Deloitte has partnered with KILT Protocol technology to offer reusable digital credentials to its customers. The aim is to simplify Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) verification processes by storing verification credentials in a single digital wallet. This process will replace the traditional, inefficient processes that involve KYC and KYB certificates being issued on paper and identity verification requests requiring multiple data points when only one is necessary.
The use of the blockchain-backed technology aims to safeguard customer data privacy and maintain control of personal information while reducing extra work in the verification process. The credentials will be useful for regulatory compliance for banking and decentralized finance, age verification for e-commerce, private logins, and fundraising. Deloitte stated that customers are not required to have prior knowledge of blockchain technology to set up the credential wallet. The wallet will remain under the customer’s control, but Deloitte retains the ability to modify it if circumstances change.
