Big Four accounting firm Deloitte has integrated blockchain technology to allow clients to store verification credentials in a single digital wallet to streamline โtypically inefficientโ verification processes.
on a may 4th statementDeloitte announced that it has integrated KILT Protocol technology, a Polkadot parachain, to enable the issuance of reusable digital credentials for its clients. Integration aims to improve Deloitte's efficiency Know your customer (KYC) and Know Your Business (KYB) verification processes.
In the statement, Deloitte said standard and "typically inefficient" processes, including KYC and KYB certificates that are issued on paper, and identity verification requests that require multiple data points when only one is needed, often create "additional 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.
Establish a digital identity with Deloitte and stay in control of your data, sharing only the data you want to share. We are launching a credential checker, in partnership with @Kiltprotocol and @Moles. Opening of applications soon. #KYC #chain of blocks #Web3
https://t.co/NDkUf9XMqkโ Deloitte Switzerland (@DeloitteCH) May 4, 2023
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 client's device and will remain under their control at all times, Deloitte retains the ability to modify if circumstances change, as stated in the statement:
โThe credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if the client's conditions have changed after the credential was issued."
The company added that no prior knowledge of blockchain is required by customers to set up the credential wallet.
Related: Deloitte plunges into immersive experiences as more industries turn to Web3
KILT Protocol founder Ingo Rรผbe said the simplified identity solutions built on KILT allow customers to use verifiable digital credentials across multiple services while maintaining control "over when and where to share personal information."
As a Polkadot parachain, it also provides the โscale and security that enterprise partners need,โ he added.
Polkadot tweeted shortly after the announcement on May 4, saying Deloitte leveraging KILT solutions to support its KYC and KYB processes is vital to guarding against illegal activity.
2/ Deloitte will leverage KILT's reusable digital identity credentials to support its Know Your Customer / Know Your Business (KYC/KYB) processes, vital to protecting financial institutions against fraud, corruption, money laundering and financing of terrorism.
โPolkadot (@Polkadot) May 4, 2023
This comes after reports on April 26 that there were 300+ cryptocurrency related job opportunities available from Deloitte, and almost all were published in the same week.
Meanwhile, searching for cryptocurrency-related job openings at the other big four accounting firms, Ernst & Young, KPMG, and PricewaterhouseCoopers, returned no results.
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