Deloitte's Recent Blockchain Embrace: Benefits To Clients

As a leading global professional services firm providing audit, consulting, tax, and advisory services to clients around the world, Deloitte is reportedly embracing blockchain tech with the integration of Keyless Infrastructure Layer Token (KILT) blockchain technology for issuing reusable digital credentials to support Know Your Customer (KYC) and Know Your Business (KYB) processes.

KILT is a blockchain-based protocol that enables the secure and verifiable exchange of digital credentials.

KYC is a process used by organizations to verify the identity of their customers including collecting and verifying customer information such as name, address, date of birth, etc.

KYB is also a process used by organisations to verify the legitimacy of their business partners.

Off the back of the Deloitte deal is the fact that the credentials have multiple use cases, including regulatory compliance for banking and Decentralised 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.

Conclusion

Deloittes's recent embrace of blockchain technology offers a number of benefits to clients. 

These include increased security and transparency, improved efficiency and cost savings, and enhanced data accuracy and integrity.

Blockchain technology also offers clients the ability to quickly and securely transfer assets, track transactions, and store data in a secure and immutable manner.

Additionally, blockchain technology can help clients reduce the risk of fraud and increase trust in their business operations.