which all participants are verified as being eligible to use the services.
The need for the Deloitte KYC Credentials is very important and could be massively adopted due to the increasing ID theft and fraud. Using the Deloitte KYC Credentials, a user can demonstrate that he is accessing services, contents, and shops. In other words, the Deloitte Wallet and the verified information can only be accessed by the owner.
Polimec exists as a decentralized funding protocol developed on Polkadot and would revolutionize fundraising practices with the introduction of reusable KYC credentials. Micha Bitterli, Head of Deloitte Managed Services has stated that this initiative is a testament that they are delivering on their promise.
With this first of many expected use cases, we demonstrate that we are not only talking about potential projects but executing on our promise. Together with the Web3 community joining us as either a user or as a use case for our solution, we want to enable blockchain technology to move toward a compliant DeFi environment.
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