- March 29, 2019
- Posted by: BlockX
- Category: Blockchain
Big Four audit and consultancy startup PwC (PriceWaterhouseCoopers) is conducting a trial of its Blockchain-powered platform. The new technology is designed to ensure the authentication of employee credentials. PwC’s trial, which was launched in partnership with ICAS (Institute of Chartered Accountants of Scotland), was revealed via a press release on February 28.
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The “Smart Credentials” platform, unveiled on February 13, reportedly uses a Blockchain to issue, store and share digital certificates securely for employee credentials.
For the trial, PwC’s employees, who are qualified chartered accountants with ICAS in the last two years, are issued a Blockchain-based certificate from the institution. This certificate will be its unique digital wallet.
PwC Believes the Initiative Will Reduce the Risks and Cost of Screening Prospective Employee Qualifications
PwC asserts that the Blockchain’s decentralized system as well as its tamper-proof architecture can significantly facilitate the exposure of fraud. The Big Four audit and consultancy firm argue that this will reduce the risks and costs of verifying the qualifications of prospective employees during on-boarding it also argues that it will simplify the process of the issuance of a certificate for regulators and institutions.
The new offering also provides a secure alternative to traditional paper credentials. Paper credentials are susceptible to loss and can be difficult to replace.
For certificate issuers, the new Blockchain platform places no requirements when it comes to storing credentials on their in-house systems. This lessens the burden on their infrastructure. When certificates stored on digital wallets, professionals will be able to update them according to their personal development. They will be able to revoke or provide their visibility to reviewers. As for employers, the system will bolster confidence when it comes to authenticating employee credentials.
PwC has continued to make multiple strides into the Blockchain and crypto sectors on a global scale. The startup has made investments around the world (particularly in China-based IoT Blockchain network VeChain). PwC has also initiated an in-house crypto and Blockchain accelerator program for 1,000 of its employees.
Major Saudi ATM Provider Enters Partnership With Blockchain Identity Platform
Saudi ATM provider Alhamrani Universal has gone into a collaboration with Blockchain identity startup ShoCard. According to the February 27 press release, the partnership was facilitated by the need to develop a Blockchain-based biometric ATM.
The accord will see Alhamrani and ShoCard build a new type of ATM. The new machines will combine Blockchain technology and biometrics to complete a five-factor authentication step. The ATM will allow users to use a Blockchain -backed application and facial recognition. This is opposed to the traditional personal identification numbers that have been used in fund withdrawals.
New ATMs to Communicate Across Banks in the Region and Confirm Users Without Accessing Bank Databases
The new ATMs will reportedly communicate across banks within the region. The deployment of the Blockchain technology into the system will let it confirm user identities without having to access bank databases. The CEO and founder of ShoCard, Armin Ebrahimi, said the blockchain “protects individual identities while confirming the data that banks have to verify when confirming a withdrawal is legit.”
Alhamrani Universal was founded in 198. The ATM provider is arguably the largest in the Middle East. It has over 50% of the ATM market share in the region.