Deloitte’s Move to a More Efficient Verification Process
Big Four accounting firm Deloitte has integrated KILT Protocol technology to provide customers with a single digital wallet for storing verification credentials. This Polkadot parachain aims to improve the efficiency of Deloitte’s KYC and KYB processes, which are often considered “typically inefficient.”
Blockchain Integration to Enhance Data Privacy
Traditional verification procedures store data across multiple platforms and databases, placing consumer data privacy at risk. Deloitte’s new digital credentials will address these concerns, serving various use cases such as regulatory compliance for banking and DeFi, age verification for e-commerce, private logins, and fundraising.
Digital Wallets Under Customer Control
Customers will have control over their digital wallets stored on their devices, but Deloitte retains the ability to modify credentials if circumstances change. Ingo Rübe, KILT Protocol founder, said that the streamlined identity solutions allow customers to maintain control over personal information sharing.
Polkadot’s Role in Enterprise Security
As a Polkadot parachain, KILT Protocol provides the scale and security needed by enterprise partners, according to Rübe. Polkadot also praised Deloitte’s integration of KILT solutions, emphasizing their importance in safeguarding against illegal activity in KYC and KYB processes.
Growing Interest in Crypto-Related Jobs at Deloitte
This announcement follows reports of over 300 crypto-related job opportunities at Deloitte, showcasing the company’s growing interest in the field. In contrast, other Big Four accounting firms had no crypto-related job openings at the time of the report.