Deloitte launches blockchain-based digital wallet for verification credentials
Deloitte, one of the Big Four accounting firms, has announced the integration of blockchain technology to enable its customers to store verification credentials in a single digital wallet. The credential wallet, which is provided as a browser extension, will allow customers to streamline the “typically inefficient” verification processes such as Know Your Customer (KYC) and Know Your Business (KYB).
According to a press release on May 41, Deloitte has partnered with KILT Protocol, a Polkadot parachain that provides identity infrastructure for Web 3.0 applications. KILT Protocol enables the issuance of reusable digital credentials that can be used across multiple services, while giving customers control over their personal data.
Deloitte stated that the current verification processes are often paper-based, repetitive and time-consuming, and pose risks to consumer data privacy. By using blockchain technology, Deloitte aims to improve the efficiency and security of the verification processes, as well as create new digital marketplaces for e-commerce, decentralized finance (DeFi), gaming and other sectors.
Micha Bitterli, Head of Deloitte Managed Services, said2: “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.”
The credential wallet will be stored on the customer’s device and remain under their control at all times. The customer can choose which data points of the credential they want to share with different verifiers. Deloitte will digitally sign the credentials and can revoke them using blockchain technology if the customer’s conditions change after the credential was issued.
Ingo Rübe, CEO of BOTLabs GmbH and founder of KILT Protocol, said2: ”With streamlined identity solutions “Built on KILT”, customers can use verifiable digital credentials across multiple services, while retaining control over when and where to share their personal information. And as a Polkadot parachain, KILT offers the scale and security needed by enterprise partners.”
The credential wallet does not require any prior knowledge of blockchain by the customer and can be set up in a straightforward and seamless process. Deloitte said it will launch a credential verifier application soon and invite customers to apply for it.
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