Deloitte plans to improve its clients’ user experience by integrating digital credentials based on the KILT decentralized infrastructure.
Deloitte, one of the Big Four accounting firms, announced a partnership with BOTLabs, the developer of the KILT protocol. The collaboration is aimed at using the KILT blockchain network, which is a Polkadot parachain, to host digital credentials of Deloitte’s clients.
Using digital credentials will increase the efficiency of Know Your Customer (KYC) and Know Your Business (KYB) procedures and make them easier to pass. Deloitte customers will also be able to use decentralized credentials in other procedures, including:
- identity verification for e-commerce;
- regulatory compliance for banking;
- dealing with decentralized finance;
- private logins;
- fundraising, etc.
Users will be able to store their credentials in a crypto wallet. This, among other things, will increase the privacy of their personal information. The wallet will be provided by Deloitte and will be a browser extension. Users will store and manage the wallet on their own, it won’t require any specific knowledge.
Users will retain control over when and where to share personal information. At the same time, the credentials will contain Deloitte’s digital signature, which will allow the company to revoke them if necessary, for example.
Micha Bitterli, Head of Deloitte Managed Services, believes that “convenient, cost-effective, and secure [digital credentials] have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming.”
“As a Polkadot parachain, KILT offers the scale and security needed by enterprise partners,” adds Ingo Rübe, Founder of KILT Protocol.
Previously, Deloitte analysts identified several key reasons why blockchain technology would transform the commercial real estate market in the near future.
