- Deloitte has announced that it’ll use the Kilt blockchain to power its logistics service for the shipping industry
- Dubbed KYX, Deloitte is developing the service in partnership with Nexxiot
- Deloitte plans to allow entities without blockchain knowledge to use the service
Professional services firm Deloitte has disclosed that it’ll use the Kilt blockchain to power its shipping logistics service, KYX. Developed in conjunction with supply chain technology company Nexxiot, the service seeks to be usable by entities without prior blockchain knowledge and who don’t require interaction with cryptocurrencies. This isn’t Deloitte’s first entry into the blockchain world considering it uses the technology to create reusable digital credentials.
Know Your Cargo
Details about the service indicate it employs know your client/cargo features to link shipped goods to an actual person or entity. Kilt Protocol founder Ingo Rube said that his platform offers open-source solutions enabling everyone to create blockchain-powered products and services even if they don’t engage in crypto or don’t have any “blockchain experience.”
The service has started gaining adoption with shipping firm Hapag-Lloyd and telecommunications heavyweight Vodafone being the first to use it. The shipping firm has started fitting shipping containers with devices enabling linkage with KYX to boost the security of shipped goods.
KYX represents another stride by Deloitte into the blockchain world, a journey that it started over five years ago on the Ethereum blockchain. Seven months ago, for example, Deloitte joined Microsoft and Moody’s to back the development of a financial blockchain known as Canton Network.
TradeLens Successor?
Deloitte’s shipping-focused service comes slightly over a year after TradeLens, a similar service developed by IBM and Maersk, announced shutdown citing a lack of commercial traction.
With TradeLen’s collapse coinciding with the bear market and the FTX saga, it’s to be seen whether current signs of a revived crypto market will increase usage of Deloitte’s KYX.
