Polimec x Deloitte Switzerland - A Collaboration that Accelerates the Transition from Web2 to Web3
Polimec Protocol and Deloitte Switzerland. A collaboration that sets the basis for regulatory compliance in decentralized finance, reducing the risk of fraud and accelerating the transition from Web2 to Web3.
Index
- Let’s Start from the Beginning..
- Deloitte Switzerland Integrates KILT Identity Blockchain
- Polimec Protocol at Polkadot Decoded 2023
- Polimec Protocol x Deloitte Switzerland
- Polimec Meetup: Deloitte Reusable KYC Credentials
Let’s Start from the Beginning..
KILT Protocol is a decentralized identity blockchain for issuing self-sovereign and generating Decentralized Identifiers (DIDs) and Verifiable Credentials, it enables trust in Web3 and provides secure, practical identity solutions for enterprises and consumers. KILT brings the traditional process of trust in real-world credentials (passport, driver’s license) to the digital world while keeping data private and in the possession of its owner.
- KILT uses blockchain technology to represent digital identity without intermediaries. It provides a secure way to create, issue, and verify digital credentials.
- KILT allows users to claim multiple attributes about themselves and have them attested by trusted third parties. These attributes are stored and can be recalled whenever needed through the trusted third party.
- KILT doesn’t collect or store any of the data on-chain.
KILT Protocol is open source to allow anyone - enterprise, government, startups - to build trusted digital identity solutions.
To find out more about KILT Protocol, check out the website: kilt.io.
In September 2020 the initial team behind the development of KILT Protocol published the original Polimec Whitepaper, introducing an open-source mechanism for supporting early-stage projects in the Polkadot ecosystem (sub0 2020 - Polkadot Developer Conference by Ingo Rübe). Using Polimec, projects would be able to access critical development funding.
Started in late 2020 as a project conceptualized by the team behind KILT Protocol, and became an independent project to realize the vision of the first decentralized, community-driven funding protocol for Web3.
Since then, a dedicated team with extensive experience in blockchain and financial services has taken on the further development of the protocol and the future launch of the network. In June 2022, the Polimec Foundation was established in Zug (Switzerland), a non-profit organization dedicated to developing, growing, and promoting Polimec Protocol.
“Polimec has evolved from our original concept of a decentralized tokenization platform to an accelerator for the entire Polkadot ecosystem. We are thrilled that a team with this financial and industry expertise will take Polimec to the next level, and look forward to collaborating on regulatory compliant systems that advance the blockchain industry”. -Ingo Rübe (Founder of KILT Protocol)
As in the original concept, Polimec will utilize the KILT Blockchain for on-chain Credentials for KYC/AML processes, issued by trusted third parties. In this way, the Polimec use case is a mechanism to accelerate the adoption of KILT Credentials and DIDs (Decentralized Identifiers) and increase the traction for KILT Protocol.
“I’m very excited for Polimec to become the first decentralized community-driven funding protocol for Web3. Allowing various participant types to contribute alongside each other at similar terms enables a more efficient allocation of capital and including the community beyond the fundraise. Leveraging Polkadot’s interoperability enables the integration of KILT Credentials for a regulatory compliant funding protocol on-chain”. -Kasper Mai Jørgensen (Co-Founder of Polimec Foundation)
Polimec utilizes credentials issued by trusted third-parties on KILT to ensure adequate knowledge and verification of all network participants. For issuers, it is essential to sell their contribution token only to persons or entities which are properly certified and have met the KYC/AML standards in accordance with jurisdictional or funding round specific regulatory criteria.
Credentials issued on KILT are pseudonymous, and no personal information is stored on-chain - hence all transactions and network participants on Polimec can be processed in a regulatory compliant and secure manner while preserving data privacy.
Credentials ensure that a given Polimec address has met these requirements. For participants, the credentials ensure that they are properly identified and certified to meet regulatory or other requirements in a privacy preserving manner.
KILT will benefit from increased demand as the network participants must claim credentials to access the functionalities on Polimec. On the other hand, Polimec benefits the more KILT users there are, as users with existing credentials gain easy access to Polimec. As the first application of credentials for the purpose of KYC/AML, Polimec is the catalyst for KILT and the adoption of credentials.
Considering that only centralized, inefficient, and inaccessible fundraising options exist today, the introduction of a decentralized, community-driven funding protocol is essential for a growing and maturing Web3 ecosystem.
Deloitte Switzerland Integrates KILT Identity Blockchain
On May 2023, BOTLabs GmbH, the original developer of KILT Protocol, and Deloitte Consulting AG (one of the big four consulting firms with a $60 billion revenue, and 415.000 professionals in over 700 locations globally), announced the integration of KILT Blockchain technology for issuing reusable digital credentials to support Know Your Customer (KYC) and Know Your Business (KYB) processes.
These Credentials have multiple use cases including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.
