Renowned accounting firm among the Big Four, Deloitte integrates blockchain technology into its services. The integration will simplify the typically inefficient verification processes.
Deloitte's announcement on May 4 validated the integration of KILT Protocol technology. This protocol operates as a Polkadot parachain. This integration utilizes blockchain development services to facilitate the issuance of reusable digital credentials to clients. Digital certificates have different applications, including regulatory compliance for banking and decentralized finance (DeFi), private logins, age verification for e-commerce, and fundraising purposes.
This integration will boost the efficiency of Deloitte's Know Your Business (KYB) and Know Your Customer (KYC) verification processes.
Problems with Traditional System
KYC/KYB process validates an individual's identity or business's existence. But, this process is often redundant for customers and inefficient for the verifying firm due to the following reasons:
- The current KYC/KYB certificates are usually paper-based, which results in additional effort for processing.
- Conventionally, identity verification processes need various data points, even though only a single data point like DOB (date of birth) or country of residence is enough.
- A verifier and customer get a certificate after the verification check. The verifier can only use this certificate once. Further, the customer doesn't get the certificate.
Suggested Read | Blockchain for KYC | A Solution to Eradicating Inefficiencies
Deloitte’s Solution
Deloitte integrates blockchain KILT's identity infrastructure to tackle all the aforementioned issues related to KYB and KYC verification processes. Its reusable digital credentials give greater control and flexibility to customers. They can store the credentials in their own device's wallet.
Read the Entire Blog: Deloitte Integrates Blockchain for Digital Credentials
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In recent times businesses are drift to the next level with digitalization.
New innovative technologies have a lead way to the next level in the business.
There are industries utilizing Blockchain technology on their business operations as it helps them to enhance their business.
Before moving to the industry using the blockchain we will see about the Blockchain.Blockchain TechnologyBlockchain is a network of interconnected data blocks, it has a distributed ledger which contains the details of the transactions held on the network.
Blockchain has three important features which make it a well-secured platform for the business, Immutable, Transparency, and Decentralized.Immutable- it is a property in which once the transaction held on the blockchain can not be altered by any others.
They provide tamper-proof for your data from hackers.Transparency- It is Property in which transaction held on the Blockchain are viable to all the parties/persons involved in the transactions Decentralization - It is a property in which it eliminates third-party authentications(Bank), it helps to have direct connection among the peoples and it avoids 3rd parties like banks.We will see the industries adopting blockchain technologyFinancial OrganizationFinancial organizations reserve assets with coveted value, thus they must ensure high levels of security for clients.
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