Deloitte turns to blockchain for improved KYC processes
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Big Four accountancy firm Deloitte has confirmed its integration of blockchain technology as part of its offering to address the shortcomings of Know Your Customer (KYC) processes.
The integration was announced in a May 4 press release, with Deloitte revealing its new partnership with KILT, a Polkadot parachain focused on digital credentials. KILT will assist Deloitte with issuing reusable digital credentials.
Several use cases can be derived from the integration, including its application in traditional finance, decentralized finance (DeFi), private login, age verification and fundraising. With privacy at the core of the offering, Deloitte added that the credentials generated on KILT would be in control of the customer on any device of their choice.
The accounting firm revealed that it would launch a “credential wallet” designed to act as a browser extension that would not require extensive blockchain knowledge to use. Deloitte signs all issued identification, and the firm has the right to revoke the signature according to specific requirements.
“Digital credentials that are convenient, cost-effective and secure have the potential to open up new digital marketplaces, from e-commerce and DeFi to gaming. Deloitte has the technology know-how, reach and confidence to issue credentials that are globally accepted,” said Micha Bitterli, Head of Deloitte Managed Services.
Both KILT and Deloitte confirm that the current KYC conditions are underwhelming due to several factors. Immediately, the use of paper-based KYC certificates that require multiple data points is seen as inefficient by Deloitte, “creating additional work in the process.”
Other challenges include storing consumer details across multiple platforms and the inability to use KYC details more than once. Finally, customers typically do not receive their KYC certificates and do not control how their sensitive data is distributed.
Deloitte’s Steady Blockchain March
Deloitte’s latest collaboration with KILT is no surprise, as the accounting giant has been increasingly leaning towards blockchain in recent months. In April, Deloitte announced job vacancies for 300 Web3 roles in the US, while other Big Four companies expressed no desire to go on a similar hiring spree.
Deloitte had dug its heels into the Web3 ecosystem after auditing Circle’s proof-of-reserves at the start of the year despite rejection from other audit firms. An earlier partnership was made with blockchain-based firm Vatom to offer metaverse offerings to a wide range of clientele.
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