This important announcement was made by Ingo Rübe (Founder of KILT Protocol) and Micha Bitterli (Head of Deloitte Managed Services) in the “Corporate Adoption of Blockchain” panel at the Decentralized Lugano 2.0 (May 2023) Conference by Scytale Digital.
Deloitte Managed Services is a leading European RegTech Provider of end-to-end managed services for KYC and AML. We combine our extensive expertise with advanced technology, high-quality data and unique mapping intelligence into easy-to-use solutions, no matter which industry or jurisdiction you operate in.
“With streamlined identity solutions ‘Built on KILT’, customers can use verifiable digital Credentials across multiple services, while retaining control over when and where to share their personal information. And as a Polkadot parachain, KILT offers the scale and security needed by enterprise partners“. -Ingo Rübe (Founder of KILT Protocol)
Reusable KYB/KYC Credentials, generated on KILT’s identity infrastructure, solve many of these challenges while offering control and flexibility to the customer. Credentials are stored in the customer’s wallet on their own device, remaining under their control at all times. The customer can choose with whom they share their credential and which data points of the credential they make available.
In order for the customer to manage and share their credential, Deloitte is providing a credential wallet in the form of a browser extension. Setting up a wallet is a straightforward, seamless process that doesn’t require any blockchain knowledge by the customer.
Credentials are digitally signed by Deloitte. Deloitte can revoke Credentials using blockchain technology if conditions of the customer have changed after the credential was issued.
“By offering reusable digital Credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.. Deloitte has the technology knowledge, reach and trust to issue Credentials that are globally accepted”. -Micha Bitterli (Head of Deloitte Managed Services)
Micha Bitterli has over 20 years of experience, including two in New York and auditing large financial institutions and trading financial instruments and commodities. After working as an auditor, Micha has spent many years advising small and medium-sized financial institutions on the operational implementation of regulatory requirements. Micha joined Deloitte from another Big Four company in 2015 and is responsible for establishing “Deloitte Managed Services” including the “KYC-Utility” platform.
The partnership between KILT Protocol and Deloitte, is mindblowing.. showing advancement in the Web3 space and demonstrating the potential of blockchain technology for regulatory compliance and e-commerce. The beauty is that the end users will use blockchain without even knowing it!
With its strong team, cutting-edge technology, and expanding network, Polkadot is well-positioned for success in the years to come, and its immense potential for growth, as the network matures, bodes well for the future of Web3.
These collaborations are a promising sign of the growing interest in building on Polkadot’s ecosystem.
The first use case? just keep reading the article..
Polimec Protocol at Polkadot Decoded 2023
Polimec Protocol at Polkadot Decoded, the Polkadot Ecosystem’s Global Flagship Conference in Copenhagen (Denmark), had the opportunity to shine on stage, not once, but 3 times by Kasper Mai Jørgensen (Co-Founder of Polimec Foundation).
- KILT’s Enterprise Adoption: Polimec as First Use Case for KYC/KYB Credentials Issued by Deloitte: The participation involved two presentations, one of which was a significant mainstage appearance alongside Deloitte Switzerland and KILT Protocol. This proved to be a notable highlight of the event.
- Empowering the Next Generation of Blockchain Engineers at the Polkadot Blockchain Academy
- Polimec - Compliant and Decentralized Fundraising
Polimec Protocol x Deloitte Switzerland
During Polkadot Decoded in Copenhagen (Denmark), Polimec Protocol and Deloitte Switzerland announced that are joining forces to issue Reusable Know Your Customer (KYC) Credentials enabling access to global fundraising of digital assets.
Banking grade standard KYC Credentials, issued by Deloitte, streamline the process of participating in early-stage fundraising on Polimec. The credentials are anchored on the KILT Blockchain, providing an additional level of regulatory compliance, security, and data privacy.
“We are proud to share the result of the last nine months that we’ve been working together with Deloitte. This enables us to take a step closer to a vision of Web3, where everyone controls their own data, identity, and destiny - and with Polimec they can own parts of the most exciting Web3 projects from the very earliest fundraises. This collaboration will bring additional funding possibilities to the Polkadot ecosystem and lead the way to a more decentralized community-focused Web3, while also satisfying regulatory criteria”. -Kasper Mai Jørgensen (Co-Founder of Polimec Foundation)
Users share their KYC documentation exclusively with Deloitte, a company trusted by the largest multinational enterprises and governments worldwide. Deloitte Managed Services then provides KYC Credentials in Web3, an evolved version of the internet that incorporates blockchain technologies and decentralized systems.
These Deloitte KYC Credentials present a more efficient and secure alternative to traditional KYC methods, which typically involve significant time and resources to confirm the identities of customers.
Credentials will be available for natural persons as well as for legal entities in consideration of their respective needs:
- Issuers: The credentials serve as authenticity certificates of the legal entity raising funds, instilling trust and accountability in funding rounds.
