Source: Vladimir Kazakov – Adobe Stock
Big-four accounting giant Deloitte announced the use of Polkadot’s KILT blockchain technology for using reusable digital credentials for KYC processes.
Polkadot is making major moves in the world of DeFi as it seeks to establish Polkadot Hubs in several South-East Asian regions.
Polkadot and its sister network Kusama have been working on some of the new developments catering to new growth verticals on a daily basis. Over the last 72 hours, the Polkadot and the Kusama ecosystems have been buzzing with activity.
Polkadot announced the dates for its flagship event aka PolkadotDecoded happening next month on June 28-29. This year’s Decoded event will happen in Denmark, Copenhagen, and will focus on major Web3 developments ahead within the Polkadot ecosystem.
One of the world’s big-four accounting firms Deloitte is now looking for a major digital overhaul by integrating Polkadot’s native KILT blockchain technology for using reusable digital credentials for KYC processes. This is a major milestone steering ahead the industrial adoption of the Polkadot blockchain network.
Using the KILT protocol, Deloitte will be able to deliver cutting-edge technologies for virtual identities. The objective of the partnership is to protect financial institutions against fraudulent activities, corruption, tax evasion, money laundering, and terrorism financing. The incorporation of blockchain technology in Know Your Customer (KYC) and Know Your Business (KYB) processes has the potential to significantly reduce costs, expedite processing times, and enhance data security.
Furthermore, Polkadot announced that its staking dashboard 1.0.7 has now gone LIVE while offering support for proxy accounts and a controller depreciation prompt for the easy management of stash. The new staking dashboard comes along with major UX/UI improvements.
Fresh Developments Taking Place in the Polkadot Ecosystem
Talisman has now integrated into PolkaSafe which will allow users to easily create and manage their multi-sig wallets on Polkasafe using Talisman Wallet to log in. As per Polkadot Insider, “This integration is a major step forward for both sides, offering users a more streamlined and secure experience”.
On the other hand, Polkadot is seeking to create Polkadot Hubs in the South East Asian markets. Speaking on the development, Polkadot’s Head of Ambassador of Eastern Europe said:
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Our proposal is focused on creating a physical Polkadot Hub in Denpasar, Bali which serves as an experimental research and a strong case study on the Polkadot Hubs concept (long-term physical locations all over the world) while bringing the enthusiastic APAC-based Polkadot community together. Starting in January, we have embarked on an exciting new project to develop the first-ever global Polkadot Hubs framework and educational materials.
The recent growth of the Polkadot (DOT) ecosystem has attracted some of the leading decentralized finance (DeFi) ecosystem developers. According to a report, the Polkadot ecosystem was ranked as the top blockchain in terms of weekly development activity. Interestingly, the Polkadot network’s developers outperformed those of Ethereum, Cardano, Arbitrum, and Cosmos, among others. Furthermore, Polkadot offers a secure multi-chain communication channel for existing blockchains, which ensures scalable Web3 development.
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