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Deloitte adopts Polkadot’s Kilt blockchain for shipping logistics

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Deloitte is harnessing the power of the Polkadot-based Kilt blockchain to transform logistics and supply-chain services, with a focus on the shipping industry. The KYX system—Know Your Client and Know Your Cargo—could reshape the landscape of client identity verification and goods tracking.

Polkadot is a blockchain platform that aims to enable interoperability between different blockchains. Polkadot’s network consists of a primary blockchain called the “relay chain” and many user-created parallel chains known as “parachains.” Polkadot has its native token which is called DOT.

The platform provides unprecedented economic and transactional scalability, as well as easy blockchain innovation through the Substrate framework. 

Polkadot also has a sophisticated governance system where all stakeholders have a voice, and network upgrades are coordinated on-chain and enacted autonomously. 

Deloitte is a global professional services network that provides audit, consulting, financial advisory, risk management, and tax services to a wide range of clients, from the Global 500 to private businesses. 

The organization has been in operation for more than 175 years, with a focus on creating connections and making a positive impact on clients, people, the planet, and communities. 

KILT is an identity blockchain that focuses on issuing decentralized identifiers (DIDs) and verifiable credentials, providing secure solutions for enterprise and individual users. 

It is designed to enable new business opportunities, marketplaces, and revenue streams around digital identity and data sovereignty. 

Blockchain in logistics 

Blockchain technology has been increasingly adopted in the logistics industry to address challenges such as multi-stage supply chains and a lack of transparency. Apart from Deloitte’s endeavor, there are others such as TradeLens by IBM and Maersk, IBM Food Trust, and Everledger.

These projects demonstrate the diverse applications of blockchain in the logistics industry, including inventory management and tracking, improving freight and shipping, invoicing and payments, authenticity verification, and more. 

Blockchain technology has the potential to significantly enhance transparency, efficiency, and security in global supply chains, making it a valuable tool for the logistics industry.

Speaking about the collaboration between Deloitte and Kilt was the founder of the blockchain firm, Ingo Rube, who noted that entities can utilize decentralized and open-source solutions “Built on KILT” to create blockchain-based services without the need for cryptocurrencies or specific blockchain expertise.

KILT Protocol collaborates with projects inside and outside blockchain ecosystems to integrate new, secure ways of managing digital identity for people, machines, and other entities. 

Shipping giant Hapag-Lloyd is set to be the first to implement KYX, followed by telecommunications giant Vodafone. Hapag-Lloyd’s initiative involves equipping approximately 1.5 million containers with tracking devices to showcase their security and unopened status.

Deloitte and blockchain 

In the realm of Web3, Deloitte actively embraces the transformative potential of this decentralized internet landscape, seeking to transform the digital landscape. 

The organization has participated in various initiatives and discussions related to blockchain technology, encompassing governance of enterprise blockchain ecosystems, blockchain’s role in transforming the food industry, and strategic planning for blockchain applications in the retail and consumer packaged goods sectors. 

Read also; El Salvador unveils exclusive visa program for crypto investors

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