Partnering with BOTLabs GmbH, Deloitte will issue new digital credentials to their users, which will be powered by blockchain technology
Deloitte has recently published a press release where it stated how current verification processes like Know Your Customer (KYC) or Know Your Business (KYB) for its customers could be more efficient. The company has intended to solve the problem by launching new digital credentials for its customers that would be backed by the KILT blockchain protocol.
Owing to a collaboration between blockchain firm BOTlabs GmbH and Deloitte, the new digital credentials could be reused by their users for a variety of tasks.
The KILT blockchain will enable the holders of these credentials to store them in a single, thereby streamlining the process while also retaining control. Users could also be flexible in using these credentials for banking purposes, different verification processes, private logins, and other tasks.
There are several problems faced by Deloitte’s users currently, including paperwork for verification processes, multiple data points being requested in place of one, privacy concerns due to various platforms storing users’ information, and a single-time use certificate.
Micha Bitterli from Deloitte said, “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.”
Ingo Rübe, CEO of BOTLabs GmbH, also vouched for the KILT blockchain’s security and scale, which would help the new digital credentials.
While users will benefit from the multiple use cases of their digital credentials, Deloitte will also be able to achieve higher transparency from their users through the blockchain.