Cardano (ADA) has been making waves lately for a variety of reasons. First, the price of the coin is up from .03 USD to 1.21 USD over the course of a mere three months. That’s an increase of almost 40 times (4000%)! The jump in price could be attributed to the growth of cryptocurrency market, money flowing toward altcoins, and new investors. Cardano has experienced an increase of over 1300%. The price of Cardano is now sitting at 1.21 USD while the market cap of the digital currency is sitting at $31,261,824,572. The coin is seeing a healthy amount of trade volume as well.
Cardano has always positioned itself as a coin that is academia-based and peer-reviewed that seeks to integrate the best aspects of all the significant cryptocurrencies on the market to create the best coin possible. The team has started work on the coin in 2015 and found willing participants pre-purchasing their coin in Japan over the course 2015-2017.
The institution of Cardano is made of three players, the Cardano Foundation, Emurgo and Input Output Hong Kong (IOHK).
Cardano and Academia
It may then come as no surprise that Cardano is finding utility in an academic environment. It has roots in the sector, so it only makes sense to cater to them from the start, right?
The use case that Cardano is bringing to academia is that graduates of the Greek University system may be able to prove that they are, indeed, graduates, by pointing to the blockchain.
The Greek Research and Technology Center, a prominent research organization in the country of Greece, is in the process of testing on a blockchain based way to verify certificates of graduation.
This initial pilot project will contribute to their research on the blockchain; the institution will be working with one of the contributors to the Cardano Network, IOHK. The collaboration between Input Output Hong Kong will move the pilot along, with IOHK implementing the verification protocols for the diplomas. The verification will take place on the blockchain of the growing cryptocurrency, Cardano.
This seems to be the first project that will be utilizing the Cardano blockchain; the results could help show the world the value that Cardano could bring to the crypto-ecosystem.
The GRNET application will be created with Enterprise Cardano, a permissioned ledger of the cryptocurrency. A permissioned ledger allows only some people who are permitting to verify the transactions that take place in the blocks.
At the present moment, there is a trio of universities in the country of Greece that have signed up to participate in the pilot. Input Output Hong Kong, the research and development firm, will be assisting with technical aspects like their decentralized database. The Greek Research Organization will be working on the user interface aspect of the project (front end) and will be in charge of signing up more higher learning academic organizations.
The Rationale for working on Diplomas
Incorporating the blockchain into the process allows for the minimization and even elimination of paperwork from the deployment of diplomas. With the new version, people simply have to check and verify with the blockchain.
The Blockchain allows for consensus across the board with aspect of privacy.
Panos Louridas, a collaborator on the project, states:
“You don’t really need a blockchain to store diplomas: a simple system with some digital signatures by the host institution would do. We want to be able to record that somebody has asked for proof of a degree, that the proof has been granted, that the proof has been forwarded to a verifier, and that the verifier can verify that the degree is valid, and nobody can dispute any of the above steps.”