Deloitte has collaborated with the Kilt blockchain to launch a novel logistics service called KYX, which combines Know Your Client and Know Your Cargo principles. Hapag-Lloyd, a shipping giant, is the first adopter of the system.
Deloitte, a prominent division of the “Big Four” accounting firms, has teamed up with the Polkadot-based Kilt blockchain to revolutionize logistics and supply-chain services within the shipping industry.
The initiative aims to introduce a novel logistics service known as KYX, short for Know Your Client and Know Your Cargo. Hapag-Lloyd, a leading shipping giant, is set to be the inaugural adopter of Deloitte’s KYX system.
About KYX
The KYX system is ingeniously crafted by combining two critical processes: Know Your Client (KYC) and Know Your Cargo. KYC is a procedure designed to identify and verify the client’s identity, ensuring compliance with regulatory requirements. On the other hand, Know Your Cargo focuses on the verification and tracking of shipped goods.
Deloitte’s KYX leverages the capabilities of the Kilt blockchain, offering a decentralized and open-source solution for the creation of blockchain-based services.
In a recent chat at the India Blockchain Week conference, Ingo Ruebe, the founder of the KILT Protocol, shed light on the pioneering collaboration. Ruebe highlighted that the use of decentralized and open-source solutions “Built on KILT” empowers entities to create blockchain-based services without the complexities of dealing with cryptocurrencies or requiring extensive blockchain expertise.
Hapag-Lloyd Leads the Way with KYX Implementation
Hapag-Lloyd, a prominent player in the shipping industry, has taken the lead as the first company to implement Deloitte’s KYX system.
The strategic partnership aims to enhance shipping logistics by bringing transparency and efficiency to the identification and tracking processes. Hapag-Lloyd is set to equip approximately 1.5 million containers with cutting-edge devices capable of real-time tracking.
The technology ensures the security of shipments and provides evidence that containers have remained sealed during transit.
The implementation of KYX by Hapag-Lloyd marks a significant step towards modernizing and securing the global shipping supply chain. By utilizing the Kilt blockchain, Deloitte and Hapag-Lloyd are poised to set a new standard in the industry, offering a reliable and tamper-proof system for verifying both clients and cargo.
Vodafone to Follow Suit with KYX Adoption
Following Hapag-Lloyd’s pioneering implementation, telecommunications giant Vodafone is next in line to adopt Deloitte’s KYX system.
The expansion of KYX into the telecommunications sector signifies the versatility and applicability of the blockchain-based solution beyond shipping.
As technology continues to intertwine various industries, the collaboration between Deloitte and Kilt blockchain is positioned to make a lasting impact on supply-chain services globally. The integration of KYX by Vodafone also underlines the scalability of the solution and its potential to revolutionize diverse sectors.
By incorporating Know Your Client and Know Your Cargo principles, Vodafone aims to enhance its logistics and supply-chain processes, ensuring greater transparency and security in handling client information and cargo shipments.
