PwC has announced the launch of its Smart Credential platform which harnesses blockchain technology to issue staff with digital versions of their certifications, which are then kept in virtual wallets.

The new platform is being trialled by PwC staff who have qualified with the Institute of Chartered Accountants of Scotland (ICAS) in the last two years.

According to PwC, Smart Credential is a secure and tamper-proof digital ledger that allows users to store, share and verify professional qualifications in real time.

PwC is hopeful that it could significantly reduce employers’ screening costs and help them to move away from paper credentials.

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“Blockchain is traditionally associated with financial uses given its link to cryptocurrencies, but there are a wealth of potential use cases for this emerging technology and one of them is in overcoming the challenges of digital identity,” said Steve Davies, global blockchain leader at PwC. “We’re seeing high demand for verified, trusted and irrefutable identities from many different types of organisations, but a common challenge for employers is ensuring that an applicant holds the credentials listed on their CV,” said Steve Davies, global blockchain leader at PwC.

“Like many others, I take pride in the certificate hanging on my wall but cannot take it down and share it when I need to, or keep a digital record of my ongoing professional development.”

He added: “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. In this first project with ICAS, the data is a Chartered Accountant certificate, but 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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