The Center for Blockchain Technologies in University College London has concluded a pilot program that enabled 2016 and 2017 MSc graduates to register degree details on the blockchain.
It is a pilot program meant to show how blockchain can prevent academic fraud. In the United States, for instance, fake PhDs issues every year than real ones. The platform was developed by a London-based startup called Gradbase.
Paolo Tasca, Executive Director of UCL CBT said,
“We are very happy to have collaboration with Gradbase on a pilot which is the UK first. The UCL CBT is playing a leading role in enabling the use of Blockchain technology in the education sector, and we believe that, in the future, such technology will become mainstream”.
The platform enabled verification of authenticity of these documents. Transactions validating the authenticity of the degrees were issuing through Bitcoin. Now, anyone with interest, for instance, wanting to hire the graduates, can scan a QR Code released to the graduates to verify the credentials. The graduates can place the QR Code on their CVs, business cards or professional profiles.
The Centre for Blockchain Technologies (CBT) has acted as a research hub for Bitcoin and related innovations. It also helps connect developers and regulators in blockchain and cryptocurrencies. CBT also provides consultancy to industry members, knowledge-transfer activities and in-house solutions.
In addition to solving identity theft, storage of information and data on blockchain is also secure making it hard for modification of these documents and hacking. It is also being exploring for identity management projects.
Blockchain would also make it easier for firms needing to verify many applications. Usually, the procedures are lengthy and complicates as companies perform for background checks. Sometimes it involves manual processes. CareerBuilder said sometimes ago that 1 out of 4 firms do not conduct the tests at all. Thus, due to the complicated and lengthy procedures.