Deloitte, one of the “Big Four” accounting firms, is pioneering the integration of blockchain technology to revolutionize the issuance of digital credentials.
In collaboration with BOTLabs GmbH, developer of the KILT Protocol, the companies announced the use of KILT’s blockchain technology to issue reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes.
The innovative solution aims to streamline verification processes and improve data privacy.
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.
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.
Ingo Rübe, CEO of BOTLabs GmbH and founder of KILT Protocol, emphasized that verifiable digital credentials built on KILT can be used across multiple services while allowing customers to retain control over their personal information.
Deloitte’s growing interest in cryptocurrency and blockchain
In late April 2023, 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.
Deloitte’s growing interest in the crypto space contrasts with its “Big Four” counterparts – Ernst & Young, KPMG, and PricewaterhouseCoopers – which currently show no results for crypto-related job openings.
The expansion of Deloitte’s crypto-focused workforce indicates the firm’s continued support for Web3 and digital assets. In February, Deloitte partnered with Web3 platform Vatom to provide immersive experiences across various industries.
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.
