Deloitte, one of the Big Four incorporates blockchain technology into its services. Now, its users can store their verification credentials in a single wallet. This step removes the unnecessary verification processes.
On May 4 2023, Deloitte announced its integration of KILT Protocol, a open-source blockchain platform for creating Web 3.0 identities. These digital identities are verifiable, anonymous, and revocable. The protocol’s blockchain development solutions enable the distribution of reusable digital credentials to users.
Age verification for online transactions, private logins, fundraising, and regulatory compliance for banking and decentralized finance are some of the uses of digital certificates. This integration can improve the efficiency of Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
Issues with Traditional System
Identity verification is the main objective of a KYC/KYB check. But, this process is unnecessary for users and inefficient for verifying firms due to the following reasons:
- The existing KYC/KYB certificates are usually paper-based, bringing an additional effort for processing.
- Identity verification processes require different data points, even though a single data point is sufficient.
- Gathering and storing personal information in platforms and databases increases the chances of consumer data privacy breaches.
- The verification check gives a certificate that a verifier and user can only use once. Further, the customer doesn't get the certificate.
Suggested Read | Blockchain for KYC | A Solution to Eradicating Inefficiencies
Deloitte’s Solution
To increase the efficiency in KYC/KYB verification processes, Deloitte integrates blockchain KILT's identity infrastructure integration. The firm is now providing reusable digital credentials to its clients.
Individuals have more control and flexibility by storing credentials in their device's wallet. Additionally, they can select the data points they want to share with whom.
Customers can utilize a web extension as a credential wallet from Deloitte to share and manage their credentials easier. The setup of this wallet is simple and hassle-free. Further, it doesn't require users to be familiar with blockchain technology.
Customers can store their wallets on devices and completely control them. However, Deloitte will keep the right to change credentials if the conditions of the customer will change.
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The customer will store credentials on their devices and will have complete control over it. But, Deloitte will hold the ability to change it in the event of a change in circumstances.
Read the entire story: Deloitte Integrates Blockchain for Digital Credentials
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