Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to streamline the “typically inefficient” verification processes.
In a May 4 statement, Deloitte announced it has integrated KILT Protocol technology — a Polkadot 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.
In the statement, Deloitte said the standard and “typically inefficient” processes, including KYC and KYB certificates being issued on paper, and identity verification requests requiring multiple data points when only one is needed, often create “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
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 customer’s 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.”
The company added that no prior knowledge of blockchain is required from customers to set up the credential wallet.
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KILT Protocol founder Ingo Rübe said that the streamlined 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 “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 reports on April 26 that there were over 300 crypto-related job opportunities available at Deloitte, with almost all of them being posted in the same week.
Meanwhile, searching for crypto-related job openings at the other Big Four accounting firms, Ernst & Young, KPMG and PricewaterhouseCoopers, showed no results.
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Author: Ciaran Lyons