Deloitte, one of the Big Four accounting firms, has announced the integration of blockchain technology to streamline the verification processes. The integration aims to improve the efficiency of Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes. Customers will be able to store verification credentials in a single digital wallet. In a May 4 statement, Deloitte announced the integration of KILT Protocol technology to enable the issuance of reusable digital credentials to its customers. The credentials will “have multiple use cases,” including regulatory compliance for banking and decentralized finance, age verification for e-commerce, private logins and fundraising.
According to Deloitte, standard and “typically inefficient” processes, including KYC and KYB certificates being issued on paper and identity verification requests requiring multiple data points when only one is needed, often create “extra work in the process.” Additionally, these traditional verification procedures store data and personal information across multiple platforms and databases, placing consumer data privacy at risk. By using the KILT Protocol technology, Deloitte will reduce the risk of privacy violations.
The credentials will be digitally signed by Deloitte and can be revoked using blockchain technology if the customer’s circumstances have changed after the credential was issued. Customers will be able to set up the credential wallet without prior knowledge of blockchain. While the wallet will be stored on the customer’s device and remain under their control at all times, Deloitte retains the ability to modify it if circumstances change.
With the integration of blockchain technology, Deloitte aims to improve the efficiency of the verification processes and offer a secure way for customers to store their credentials while reducing the risk of privacy violations. Deloitte’s use of blockchain technology to streamline these processes is an example of the increasing adoption of blockchain technology by the financial industry.