PwC trials blockchain-based Smart Credentials platform with ICAS

Consulting firm PwC has announced that it is trialing its blockchain-based Smart Credentials platform.

The Smart Credentials platform gives the owner of a credential control of their data, while simplifying the process for regulators or institutions who issue credentials, as well as the reviewers who need to check them. It will help reduce exposure to fraud.

In a press release dated February 28, PwC said that the platform is being trialed by its staff who have qualified with the Institute of Chartered Accountants of Scotland (ICAS) in the last two years.

The pilot involves the ICAS issuing a blockchain-based digital certificate to the “owner” – a person who recently qualified chartered accountant at PwC. This digital certificate will be a part of their digital wallet and can be updated with ongoing personal development and be shared with others on request in a safe and secure way.

“Issuing a credential on blockchain allows them [organisations issuing qualifications] to offer a new and trusted digital service for their clients and improve efficiencies,” PwC said.

“For reviewers (e.g. employers), it allows for someone’s credentials to be validated more simply and could reduce both risk and cost in the qualification screening process.”

PwC said that the platform has the potential to expand to other identity use cases such as medical professionals, pilots and safety engineers.

“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,” Steve Davies, global blockchain leader at PwC, said.

“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.”