{"id":4429,"date":"2023-05-07T09:10:52","date_gmt":"2023-05-07T13:10:52","guid":{"rendered":"http:\/\/leadingcryptonews.com\/deloitte-integrates-blockchain-for-digital-credentials\/"},"modified":"2023-05-07T09:10:52","modified_gmt":"2023-05-07T13:10:52","slug":"deloitte-integrates-blockchain-for-digital-credentials","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/deloitte-integrates-blockchain-for-digital-credentials\/","title":{"rendered":"Deloitte integrates blockchain for digital credentials"},"content":{"rendered":"


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Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to streamline the \u201ctypically inefficient\u201d verification processes.<\/p>\n

In a May 4 statement, Deloitte announced it has integrated KILT Protocol technology \u2014 a Polkadot\u00a0parachain \u2014 to enable the issuance of reusable digital credentials to its customers. The integration aims to improve the efficiency of Deloitte\u2019s\u00a0Know Your Customer (KYC) and Know Your Business (KYB) verification processes.<\/p>\n

In the statement, Deloitte said the standard and \u201ctypically inefficient\u201d processes, including KYC and KYB certificates being issued on paper, and identity verification requests requiring multiple data points when only one is needed, often create \u201cextra work in the process.\u201c<\/p>\n

Additionally, these traditional verification procedures store data and personal information across multiple platforms and databases, placing consumer data privacy at risk.\u00a0<\/p>\n

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Establish a digital identity with Deloitte and keep control of your data, sharing only the data you want to share. We are launching a credential verifier, in partnership with @Kiltprotocol and @Polkadot. Applications opening soon. #KYC #Blockchain #Web3https:\/\/t.co\/NDkUf9XMqk<\/p>\n

\u2014 Deloitte Switzerland (@DeloitteCH) May 4, 2023<\/p><\/blockquote>\n

The credentials will serve various use cases, including regulatory compliance for banking and decentralized finance (DeFi), age verification for e-commerce, private logins and fundraising.<\/p>\n

While the wallet will be stored on the customer\u2019s device and remain under their control at all times, Deloitte retains the ability to modify if circumstances change, as noted in the statement:<\/p>\n

\u201cCredentials are digitally signed by Deloitte. Deloitte can revoke credentials using blockchain technology if conditions of the customer have changed after the credential was issued.\u201d<\/p><\/blockquote>\n

The company added that no prior knowledge of blockchain is required from customers to set up the credential wallet.<\/p>\n

Related: <\/strong>Deloitte dives into immersive experiences as more industries turn to Web3<\/strong><\/p>\n

KILT Protocol founder Ingo R\u00fcbe said that the streamlined identity solutions built on KILT allow customers to use verifiable digital credentials across multiple services while maintaining control \u201cover when and where to share personal information.\u201d<\/p>\n

As a Polkadot parachain, it also provides the \u201cscale and security needed by enterprise partners,\u201d he added.<\/p>\n

Polkadot tweeted shortly after the announcement on May 4, saying that Deloitte leveraging KILT\u2019s solutions to support its KYC and KYB processes is vital for safeguarding itself against illegal activity.<\/p>\n

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2\/ Deloitte will leverage KILT\u2019s reusable digital identity credentials to support its Know Your Customer \/ Know Your Business processes (KYC\/KYB) – vital for protecting financial institutions against fraud, corruption, money laundering and terrorist financing.<\/p>\n

\u2014 Polkadot (@Polkadot) May 4, 2023<\/p><\/blockquote>\n

This comes after reports on April 26 that there were over 300 crypto-related job opportunities available at Deloitte, with almost all of them being posted in the same week.<\/p>\n

Meanwhile, searching for crypto-related job openings at the other Big Four accounting firms, Ernst & Young, KPMG and PricewaterhouseCoopers, showed no results.<\/p>\n

Magazine: Magazine: Joe Lubin: The truth about ETH founders split and \u2018Crypto Google\u2019<\/strong><\/p>\n<\/div>\n


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Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to streamline the \u201ctypically inefficient\u201d verification processes. In a May 4 statement, Deloitte announced it has integrated KILT Protocol technology \u2014 a Polkadot\u00a0parachain \u2014 to enable the issuance of reusable digital credentials to its […]<\/p>\n","protected":false},"author":1,"featured_media":4430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"\nDeloitte integrates blockchain for digital credentials - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/deloitte-integrates-blockchain-for-digital-credentials\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deloitte integrates blockchain for digital credentials\" \/>\n<meta property=\"og:description\" content=\"Big Four accounting firm Deloitte has integrated blockchain technology to allow customers to store verification credentials in a single digital wallet to streamline the \u201ctypically inefficient\u201d verification processes. 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