One of the "Big Four" accounting firms, Deloitte, is in the forefront of the adoption of blockchain technology to transform the issue of digital credentials.
KILT's blockchain technology will be used to create reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes, the firms stated in partnership with BOTLabs GmbH, creator of the KILT Protocol.
Streamlining verification procedures and enhancing data privacy are the two goals of the creative solution.
Reusable credentials for transforming verification
Commonly requiring several data points and paper-based credentials, traditional KYC and KYB processes are repetitious and wasteful.
Deloitte hopes to address these issues and give clients more control and flexibility over their digital credentials by utilising KILT's identity infrastructure.
Customers can pick who they share their information with and which data points to divulge by storing their credentials in a wallet on their devices.
With the help of a browser plugin that serves as a credential wallet created by Deloitte, consumers can easily set up and manage their credentials without any prior blockchain expertise.
Digital credentials anchored on the KILT blockchain, according to Micha Bitterli, Head of Deloitte Managed Services, have the potential to develop new digital marketplaces, ranging from e-commerce and decentralised finance (DeFi) to gaming.
The credentials are digitally signed by the company, and if a customer's circumstances change after issue, it can revoke them using blockchain technology.
Verifiable digital credentials built on KILT may be utilised across numerous applications while enabling users to maintain control over their personal information, according to Ingo RĂ¼be, CEO of BOTLabs GmbH and creator of the KILT Protocol.
Growing interest in crypto currency
Late in April 2023, Deloitte started actively looking for people with bitcoin knowledge to join its team.
Over 300 opportunities are open in the US, including titles like Tax Manager for Blockchain & Cryptocurrency and Blockchain & Digital Assets Manager, according to a LinkedIn search.
Contrasting with its "Big Four" rivals Ernst & Young, KPMG, and PricewaterhouseCoopers, which currently display no results for crypto-related job postings, Deloitte's rising interest in the domain of cryptocurrencies.
Deloitte's decision to increase the number of employees with a focus on cryptocurrencies shows that it continues to support Web3 and digital assets. In order to offer immersive experiences across diverse industries, Deloitte teamed up with Web3 platform Vatom in February.
Another illustration of Deloitte's commitment to modernising established procedures and embracing the future of digital asset technology is the incorporation of KILT's blockchain technology for digital credentials.
