Big Four accounting firm Deloitte has integrated blockchain technology to enable its customers to verify themselves with a single credential 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 issue reusable digital credentials to streamline Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
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
https://t.co/NDkUf9XMqk
The integration is intended to enhance the efficiency of the typical procedures that create “extra work in the process.”
The statement cited paper-based certificates and identity verification requests requiring multiple data points as examples of these typical verification procedures that are inefficient and repetitive.
Additionally, the traditional verification processes that store data and personal information across multiple platforms and databases were noted to put consumer data privacy at risk.
The credential wallet will be provided as a browser extension and customers can set it up without any prior knowledge of blockchain.
While customers will have access to their credentials in the wallet, Deloitte retains the ability to modify them 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.”Related: Deloitte dives into immersive experiences as more industries turn to Web3
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 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, 2023This comes after it was reported on April 26 that there were over 300 crypto-related positions available at Deloitte, 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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