December 11, 2023
By Anjali Kochhar
Deloitte’s KYX – shipping giant Hapag-Lloyd will be the first to use it’s Know Your clients and Know Your Goods – Framework.
One of the “Big Four” accounting companies, Deloitte, has a branch that specializes in providing supply-chain and logistics services for the shipping sector. Kilt, a blockchain platform built on Polkadot, will be utilized for this purpose.
During a fireside discussion at India Blockchain Week, Ingo Rube, the creator of the KILT Protocol, revealed to CoinDesk that Deloitte is collaborating with supply-chain technology company Nexxiot to provide a novel logistics solution known as KYX.
KYX is an acronym for Know Your Client (KYC) and Know Your Cargo (KYX), two procedures that, separately, establish and validate the client’s identity and the transported items. The Kilt network is the foundation of this system.
Any organization might develop a blockchain-based business without dealing with cryptocurrencies or without prior blockchain knowledge by utilizing decentralized and open-source solutions ‘Built on KILT,’ according to a statement from Rube.
The first company to use KYX will be the massive shipping company Hapag-Lloyd, followed by the telecom behemoth Vodafone. It is estimated that Hapag-Lloyd is outfitting around 1.5 million containers with trackable devices to demonstrate that they are safe and have not been opened.
According to data, the native kilt (KILT) tokens of the KILT Protocol have increased by 2.5% over the last day.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
