Deloitte uses the KILT Protocol, a blockchain-based system for creating reusable digital credentials, to speed up verification procedures for a variety of use cases.
- To speed up the verification process, Deloitte has integrated KILT Protocol technology that enables users to keep verification credentials in a single digital wallet.
- For Deloitte to protect itself from unlawful behavior, using KILT’s technologies to support its KYC and KYB processes is essential.
Deloitte’s Integration
To enable consumers to maintain verification credentials in a single digital wallet, Deloitte, one of the Big Four accounting companies, has embraced blockchain technology. By enhancing the effectiveness of Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes, this integration seeks to streamline the formerly ineffective verification processes.
Integration of KILT Protocol Technology
Issuing reusable digital credentials to consumers is now possible thanks to Deloitte’s integration of KILT Protocol technology, a Polkadot parachain, which was disclosed on May 4. Polkadot is a blockchain network that offers the scalability and security that business partners want, and it is the foundation upon which the KILT Protocol technology is constructed. Deloitte can now provide reusable digital credentials that can be used for various activities, such as age verification for online transactions, private logins, and fundraising, thanks to the integration of KILT Protocol technology.
Improving Inefficient Verification Processes
Deloitte stated that the customary and frequently ineffective procedures, such as the paper-based KYC and KYB certificates, often add extra labor to the verification process. Identity verification queries also make the system more difficult by requesting many data points when only one is required. Additionally, these conventional verification methods store data and individual information across numerous platforms and databases, endangering consumer data privacy.
Streamlined Identity Solutions
Customers can use valid digital credentials across numerous services with the integration of KILT Protocol technology, keeping discretion over when and where to divulge personal information. The customer will always have access to and control over the credentials, which will be saved on their device, with Deloitte having the option to update them if necessary.
Revoking Credentials Using Blockchain Technology
Deloitte digitally signs the credentials, which can be withdrawn if conditions change after they are issued, thanks to blockchain technology. This adds protection and control while enabling users to manage their digital credentials efficiently.
No Prior Knowledge of Blockchain Required
According to Deloitte, customers do not need any prior blockchain experience to set up the credential wallet. This means that regardless of their familiarity with blockchain technology, anyone may manage their verification credentials using the digital credential wallet.
Polkadot’s Tweet
Shortly after the announcement, Polkadot, the blockchain network on which KILT Protocol technology is based, stated that Deloitte’s use of KILT’s solutions to support its KYC and KYB processes is essential for protecting itself against criminal activities.
Deloitte’s Crypto-Related Job Opportunities
In addition to using blockchain technology, Deloitte is also increasing the number of employment openings in the cryptocurrency industry. According to reports on April 26, there were over 300 job openings at Deloitte that had anything to do with cryptocurrencies, and almost all of them had been listed during the previous week. This shows that Deloitte is dedicated to developing its expertise in crypto and actively looking for people to support its initiatives.
Conclusion
Customers may now maintain their verification credentials in a single digital wallet thanks to the incorporation of blockchain technology into Deloitte’s verification operations, which streamlines the formerly cumbersome procedures. Reusable digital credentials that work with multiple services can be issued thanks to the incorporation of KILT Protocol technology. The credentials will be saved on the customer’s device and will always be in their possession; Deloitte has the right to update them if the situation changes. Customers can successfully manage their digital credentials thanks to the integration’s added security and control. A further indication of Deloitte’s commitment to developing its expertise in the crypto field is the increase in its job opportunities relating to cryptocurrencies.
