Deloitte, one of the world’s largest accounting firms, is integrating blockchain technology to streamline its verification processes. The firm has partnered with KILT Protocol, a Polkadot parachain, to allow customers to store their verification credentials in a single digital wallet. The integration aims to make Deloitte’s Know Your Customer (KYC) and Know Your Business (KYB) processes more efficient. The credentials can be used for various purposes, including age verification for e-commerce, fundraising, private logins, and regulatory compliance for banking and decentralized finance (DeFi). The digital wallet will be stored on the customer’s device and remain under their control at all times, while Deloitte retains the ability to modify if circumstances change.

Traditional verification procedures are time-consuming, and data and personal information are stored across multiple platforms and databases, which increases the risk of data breaches. Deloitte believes that using blockchain technology to issue reusable digital credentials will help prevent data breaches and protect consumers’ privacy. The credentials will be digitally signed by Deloitte, and the company can revoke them using blockchain technology if conditions of the customer have changed after the credential was issued.

Deloitte is not the only accounting firm exploring blockchain technology. In April 2023, there were over 300 crypto-related job opportunities available at Deloitte, with almost all of them being posted in the same week. On the other hand, searching for crypto-related job openings at the other Big Four accounting firms, Ernst & Young, KPMG, and PricewaterhouseCoopers, showed no results. The move shows that Deloitte is committed to exploring blockchain technology and is taking a proactive approach to stay ahead of the competition.

The credentials can be used for age verification for e-commerce, which is a significant issue for the industry. Most e-commerce websites have an age verification process in place to ensure that minors are not purchasing age-restricted products, such as alcohol and tobacco. The process typically involves entering a date of birth or verifying an ID, which can be time-consuming and intrusive. Using digital credentials for age verification will simplify the process and make it more efficient.

In addition, the credentials can be used for fundraising, private logins, and regulatory compliance for banking and decentralized finance (DeFi). DeFi is a rapidly growing industry, and the need for regulatory compliance is becoming more important. Traditional financial institutions are subject to strict regulations, and DeFi platforms are likely to face the same level of scrutiny. Using blockchain technology for regulatory compliance will ensure that transactions are transparent and can be audited if necessary.

Overall, Deloitte’s integration of blockchain technology to issue reusable digital credentials is a significant development.