We do this all the time. For example, we create a certificate that has to be renewed every year. In the same course, we create a new activity (sometimes just copy the previous activity), create a new certificate, link it to the new activity. We hide the old certificate and old activity.
We use this for trainer renewals. They have taken the face to face intense course. Come back every year to renew and see what has changed. We can match their names with their student names to make sure the student received instruction from a qualified person.