Big Four audit and consultancy firm PriceWaterhouseCoopers (PwC) is conducting a trial of its new blockchain-powered platform for ensuring the integrity of employee credentials. The trial, launched in partnership with the Institute of Chartered Accountants of Scotland (ICAS), was announced in a PwC press release published on Feb. 28.
For the trial with ICAS, PwC employees, who have qualified as chartered accountants at the Institute within the past two years, are being issued with a blockchain-based certificate from ICAS that becomes part of their unique digital wallet.
PwC contends that blockchain’s decentralized and tamper-proof architecture can significantly mitigate exposure to fraud. The firm argues that this reduces the risks and costs of screening qualifications when on-boarding employees, as well as simplifies the process of certificate issuance for regulators and institutions. It also provides a secure alternative to paper credentials, which are susceptible to loss and can be costly to replace.
“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.”
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