Deloitte uses blockchain for digital credentials

The credentials will "have multiple use cases," including regulatory compliance for banking and decentralized finance, e-commerce age verification, private logins, and fundraising.

The Inefficiencies of Traditional Verification

KYC and KYB Processes

Know Your Customer (KYC) and Know Your Business (KYB) verification processes are crucial for businesses to stay compliant with regulations and maintain a secure environment. However, these standard procedures can be time-consuming and inefficient.

Data Privacy Concerns

Traditional verification methods also involve storing data across multiple platforms and databases, which puts consumer data privacy at risk. The need for a more secure and streamlined solution is apparent.

Deloitte’s Solution: KILT Protocol Integration

Deloitte has announced the integration of KILT Protocol, a Polkadot parachain, to address the inefficiencies of traditional verification processes. This integration will enable the issuance of reusable digital credentials to its customers.

Reusable Digital Credentials

Customers can store these digital credentials in a single digital wallet. This makes it easier and safer for customers to access verification credentials. By making the verification process easier, Deloitte hopes to make its Know Your Customer (KYC) and Know Your Business (KYB) systems work better.

Use Cases

The digital credentials can be used for various purposes, such as regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins, and fundraising.

Customer Control and Deloitte’s Oversight

While the digital wallet will be stored on the customer’s device and remain under their control at all times, Deloitte retains the ability to modify or revoke credentials using blockchain technology if circumstances change.

No Prior Blockchain Knowledge Needed

Customers do not need any prior knowledge of blockchain technology to set up the digital credential wallet, making the solution user-friendly and accessible.

KILT Protocol and Polkadot Ecosystem

Benefits of KILT Protocol

KILT Protocol founder Ingo Rübe stated 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.

Polkadot Parachain

As a Polkadot parachain, KILT Protocol also provides the scale and security needed by enterprise partners like Deloitte.

Importance of KYC and KYB for Deloitte

Polkadot highlighted the significance of Deloitte leveraging KILT’s solutions to support its KYC and KYB processes, as it helps safeguard the company against illegal activities.

Deloitte’s Crypto-Related Job Opportunities

Deloitte has recently posted over 300 crypto-related job opportunities, reflecting the company’s growing interest in blockchain and digital assets.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button