Deloitte is spearheading an initiative in collaboration with KILT Protocol, utilizing the Polkadot-based Kilt blockchain. This novel system, named KYX (Know Your Client and Know Your Cargo), aims to revolutionize logistics and supply-chain services, with a particular focus on the shipping industry.

KILT Protocol and Deloitte Partnership

In a fireside chat during the India Blockchain Week conference, Ingo Rube, founder of KILT Protocol, disclosed Deloitte’s partnership with Nexxiot, a supply-chain technology company, to introduce the KYX system.

In addition, this system incorporates the verification of client identity (Know Your Client – KYC) and the authentication of shipped goods (Know Your Cargo). The KYX system, leveraging the Kilt network, aims to enhance transparency and reliability in logistics processes.

Decentralized Solutions with KILT

Deloitte KYX System to Revolutionize Shipping Industry Through Blockchain.

Rube emphasized that through decentralized and open-source solutions ‘Built on KILT,’ entities can develop blockchain-based services without necessitating expertise in cryptocurrencies or blockchain technology.

Implementation by Shipping Giants

Hapag-Lloyd, a leading shipping giant, will be the inaugural adopter of the KYX system.

Following suit, telecommunications giant Vodafone is slated to integrate this innovative system into its operations. Moreover, Hapag-Lloyd’s ambitious plans include outfitting approximately 1.5 million containers with tracking devices to ensure their security and integrity, signaling any signs of unauthorized access.

The introduction of KYX also marks a significant step toward leveraging blockchain technology in the shipping sector. Further, Deloitte’s collaboration with KILT Protocol and Nexxiot aims to streamline logistics processes, enhance security measures, and fortify trust across the supply chain, setting new industry standards for transparency and reliability.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.