In partnership with Polkadot, the Big Four accounting firm Deloitte has implemented blockchain technology to enable customers to store verification credentials in a single digital wallet, thereby streamlining “typically inefficient” verification procedures.
Deloitte announced on May 4 that it has integrated KILT Protocol technology — a Polkadot parachain — to issue reusable digital credentials to its clients. The integration will enhance Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
Standard and “typically inefficient” processes, such as issuing KYC and KYB certificates on paper and requiring multiple data points for identity verification when only one is needed, create “extra work in the process,” according to Deloitte’s statement.
Moreover, these traditional verification procedures store data and personal information across multiple platforms and databases, risking consumer data privacy.
The credentials will support multiple use cases, such as regulatory conformance 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, as noted in the statement, Deloitte reserves the right to modify it if circumstances change.
“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 consumers do not need prior knowledge of blockchain to set up the credential wallet.
Ingo Rübe, the founder of KILT Protocol, stated that the streamlined identity solutions based on KILT enable customers to use verifiable digital credentials across multiple services while retaining control “over when and where to share personal information.”
As a Polkadot parachain, it also offers the “scalability and security that enterprise partners require,” he added.
Shortly after the announcement, Polkadot tweeted on May 4 that Deloitte’s use of KILT’s solutions to support its KYC and KYB processes is crucial to protecting against illicit activity.
This follows allegations on April 26 that Deloitte had more than 300 crypto-related job openings, almost all posted within the same week.
In the meantime, searching for crypto-related job openings at Ernst & Young, KPMG, and PricewaterhouseCoopers yielded no results.
