Deloitte, an accounting firm, has added blockchain applications to permit customers’ storage of verification credentials using one digital wallet to streamline the verification processes, as stated by Cointelegraph.
According to Cointelegraph, Deloitte revealed about KILT Protocol’s utilisation to allow usage of reusable digital credentials for customers. It’s believed that the initiative will help grow Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) authentication methods.
Based on Cointelegraph’s information, Deloitte stated the norm and “typically inefficient” operations, and identity verification standards needing many data points when one can suffice, can result in “extra work in the process.” Furthermore, these traditional verification practices keep data and personal information confidential through platforms and databases, which can take a toll on consumer data privacy. Reportedly, the credentials will help situations such as banking regulatory compliances, decentralised finance (DeFi), age verification for e-commerce, private logins and fundraising, with the wallet staying under customers’ hold.
“Credentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued,” Deloitte stated.
(With insights from Cointelegraph)