Deloitte Adopts Kilt Blockchain Technology for Shipping Logistics

Deloitte Adopts Kilt Blockchain

TL;DR

  • Deloitte partners with Nexxiot to offer a new logistic and supply chain service built on Kilt Network.
  • Companies can create services without dealing with cryptocurrencies using decentralized and open-source solutions built on the Kilt network.

Polkadot Kilt Blockchain to Integrate into Deloitte’s New Service

Polkadot announces they’re partnering with Deloitte, Bangalore, India, to integrate KILT blockchain technology into the cargo service.

Polkadot Kilt Blockchain will Integrate into Deloitte’s New Service.
Deloitte Adopts Kilt Blockchain | Source: Kilt Protocol

KILT Protocol will allow the firm to offer logistics and supply-chain services, focusing on the shipping industry.

The founder of KILT Protocol stated at the India Blockchain Week conference that Deloitte is working with Nexxiot.

The supply chain technology company will join forces with Delloite to offer a new logistic service called KYX.

KYX service combines Know Your Cargo and Know Your Client (KYC). Two processes that verify and identify the identity of a client and their shipped goods.

The new logistic service will be built on the KILT Network.

Using decentralized and open-source solutions ‘Built on KILT, ‘ any entity could create a service built on a blockchain without dealing with cryptocurrencies or needing blockchain experience.

Rube said in a statement.

This new integration will speed up processes in the cargo industry immensely.

Blockchain Technology in the Logistics and Supply-Chain Sector

The new invention has gotten the attention of various shipping companies. Shipping giant Hapag-LIoyd will be the first one to implement KYX.

Polkadot Fireside Chart at the IBW.
Polkadot Fireside Chart at IBW | Source: India Blockchain Week Conference

Telecommunication giant Vodafone will follow suit and implement this new logistic service.

Hapag-LIoyd is already equipping approximately 1.5 million containers with devices that will track them. The trackers will show whether or not the containers are secure and not open.

Another major computing enterprise, IBM, has taken steps to improve its supply-chain service in the shipping sector by using blockchain technology.

The IBM and Maersk merger initially created a new company, TradeLens, in 2018. However, the company shut down in November 2022 due to a lack of commercial take-up.

TradeLens collapse coincided with the bear market that plagued the crypto space due to the FTX collapse.

The enterprise may sprout again as the crypto and blockchain sphere prepares for the next bull run.

KILT and DOT Price Reaction After Partnership

After the partnership news on December 6, 2023, the platform’s native token, KILT, increased by 2.5%. It was trading at $0.469 on December 8, 2023— this is its highest price since late February 2023.

However, the token remains on a downtrend of about 96% from its December 2021 all-time high of $9.80.

Subsequently, Polkadot (DOT) has seen an uptrend throughout this day. The price for DOT was about $6.25 on December 8, 2023.

With the recent growth and adoption in the Polkadot ecosystem, the DOT token has yet to have significant momentum during the 2023 crypto rally.

However, the native token has remained on a downtrend by 84% from its all-time price of $55 on November 4, 2021.

With the incoming revolutionary Polkadot Core Jam and Core Play in the ecosystem, cryptocurrency investors closely monitor the Polkadot.

Do you think Polkadot will continue to uptrend?