Deloitte, a Big Four accounting company, has integrated blockchain technology to enable users to keep verification credentials in a single digital wallet, streamlining “usually cumbersome” verification processes.
Deloitte stated on May 4 that it has incorporated KILT Protocol technology, a Polkadot parachain, to enable the issuing of reusable digital credentials to its customers.
The integration will help Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification procedures run more smoothly.
Traditional verification techniques store data and personal information across various platforms and databases, jeopardising the privacy of consumer data.
The new digital wallet will be retained on the customer’s device and remain under their control at all times, Deloitte retains the ability to modify it if circumstances change.
Customers do not need any prior knowledge of blockchain to set up the credential wallet, according to the business.
