Deloitte and KILT Protocol Integrate Blockchain for Digital Credentials

May 7, 2023

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Deloitte has with KILT Protocol’s creators to revolutionize KYC and KYB processes.

Integrating Blockchain for Digital Credentials

Deloitte and KILT Protocol have teamed up to integrate blockchain technology for issuing reusable digital credentials to support Know Your Customer (KYC) and Know Your Business (KYB) processes. The new solution aims to streamline verification processes, improve data privacy, and provide customers greater control over their credentials.

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 and . Applications opening soon.

— Deloitte Switzerland (@DeloitteCH)

Transforming Verification with Reusable Credentials

Traditional KYC and KYB processes tend to be inefficient and repetitive, often requiring multiple data points and paper-based certificates. By leveraging KILT’s identity infrastructure, Deloitte aims to solve these challenges and grant customers greater control and flexibility over their digital credentials.

Customers can store their credentials in a wallet on their devices, allowing them to choose with whom they share their information and which data points to disclose. Deloitte has developed a browser extension as a credential wallet, enabling customers to set up and manage their credentials effortlessly without any prior blockchain knowledge.

Deloitte’s Digital Credentials for Various Marketplaces

Micha Bitterli, Head of Deloitte Managed Services, stated that digital credentials anchored on the KILT blockchain have the potential to open new digital marketplaces, ranging from e-commerce and decentralized finance (DeFi) to gaming. The company digitally signs the credentials and can revoke them using blockchain technology if a customer’s conditions change after issuance.

KILT Protocol’s Streamlined Identity Solutions

KILT Protocol founder Ingo Rübe said that the streamlined identity solutions built on KILT allow customers to use verifiable digital credentials across multiple services while maintaining control “over when and where to share personal information.” As a Polkadot parachain, it also provides the “scale and security needed by enterprise partners,” he added.

1/ – the world’s biggest accounting firm – is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the parachain to enhance its identity protocols.

— Polkadot (@Polkadot)

Deloitte’s Growing Interest in Cryptocurrency and Blockchain

Deloitte began actively seeking individuals with cryptocurrency expertise to join its team. A LinkedIn search revealed over 300 available positions in the United States, including roles such as Blockchain & Digital Assets Manager and Tax Manager for Blockchain & Cryptocurrency.

Conclusion

The expansion of Deloitte’s crypto-focused workforce indicates the firm’s continued support for Web3 and digital assets. The integration of KILT’s blockchain technology for digital credentials is yet another example of Deloitte’s dedication to revolutionizing traditional processes and embracing the future of digital asset technology.

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