Deloitte, one of the world’s leading accounting firms, has announced that it is integrating blockchain technology to provide digital credentials to its customers. The blockchain-based system will enable customers to store verification credentials in a single digital wallet to streamline the verification process, which can often be inefficient and time-consuming.
Deloitte has integrated KILT Protocol technology, a Polkadot parachain, to facilitate the issuance of reusable digital credentials. The integration aims to improve the efficiency of Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes, which are currently plagued by standard and often inefficient procedures.
Deloitte’s new digital credentials will have multiple use cases, including regulatory compliance for banking and decentralized finance, age verification for e-commerce, private logins, and fundraising.
The digital wallet will be stored on the customer’s device, giving them full control at all times. However, Deloitte will retain the ability to modify the credentials if the need arises. The credentials will be digitally signed by Deloitte, and the firm can revoke them using blockchain technology if the customer’s conditions change after the credential has been issued.
Customers will not need any prior knowledge of blockchain to set up the credential wallet, according to Deloitte.
KILT Protocol founder Ingo Rübe said that the streamlined identity solutions built on KILT would enable customers to use verifiable digital credentials across multiple services while maintaining control over when and where to share personal information. The KILT Protocol, as a Polkadot parachain, provides the scale and security required by enterprise partners.
Deloitte’s integration of KILT’s solutions to support its KYC and KYB processes is vital for safeguarding itself against illegal activity, Polkadot said in a tweet shortly after the announcement on May 4.
The announcement comes after reports on April 26 revealed that Deloitte had over 300 crypto-related job opportunities available, with almost all of them being posted in the same week. While the other Big Four accounting firms, Ernst & Young, KPMG, and PricewaterhouseCoopers, have not posted any crypto-related job openings.
