Deloitte enters the Polkadot ecosystem to issue reusable digital credentials Deloitte enters the Polkadot ecosystem to issue reusable digital credentials
Deloitte will issue signed credentials leveraging the KILT blockchain. Users can manage their credentials using a browser extension wallet.
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Updated: May. 4, 2023 at 4:59 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Deloitte, one of the world’s largest accounting firms, is integrating the KILT blockchain, a Polkadot parachain focusing on decentralized identities and verifiable credentials, Polkadot announced on May 4.
Deloitte will use KILT to support its know-your-customer (KYC) and know-your-business (KYB) processes, which are vital to protect institutions against fraud, corruption, money laundering, and other crimes.
According to KILT, the typical KYC/KYB process is laden with inefficiencies. It sometimes involves verifying paper-based documents and customer data is stored across multiple platforms, creating privacy risks. Moreover, after the verification, a certificate is issued, which can only be used once by the verifier while the customer never receives the certificate.
With reusable KYC and KYB credentials generated using KILT’s identity infrastructure, credentials are stored inside the users’ wallets on their own devices. This gives the user complete control over their data at all times. It is up to the user to decide how and which data points of their credentials they share, and with whom. To help users manage and share their credentials, Deloitte will offer a wallet as a browser extension.
Ingo Rรผbe, CEO of BOTLabs and founder of KILT Protocol, said:
โWith streamlined identity solutions โBuilt on KILTโ, customers can use verifiable digital credentials across multiple services, while retaining control over when and where to share their personal information.”
The reusable credentials have multiple use cases, such as regulatory compliance for banking and Decentralized Finance (DeFi), age verification for e-commerce, private logins, and fundraising.
Micha Bitterli, Head of Deloitte Managed Services, said:
โDigital credentials that are convenient, cost-effective and secure have the potential to open new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology knowledge, reach and trust to issue credentials that are globally accepted.โ
The issued credentials are signed by Deloitte and the firm can revoke them using blockchain if there are any changes to a user’s status after the credentials were issued.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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Deloitte
Deloitte is an international professional services network that provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500ยฎ and thousands of private companies..