Cryptocurrency Latest New: Deloitte Comes With A New Credential Storage System

Deloitte comes up with a new system for users to store credentials in a single Blockchain-enabled wallet (using KILT protocol technology, a Polkadot-based technology). The goal behind this program is to streamline the verification processes across different platforms. If properly utlized, it can improve the KYC (Know Your Customer) and KYB (Know Your Business) processes.

According to Deloittle, existing verification processes are often inefficient because they need multiple data points, and often pose a threat to consumer security. The new credential system would have different use cases for DeFi, eCommerce, private logins and fundraising. Users can easily sign up and store these credentials digitally. The company can revoke the status if the circumstances change.