Deloitte will use the KILT blockchain technology to create digital credentials that could have multiple use cases
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.
With 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.
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.