Big Four accounting firm Deloitte has integrated blockchain technology to allow clients to store verification credentials in a digital wallet to streamline an "often inefficient" verification process.
In a May 4 statement, Deloitte announced that it had integrated KILT protocol technology a Polkadot parachain to be able to issue reusable digital credentials to its clients. The integration is designed to improve the efficiency of Deloitte's Know Your Customer (KYC) and Know Your Business (KYB) verification process.
Deloitte said in a statement that standard and "often inefficient" processes, including KYC and KYB certificates issued in paper form, and identity verification requests that require multiple data points when only one is required, often end up in "extra work in the process" . Additionally, these traditional verification procedures store data and personal information across multiple platforms and databases, putting consumer data privacy at risk.
These credentials will serve a variety of 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 client's device and remain under their control At all times, Deloitte reserves the ability to modify it should circumstances change, as stated in the statement: "The certificate is digitally signed by Deloitte. If the client's conditions change after the certificate was issued, Deloitte can use blockchain technology noology to revoke the certificate "
The company added that customers do not need prior blockchain knowledge to set up a credential wallet. Ingo Rübe, founder of KILT Protocol, said the simplified identity solution based on KILT allows customers to use verifiable digital credentials across multiple service s, while maintaining control "over when and where personal information is shared". As a Polkadot parachain, it also provides “the scale and security that enterprise partners need,” he added. Polkadot tweeted shortly after its May 4 announcement that Deloitte's use of KILT's solution to support its KYC and KYB processes were critical to protecting itself from illicit activity.
Previously, it was reported on April 26 that Deloitte offered more than 300 cryptocurrency-related job opportunities, and nearly all job opportunities were posted in the same week. Meanwhile, searches for cryptocurrency-related job openings at other Big Four accounting firms Ernst & Young , KPMG, and PwC turned up nothing.