- Participants: The credentials allow access to Polimec and enable the categorization into retail, professional, and institutional.
With the introduction of reusable KYC Credentials, Polimec revolutionizes fundraising practices by creating a compliant and transparent fundraising environment with the goal of ensuring data ownership for all stakeholders. Now each credential holder gets to choose who holds their data and decide what data to share with whom.
- Issuers: are able to offer contribution tokens to individuals/entities that have been appropriately certified by using the required KYC and AML (Anti Money Laundering) standards, reducing their risk of fraud and ensuring a more secure, more compliant and pseudonymous investing environment. This enables the customization of funding round criteria such as jurisdiction and participant types and provides access for investors based on criteria specified by the issuer.
- Participants: no longer need to share KYC/AML documentation with multiple intermediaries and issuers to be compliant. Their sensitive documentation is shared with Deloitte exclusively; they save time and reduce the risk of potential data breaches and identity theft. Participants are also assured of project legitimacy due to the issuer and the founders obtaining KYC Credentials.
The result is a fast, accessible, privacy-preserving, and compliant authentication experience.
During the “KILT’s Enterprise Adoption: Polimec as First Use Case for KYC/KYB Credentials Issued by Deloitte” presentation at Polkadot Decoded, Micha Bitterli (Head of Deloitte Managed Services), Kasper Mai Jørgensen (Co-Founder of Polimec Foundation) and Ingo Rübe (Founder of KILT Protocol) in addition to announced the collaboration between Deloitte and Polimec Protocol.. the following has happened:
- Micha Bitterli affirmed that the Proposal presented in the Polkadot Treasury by Deloitte.. is real. He further mentioned that the first use case of his partnership with KILT Protocol is the first of many within the Polkadot Ecosystem. (video)
- Toni Pisà has made a small demo on how it would look like and how get a Reusable KYC Credential by Deloitte with the Deloitte Wallet. (video)
- Kasper Mai Jørgensen has made a small demo of what it would look like when using a Reusable KYC Credentials by Deloitte to verify information on Polimec Protocol. (video)
“After announcing our partnership with KILT Protocol at the Decentralized conference in Lugano, we are proud to announce our first use case.. 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”. -Micha Bitterli (Head of Deloitte Managed Services)
The KILT infrastructure ensures that KYC Credentials can be verified at any time. That verification is documented on the Polimec Blockchain, ensuring that all transactions and network participants can be processed in a regulatory-compliant, transparent, and secure manner while preserving data privacy. As a result, Polimec is able to create a secure and regulatory compliant fundraising environment for all involved stakeholders.
”I’m thrilled to see Polimec evolve into a fully-fledged decentralized funding mechanism. This is due to the fantastic and dedicated team at the Polimec Foundation. Together with the Polimec and Deloitte teams, we have created a seamless entry point for new teams to join the Polkadot ecosystem”. -Ingo Rübe (Founder of KILT Protocol).
The Polkadot Ecosystem exemplifies effective collaboration between Protocols and Enterprises, establishing a streamlined workflow through interoperability and shared security. This synergy fosters innovation, yielding products that enhance user experience and community value.
While KILT Protocol and the Polimec Fundraising Protocol undertake extensive tech operations and XCM (Cross-Consensus Message) transactions, complexities are rendered user-friendly. This simplicity catalyzes Web3 adoption, facilitating accessible, compliant, and decentralized products.
Polimec will go live as a Polkadot Parachain in late 2023, after which the first projects will be supported in reaching their fundraising goals, enabling them to focus on building new and exciting technology for Web3. Everyone in the ecosystem will be able to participate via Polimec.
Get early access to Reusable KYC Credentials developed by Deloitte and Polimec Protocol. There will be possibilities to use your KYC credential early on to get acquainted with this new way of performing KYC and managing your data on-chain.
Waitlist: https://polimec.link/did-signup
Stay tuned, and stay informed..☕️
Polimec Meetup: Deloitte - Reusable KYC Credentials
Polimec Foundation will organize the 3rd Polimec Meetup with a special guest speaker, Micha Bitterli from Deloitte, giving insights into the inner workings of Reusable on-chain KYC Credentials, followed by a discussion on how this collaboration impacts fundraising and Web3.
- “An introduction to KYC Credentials”
Micha Bitterli (Head of Deloitte Managed Services) - “Polimec leveraging Deloitte Credentials”
Luca von Wyttenbach (Co-Founder of Polimec Foundation)
On August 8, 2023 from at 18:00 to 20:00 CEST in the Polimec Foundation’s office (4 Reiffergässli 6300 Zug, Switzerland). If you cannot attend in person, you can join via livestream on Polimec Twitch.
To find out more about Polimec Protocol, check out the Whitepaper, Lightpaper, Polimec Knowledge Hub or in the website: polimec.org.
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