Deloitte, a leading accounting firm, is planning to adopt Blockchain technology to establish digital Credentials. The reusable credentials have multiple use cases, such as regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins, and fundraising. As per the sources the reusable digital credentials will be anchored on KILT blockchain. It is believed that this adoption will make the process more effective as well as efficient.
Micha Bitterli, head of Deloitte Managed Services, said,”Digital credentials that are convenient, cost-effective and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.”
Deloitte is integrating the KILT blockchain, a Polkadot parachain focusing on decentralized identities and verifiable credentials, Polkadot announced on May 4. It will use KILT to support its know-your-customer (KYC) and know-your-business (KYB) processes, which are vital to protect institutions against fraud, corruption, money laundering, and other crimes.
KILT is an identity blockchain for generating decentralized identifiers (DIDs) and verifiable credentials, providing secure, practical identity solutions for enterprise and consumers. KILT brings the traditional process of trust in real-world credentials (passport, driver’s license) to the digital world, while keeping data private and in possession of its owner.
With reusable KYC and KYB credentials generated using KILT’s identity infrastructure, credentials are stored inside the users’ wallets on their own devices. This gives the user complete control over their data at all times. It is up to the user to decide how and which data points of their credentials they share, and with whom. Deloitte will also provide a credential wallet as a convenient browser extension to make managing and exchanging credentials easier. As a result, the customer would not need prior knowledge of blockchain throughout the simple wallet setup process.
KYC and KYB checks are the processes used to confirm people’s identities and the legitimacy of their businesses. The current procedures, however, are time-consuming for clients and ineffective for verifiers because the conventional paper-based certifications need additional processing work.
It will come in handy for safeguarding financial institutions against fraud, money laundering, corruption, and terrorist funding. The gathering and storage of personal data across numerous platforms also pose an additional risk to consumer data privacy. Additionally, the existing verification procedures produce single-use certificates only.
Ingo Rübe, CEO of BOTLabs and founder of KILT Protocol, said, ”With streamlined identity solutions “Built on KILT”, customers can use verifiable digital credentials across multiple services, while retaining control over when and where to share their personal information.”