New Delhi: Deloitte, a leading accounting firm, has introduced blockchain applications to enable customers to store verification credentials using a single digital wallet. This initiative is intended to streamline the verification processes and improve Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) authentication methods. According to reports, the firm will use the KILT Protocol to implement the reusable digital credentials for customers.
Deloitte stated that traditional verification practices could be inefficient and result in extra work in the process, which can also compromise consumer data privacy. The firm highlighted that these standards require many data points when one could suffice. The credentials are expected to help situations such as banking regulatory compliances, decentralised finance (DeFi), age verification for e-commerce, private logins and fundraising, with the wallet remaining under customers’ control.
According to reports, Deloitte stated that the credentials would be digitally signed, and the firm can revoke them using blockchain technology if the customer’s conditions have changed since the credential was issued. The new process will eliminate the need for traditional verification practices that require sensitive personal information to be stored on centralised databases and platforms, which can pose a risk to consumer data privacy.
By leveraging blockchain technology, Deloitte aims to offer more efficient and secure verification processes that can reduce the time and effort needed for KYC and KYB authentication. This initiative also aligns with the growing adoption of decentralised finance (DeFi), which relies on blockchain technology to streamline processes and reduce operational inefficiencies.
Overall, Deloitte’s adoption of blockchain technology to enhance verification processes is a step towards a more efficient and secure future for the finance industry.