One of the “Big Four” accounting firms, Deloitte, is in the forefront of the adoption of blockchain technology to transform the issue of digital credentials.
KILT’s blockchain technology will be used to create reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes, the firms stated in partnership with BOTLabs GmbH, creator of the KILT Protocol.
Streamlining verification procedures and enhancing data privacy are the two goals of the creative solution.
Reusable credentials for transforming verification
Commonly requiring several data points and paper-based credentials, traditional KYC and KYB processes are repetitious and wasteful.
Deloitte hopes to address these issues and give clients more control and flexibility over their digital credentials by utilising KILT’s identity infrastructure.
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