Deloitte employs blockchain for digital credentials

Share IT

Key takeaways:

  • Deloitte introduces a blockchain-based digital wallet for credential verification.
  • The companies announced their partnership with KILT Protocol creator BOTLabs GmbH and their use of KILT’s blockchain technology.

The Big Four accounting company Deloitte has partnered with Polkadot to use blockchain technology, allowing consumers to keep verification credentials in a single digital wallet and improving “typically inefficient” verification processes.

To facilitate the issuing of reusable digital credentials to its clients, Deloitte stated in a statement that it has integrated KILT Protocol technology, a Polkadot parachain. The Know Your Customer (KYC) and Know Your Business (KYB) verification processes at Deloitte are intended to be more effective as a result of the integration.

With this action, Deloitte has joined the Polkadot ecosystem as the most recent significant enterprise partner. The digital credentials in context  will have a wide range of applications, including fundraising, age verification for e-commerce, private logins, and legal compliance for banking and decentralised finance (DeFi).

Deloitte retains the right to alter the wallet even though it will be kept on the customer’s device and be in their full custody at all times as stated in the statement. 

Traditional KYC and KYB procedures frequently need several data points and paper-based credentials, are repetitious, and are inefficient. Deloitte hopes to address these issues and give clients more control and flexibility over their digital credentials by utilising KILT’s identity infrastructure.

While granting users control over their personal data, KILT Protocol permits the issuing of reusable digital credentials that can be used with various applications. Deloitte will give the client a wallet as part of the integration so they can manage and distribute their credentials. This new function will be a browser extension that can be installed without any prior blockchain understanding.

According to Micha Bitterli, Head of Deloitte Managed Services, digital authentication credentials rooted on the KILT blockchain have the ability to create new digital marketplaces that range from e-commerce and DeFi to gaming.

It’s vital to remember that Deloitte has previously expanded their collaboration to well-known figures in the web 3 industry.  The collaboration between Deloitte and NYDIG, the top bitcoin startup, was revealed last summer. The strategic alliance was completed to assist firms in many industries adopt the usefulness of virtual assets in their operations. 

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!