Image: ShutterstockWith the KILT blockchain in use for such digital credentials, customers of Deloitte holding such credentials will be able to use them for a wide array of services.
Digital credentials could be reused multiple times from now for a variety of purposes, thanks to a partnership between global services firm Deloitte and blockchain company BOTlabs GmbH.
Deloitte has mentioned in a press release the cumbersome procedures for its verification processes, including Know Your Customer or Know Your Business. The company mainly aims to improve the efficiencies of such verification processes for its customers.
Some of the inconveniences faced due to such verification processes, as stated by Deloitte, include paper being used for KYC and KYB certificates, several data points being requested from customers instead of one, numerous platforms used for storing the personal information of customers, and only a one-time use certificate.
Deloitte’s resolve to use blockchain technology in solving these problems will lead to a single wallet storing the digital credentials, with the customer retaining flexibility and control. The digital credentials could also be reused for tasks like age verification, private logins, banking and DeFi, and others.
“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,” said the head of Deloitte Managed Services, Micha Bitterli.
He stated that the KILT blockchain’s integration with verification processes could create efficient and reusable digital credentials.
While Deloitte would be signing the digital credentials, it could also have an edge through blockchain technology to cancel the credentials of a customer if its conditions change after the issuance of the credentials.
The entire collaboration with blockchain would, thus, ensure more transparency in the process.
The CEO of BOTLabs GmbH, Ingo Rübe, also welcomed the new digital credentials being developed while mentioning the security and scale of the KILT blockchain.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash