In order to streamline the “typically inefficient” verification processes, Big Four accounting firm Deloitte has integrated blockchain technology to let consumers keep verification credentials in a single digital wallet.
Deloitte Integrated with KILT Protocol for Digital Credentials
The company stated in a statement on May 4 that it has incorporated the Polkadot parachain technology known as the KILT to allow for the issuing of reusable digital credentials to its clients. The company’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes will be more effective with the integration.
Deloitte’s Views on the Issue
The company claimed in the statement that common and “typically inefficient” procedures, such as the paper-based issuance of KYC and KYB certifications and identity verification requests needing numerous data points when only one is required, frequently result in “extra work in the process.”
Furthermore, the privacy of customer data is in danger because of the widespread storage of data and personal information by these conventional verification methods across several platforms and databases
Credentials are digitally signed by the company. The company can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.
Deloitte
About Polkadot and KILT
The streamlined identity solutions based on KILT, according to KILT Protocol founder Ingo Rübe, enable users to use verifiable digital identities across a variety of applications while keeping control “over when and where to share personal information.” The “scale and security required by enterprise partners,” he continued, are also provided by it as a Polkadot parachain.
Immediately following the announcement on May 4, Polkadot tweeted that the company’s use of KILT’s solutions to support its KYC and KYB processes is essential for protecting itself against criminal behavior.
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