Irish Impact Report

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Deloitte’s first unique crypto-wallet

Our blockchain consulting team created Deloitte’s first digital wallet for the management of digital assets

  • Deloitte is a world leader in innovation and delivers cutting-edge solutions to our clients. In 2019, our blockchain consulting team created Deloitte’s first digital wallet for the management of digital assets on VeChain for enterprise-level clients.

At the heart of everything we do is a set of Shared Values which serve as the basis for the decisions we make and the actions we take, enabling us to deliver impact how and where it matters most for Deloitte clients, our people, our communities and our planet. One such value is to lead the way – by utilising our unmatched scale, scope, skill and service excellence, our goal is to not only to lead the profession but also reinvent it for the future. A project that has given us the opportunity to share and execute this shared value is the development of our first unique crypto-wallet.

At Deloitte, we believe that blockchain is less a technical learning curve than adapting to a new way of thinking, something that our people understand. Our teams have taken this new way of thinking on board and have used it to create communities and ecosystems that enable new business models. Delving into this new way of thinking, we believe that blockchain is the technology that will have the greatest impact on the world over the next few decades.

To realise a client’s vision, our blockchain consulting team devised innovative approaches to well-known complications of key recovery, blockchain search performances and user transaction cost. By using cryptography, a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it, our team developed a unique wallet, circumventing known limitations associated with scaled blockchain use cases.

The reach that this unique development will have makes the solution hugely impactful, not only for the client, but for thousands of their customers, who can finally approach the blockchain world in a straightforward and hassle-free manner. Our team has not only raised the standards across a number of dimensions for end users of blockchain but has created opportunities for our client to develop many new features. The technology allows users to securely store their digital assets locally on their phone, send and receive assets and recover assets if the wallet is lost, all without needing to have knowledge about blockchain technology.

The unprecedented functionalities of this crypto-wallet will impact an entire technology ecosystem and community, and the solution itself can be used in security, transfer and accreditation of international standards, logistics, manufacturing, pharmaceuticals, security, consumer products and any other industry that uses digital certificates.

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