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Big 4 accounting firm Deloitte has integrated blockchain technology to allow its customers to verify themselves with a single credential wallet in a bid to streamline “usually inefficient” verification processes.
In a May 4 announcement, Deloitte announced that it has integrated KILT’s blockchain technology, the Polkadot Parachain (DOT), to issue reusable digital credentials to streamline Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a credential verifier, in partnership with @Kiltprotocol and @Polkadot. Applications opening soon. #KYC #Blockchain #Web3
https://t.co/NDkUf9XMqk— Deloitte Switzerland (@DeloitteCH) May 4, 2023
The integration is intended to improve the efficiency of typical procedures that create “extra work in the process”.
The statement cites paper certificates, identity verification requests requiring multiple data points, and storage of personal information across multiple platforms as examples of these typical verification procedures that are inefficient and repetitive.
It was added that such processes also pose more risks to clients.
The credential wallet will be provided as a browser extension and customers will be able to set it up without any prior knowledge of the blockchain.
While customers will have access to their wallet credentials, Deloitte retains the ability to change them if circumstances change, as noted in the statement:
“The credentials are digitally signed by Deloitte. Deloitte may revoke credentials using blockchain technology if the customer’s conditions have changed since the credentials were issued.”
Related: Deloitte dives into immersive experiences as more industries move to Web3
Ingo Ruebe, founder of KILT Protocol, said streamlined identity solutions built on KILT allow customers to use verifiable digital credentials across multiple services while maintaining control over “when and where personal information is shared.”
As Polkadot’s parachain, it also provides “the scale and security required by enterprise partners,” he added.
Polkadot tweeted shortly after the May 4 announcement that Deloitte was using KILT solutions to support its KYC and KYB processes, which is vital for protecting against illegal activity.
2/ Deloitte will leverage KILT’s reusable digital identity credentials to support its Know Your Customer/Know Your Business processes (KYC/KYB) – vital for protecting financial institutions against fraud, corruption, money laundering and terrorist financing.
— Polkadot (@Polkadot) May 4, 2023
This comes after it was revealed on April 26 that Deloitte had over 300 crypto-related jobs available, almost all of which were posted in the same week.
Meanwhile, a search for cryptocurrency-related jobs at other Big Four accounting firms — Ernst & Young, KPMG and PricewaterhouseCoopers — came up empty.
