The blockchain technology is expanding from its once-conventional setting in financial markets. Due to its offered capabilities, the technology is being tested and adopted by some of the biggest business firms and shipping corporations in the world, and one of the most recent initiatives in this regard now comes in the form of an academic verification system.
The UCL Center for Blockchain Technologies at the University College London (UCL CBT) recently announced a blockchain based pilot project that will be used to verify academic credentials.
With this initiative, the UCL CBT intends to streamline the verification process that is integral to major companies’ hiring process. Since that process sometimes requires additional steps and time from the end of the university staff, this initiative aims to improve it.
Gradbase will utilize its functions in order to implement comprehensive yet timely processes for verification, while aiming to cut costs and time involved with the conventional execution of such procedures.
By executing the project, the stakeholders aim to demonstrate how effectively the blockchain technology can be used in various sectors.
The scientific director of the UCL CBT, Professor Tomaso Aste, shared similar thoughts.
“The pilot will show that blockchain technology can be used outside of the financial sector,” Aste said. “It will boost the CVs of students, providing proof of concept for the future potential to reduce universities’ burden processing verification requests and cut down the cost and time to verify qualifications for employers.”
How will the procedure work?
Academic Credentials are too easy to fake at the moment. Anyone with a printer and the ability to tell a lie could fake certification and get a job they’re not really qualified for. The blockchain is the perfect solution.
Since blockchain works through a distributed ledger technology (DLT), it ensures that any data which is updated to the blockchain remains transparent and accessible while also being secure and tamper proof.
These functionalities ensure that any verification which is being performed by the system is accurate at all times and has not been changed by any party without recorded information.
Building upon this concept, the pilot project will focus on providing almost-instant verification to users of the system.
During the initial steps of this project, MSc Financial Risk Management graduates will get the ability to provide a QR code to potential employers and relevant parties that might want to verify their academic credentials.
The QR code can then be utilized by the verifying parties through relevant systems, and that will result in them obtaining verification information through the Bitcoin blockchain. This is not just provided instantly, but will also come with the assurance of being completely authentic.
While definitely a great step, this initiative is not the only one of its kind to be introduced in recent times.
It had been announced earlier this month by GRNET, Greece’s national research and education network, that it has partnered with IOHK to utilize the Cardano blockchain in order to develop and implement an academic verification system.
Great news for blockchain
Initiatives like this only go on to show that the blockchain technology is not limited to be used in cryptocurrencies or even simply in financial institutions. While it might take some time for these solutions to be adopted by institutions on a massive level, it would not be incorrect to state that these initial steps will be leading blockchain towards something greater in the future.