Deloitte, one of the top accounting firms, has integrated blockchain technology into its verification procedures to let users keep authentication information in a single digital wallet, streamlining the traditionally cumbersome procedures. Earlier this month, Deloitte stated that it has implemented the Polkadot parachain known as the KILT Protocol, making it possible to give its clients reusable digital credentials. The integration is intended to increase the effectiveness of Deloitte’s KYB and KYC verification procedures.
According to Deloitte, customary and frequently ineffective procedures, such as issuing KYC and KYB certifications manually and requesting multiple data entries for verification when only a single one is required, frequently add extra effort to the process. Additionally, these traditional authentication techniques expose client data to risk by storing data and personal information across various databases and platforms.
The data will be useful for various purposes, including private logins, e-commerce age verification, and legal conformity for decentralized finance and banking. The wallet will be kept on the customer’s device and will always be in their control, although Deloitte retains the right to change it if situations change.
“Deloitte’s digital signature is present on all credentials,” the company stated. “If a client’s situation changed after the information was provided, Deloitte can cancel it through blockchain.” The company also noted that setting up the digital wallet doesn’t require customers to have any previous blockchain understanding.
Deloitte’s public sector blockchain head, Wendy Henry, commented on the integration, saying, “Our aim is to build a platform that allows people to own and control their personal details while also providing a trustworthy and safe mechanism to share them with others. We are thrilled to be leading this shift because we believe that blockchain has the ability to completely transform how personal data is verified and managed.”
KILT Protocol creator Ingo Rübe claimed that the simplified identity solutions based on KILT allow users to employ verifiable digital identities across several services while keeping control over the timing and location of information sharing. It also gives enterprise partners the security and scalability they require.
Soon after Deloitte’s announcement, Polkadot stated through a tweet that Deloitte’s use of KILT’s solutions to enhance its KYB and KYC processes is important for protecting the company against criminal behavior. The announcement comes two weeks after Deloitte reported that it has more than 300 job openings relating to the cryptocurrency industry.
When a major accounting firm such as Deloitte takes up blockchain in its operations, the blockchain industry gets a major boost of its reputation and various companies such as Bit Digital Inc. (NASDAQ: BTBT) could harvest the effects of such good press.
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