Deloitte integrates blockchain for digital credentials
Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to streamline the “typically inefficient” verification processes.
In a May 4 statement, Deloitte announced it has integrated KILT Protocol technology — a Polkadot parachain — to enable the issuance of reusable digital credentials to its customers. The integration aims to improve the efficiency of Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
In the statement, Deloitte said the standard and “typically inefficient” processes, including KYC and KYB certificates being issued on paper, and identity verification requests requiring multiple data points when only one is needed, often create “extra work in the process.“
Additionally, these traditional verification procedures store data and personal information across multiple platforms and databases, placing consumer data privacy at risk.
Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a credential verifier, in partnership with @Kiltprotocol and @Polkadot. Applications opening soon. #KYC #Blockchain #Web3https://t.co/NDkUf9XMqk
The credentials will serve various use cases, including regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins and fundraising.
While the wallet will be stored on the customer’s device and remain under their control at all times, Deloitte retains the ability to modify if circumstances change, as noted in the statement:
The company added that no prior knowledge of blockchain is required from customers to set up the credential
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