JAKARTA - Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to speed up a "usually inefficient" verification process.
In a statement on May 4, Deloitte announced that it has integrated the KILT Protocol technology - a Polkadot parachain - to allow the issuance of digital credentials that can be reused to its customers. This integration aims to improve the efficiency of the Deloitte Know Your Customer (KYC) and Know Your Business (KYB) verification process.
In a statement, Deloitte said that standard and "usually inefficient processes," including KYC and KYB certificates issued on paper, and requests for identity verification that require multiple data points even though only one is needed, often creating "additional jobs in the process."
In addition, this traditional verification procedure stores personal data and information on several platforms and databases, which risk the privacy of consumer data.
These credentials will serve various use cases, including regulatory compliance for decentralized banking and finance (DeFi), age verification for e-commerce, personal login, and fundraising.
While wallets will be stored on the customer's device and remain under their control at all times, Deloitte still has the ability to modify it if there is a change in state, as noted in his statement.
"Customers do not require prior knowledge of blockchain to set up a credential wallet," the company added, quoted by Cointelegraph.
KILT Protocol founder, Ingo R\"ube, said that integrated identity solutions built on KILT allow customers to use verifiable digital credentials across services while still controlling "when and where to share personal information." As a Polkadot parachain, KILT also provides "scale and security required by partner companies," he added.
Polkadot also posted on Twitter on May 4 that Deloitte used KILT's solution to support its KYC and KYB processes to protect against illegal activity.
This comes after a report on April 26 showed that Deloitte had more than 300 crypto-related job opportunities, almost all of which were posted in a week. Meanwhile, crypto-related job vacancies search at three other Big Four accounting firms, Ernst & Young, KPMG, and PricewaterhouseCoopers, showed no results.
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