Deloitte, the top accounting platform, has carried out the integration of blockchain technology to permit consumers to keep their validation credentials. With the help of the respective integration, the clients can store the credentials in one digital wallet. With this endeavour, the platform is likely to streamline the usually ineffective validation procedure.
Deloitte’s Blockchain Integration Enables the Storage of Digital Credentials
Deloitte made a statement on the 4th of this month. In that announcement, the company mentioned that the blockchain technology entitled “KILT” has been integrated with it. The platform has integrated Polkadot parachain for offering digital credentials to clients that can be reused. The target of the integration is to enhance Deloitte’s Know Your Business (KYB) and Know Your Customer (KYC) validation procedures.
The KYB as well as the KYC certificates are paper-based. In addition to this, identity validation requests require diverse data points when just one is required. These things often generate additional work in the procedure. Moreover, the respective conventional validation processes keep personal information and data across diverse databases and platforms. In this way, the data privacy of the clients is placed at risk.
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The credentials will have several use cases. the respective use cases take into account regulatory abidance for decentralized finance (DeFi) and banking institutions, e-commerce-related age verification, fundraising, and private logins. The storage of the wallet will be carried out on the devices of the consumers and they will always be the controllers thereof. However, Deloitte can modify if any change is witnessed in the circumstances.
Deloitte Can Revoke Credentials with the Usage of Blockchain
As mentioned by Deloitte in its statement, the company digitally signs the credentials. They can be revoked by the platform with the use of blockchain if changes are witnessed after the issuance of the credentials. As added by the firm, no prior blockchain-related knowledge is needed from the consumers for the establishment of the credential wallet. KILT Protocol’s founder Ingo Rübe stated that the KILT-built identity solutions are streamlined and permit the consumers to utilize digital credentials that can be validated on diverse services.
Along with this, the platform maintains control over where and when to get personal information shared. He added that, as a parachain at Polkadot, the project also offers the security and scale required by the enterprise collaborators. After the announcement, Polkadot shared on Twitter that the KILT’s solutions will be leveraged by Deloitte to back its KYB and KYC procedures as it is important to confront any illegitimate activity.