Deloitte, a prominent accounting firm, has incorporated blockchain technology to allow users to store their verification credentials in a single digital wallet as an attempt to simplify the often inefficient verification procedures.
On May 4, Deloitte announced in a statement that it has integrated the KILT Protocol, a Polkadot parachain technology, to provide its clients with reusable digital credentials. With this integration, Deloitte’s KYC and KYB verification processes will become more efficient.
According to Deloitte’s statement, standard processes such as the issuance of Know Your Customer (KYC) and Know Your Business (KYB) certificates on paper and the requirement of multiple data points for identity verification when only one is necessary are typically inefficient and result in additional work in the process.
Furthermore, these conventional verification methods store data and individual information across numerous platforms and databases, endangering the privacy of customer data.
The credentials will be used for a variety of purposes, including fundraising, age verification for e-commerce, private logins, and regulatory compliance for banking and decentralized finance (DeFi).
While the wallet will remain under the control of the customer and stored on their device, Deloitte keeps the ability to adjust if circumstances change. Credentials issued by Deloitte are digitally signed, and if the conditions of the customer change after the credential are issued, they can be revoked using blockchain technology.
The firm further said that setting up the credential wallet does not require clients to have any prior knowledge of blockchain technology.
According to Ingo Rübe, the founder of KILT Protocol, the identity solutions built on KILT enable customers to use verifiable digital credentials across multiple services while maintaining control over sharing personal information. Furthermore, KILT offers the essential scalability and security level that corporate collaborators need as a Polkadot parachain.
Shortly after the announcement on May 4, Polkadot tweeted that using KILT’s solutions to support Deloitte’s KYC and KYB procedures is essential for protecting the company against illicit activities.
This follows news on April 26 that Deloitte had over 300 crypto-related job openings, almost all of which were listed within the same week.
The other Big Four accounting companies, Ernst & Young, KPMG, and PricewaterhouseCoopers, did not have any job postings connected to cryptocurrencies.