The credentials will "have multiple use cases" including regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins and fundraising.
Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store their verification credentials in a single digital wallet, in an effort to streamline the “typically inefficient” verification processes.
In a May 4 statement, Deloitte announced it has integrated KILT blockchain technology – a Polkadot (DOT) 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.
It was noted that the standard and "typically inefficient" processes of KYC and KYB certificates being paper-based, as well as identity verification requests requiring multiple data points when only one is needed, often creates "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 #Web3
— Deloitte Switzerland (@DeloitteCH) May 4, 2023
https://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 customers device and remain under their control at all times, Deloitte retains the ability to modify if circumstances change, as noted in the statement:
“Credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.”
It was added that the no prior knowledge of blockchain is required from customers to set it up the credential wallet.
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Ingo Rübe, founder of KILT Protocol said that the streamlined identity solutions built on KILT allows customers to use verifiable digital credentials across multiple services, whilst maintaining control “over when and where to share personal information.”
As a Polkadot parachain, it also provides the “scale and security needed by enterprise partners,” he added.
Polkadot tweeted shortly after the announcement on May 4 saying that Deloitte leveraging KILT's solutions to support its KYC and KYB processes is vital for safeguarding itself against illegal activity.
2/ Deloitte will leverage KILT’s reusable digital identity credentials to support its Know Your Customer / Know Your Business processes (KYC/KYB) - vital for protecting financial institutions against fraud, corruption, money laundering and terrorist financing.
— Polkadot (@Polkadot) May 4, 2023
This comes after it was reported on April 26 that there were over 300 crypto-related job opportunities available at Deloitte, at the time of writing, with almost all them being posted in the same week.
Meanwhile, a search for crypto related job openings at the other Big Four accounting Firms – Ernst & Young, KPMG, and PricewaterhouseCoopers – showed no results.
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