Among the Big Four, Deloitte has incorporated blockchain technology into its range of services. The integration will simplify the inefficient verification process wherein users can store their verification credentials in a single wallet.
On May 4, Deloitte announced the integration of KILT Protocol technology, operating as a Polkadot parachain. This association employs blockchain development services to permit the issuance of reusable digital credentials to clients. Deloitte projects that this integration will make its Know Your Customer (KYC) and Know Your Business (KYB) verification procedures more efficient.
Challenges with Traditional System
Challenges associated with traditional KYC/KYB processes are the following:
- Conventional KYC/KYB certificates are usually paper-based, requiring additional effort for processing.
- Even though a single data point like DOB (date of birth) or origin is sufficient, traditional identity verification processes ask for multiple data points.
- Collecting and storing personal data across multiple platforms and databases increases the risk of consumer data privacy breaches.
- A certificate is generated by the verification check, which a verifier and customer may only use once. Additionally, the certificate is not given to the purchaser.
Suggested Read | Blockchain for KYC | A Solution to Eradicating Inefficiencies
Deloitte’s Solution
Deloitte uses blockchain KILT's identity infrastructure to tackle various challenges related to KYB and KYC verification processes by giving reusable digital credentials. Customers have more flexibility and control over their credentials. They can store them in their own device's wallet and only they have the authority to share their data points with others.
To simplify the management and sharing of these credentials, Deloitte is giving customers a browser extension as a credential wallet. This wallet's setup is simple and hassle-free, and users don't need to be familiar with blockchain technology.
The customer will store the wallet on their device and completely control it. But, Deloitte will retain the capability to modify it in the event of a change in circumstances.
Read the Entire Story: Deloitte Integrates Blockchain for Digital Credentials
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