PwC Tests Blockchain System for Authenticating Employee Credentials
PriceWaterhouseCoopers (PwC), one of the Big Four audit firms, has announced that it is piloting a new blockchain-based platform for confirming the trustworthiness of employee credentials. The trial is being done in partnership with the Institute of Chartered Accountants of Scotland (ICAS).
On February 13, PwC unveiled “Smart Credentials” platform that uses blockchain to issue, store and safely share digital certificates related to professional qualifications of employees.
In order to conduct the trial in partnership with ICAS, PwC employees, who have successfully completed their chartered accountancy course in the last two years, are being given digital certificates uploaded on the blockchain. The certificates will also become part of the unique digital wallet offered to those who have completed the chartered accountant course.
PwC has claimed that the tamper proof nature and decentralized structure of blockchain can considerably nullify fraudulent activities. The consultancy firm argues that risks and costs associated with the qualification screening process is greatly minimized while appointing new people and at the same time streamlines the certificate issuing process by institutions and regulators.
The blockchain-based platform also provides a safe alternative to paper credentials, which are vulnerable to loss and can be expensive to replace.
Those who issue certificates will have no need to satisfy additional requirements to save credentials on their in-house systems, minimizing the burden on their infrastructure. As the certificates are stored on the digital wallets of owners, professionals can revise them in line with personal improvement and may offer or cancel their visibility to evaluators. Furthermore, PwC claims that the system boosts confidence in the authenticity of employee records.
Smart Credentials is touted as a blockchain powered platform the can offer “verified, trusted and irrefutable [digital] identities” across multiple fields;
Steve Davies, global blockchain leader at PwC, has announced that:
“Blockchain was designed to allow participants to share data without needing intermediaries. No one party has central ownership, so individuals get more control over their personal data. […] You can also see the potential in any case where credentials are earned and continually updated – such as medical professionals, pilots or safety engineers.”
It can be remembered that Japanese multinational company Sony and IT equipment services firm Fujitsu announced their intention to pilot blockchain for improving the integrity of educational course documents and information on students’ grade.
PwC continues to make huge progress in the blockchain and cryptocurrency sector worldwide. The company has already invested in VeChain, a China-based IoT blockchain network. Additionally, the company has also set up an in-house cryptocurrency accelerator program and blockchain for its employees who are more than 1000 in number.