Deloitte is embracing blockchain tech with the integration of KILT blockchain technology for issuing reusable digital credentials to support KYC and KYB processes, a report by NewsNow has said.
Off the back of the deal, the credentials have multiple use cases, including regulatory compliance for banking and Decentralized Finance, age verification for e-commerce, private logins and fundraising.
Reusable KYB and KYC credentials, generated on KILT’s identity infrastructure, look to solve many of the challenges presented by KYC, while offering control and flexibility to the customer.
In order for the customer to manage and share their credentials, Deloitte is providing a credential wallet in the form of a browser extension, which aims to be a straightforward and seamless process that doesn’t require any blockchain knowledge by the customer.
Micha Bitterli, Head of Deloitte Managed Services, commented: “By offering reusable digital credentials anchored on the KILT blockchain, Deloitte is transforming verification processes for individuals and entities.
“Digital 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.”
Credentials are digitally signed by Deloitte – with the firm also being able to revoke credentials using blockchain tech if conditions of the customer have changed after the credential was issued.
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