Renowned accounting firm among the Big Four, Deloitte integrates blockchain technology into its services. The integration will facilitate clients in storing their verification credentials in a single digital wallet. The goal is to simplify the typically inefficient verification processes.
Deloitte's announcement on May 4 confirmed the integration of KILT Protocol technology, which operates as a Polkadot parachain. This integration uses blockchain development services to enable the issuance of reusable digital credentials to clients. The digital certificates have various use cases that encompass regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins, and fundraising purposes.
The firm expects this integration to enhance the efficiency of Deloitte's Know Your Customer (KYC) and Know Your Business (KYB) verification processes.
Challenges with Traditional System
The main objective of conducting a KYC/KYB check is to validate an individual's identity or business's existence. However, this process is often redundant for the customer and inefficient for the verifying entity due to various reasons:
- The current KYC/KYB certificates are usually paper-based, which results in additional effort for processing.
- Identity verification processes require multiple data points, even when a single data point like DOB (date of birth) or country of residence is sufficient.
- Collecting and storing personal data across multiple platforms and databases increases the risk of consumer data privacy breaches.
- The verification check produces a certificate that a verifier and customer can only utilize once. Also, the customer doesn't receive the certificate.
Suggested Read | Blockchain for KYC | A Solution to Eradicating Inefficiencies
Deloitte’s Solution
Deloitte integrates blockchain KILT's identity infrastructure integration to solve several issues related to KYB and KYC verification processes by providing reusable digital credentials. Customers have greater control and flexibility as they can store the credentials in their own device's wallet. And they can decide which data points they wish to share with whom.
To facilitate the management and sharing of these credentials, Deloitte is providing customers with a browser extension as a credential wallet. Setting up this wallet is a straightforward and seamless process that doesn't require any blockchain knowledge from the customers.
Customers will store wallets on their devices and completely control them. But, Deloitte will retain the capability to modify it in the event of a change in circumstances.
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