In a first of its kind, a project by the University of Basel in tandem with Swiss-based Blockchain startup Proxeus, will record and secure academic credentials using a digital ledger.
This application of blockchain will go on to solve a major pain point for recruiting firms globally – reviewing and fishing out fraudulent academic qualifications by job seekers.
The new model is built on Ethereum and will register course completion certificates on the blockchain using a unique hash code.
A department of the University of Basel, Centre for Innovative Finance (CIF), would be charged with the responsibility of verifying and registering new student certificate, while on the front end, a special tool will allow the general public access to stored records will be developed.
Speaking extensively on the contributions of the newly developed system to the workforce, Dr. Fabian Schär, Managing Director of the CIF asserted,
“Fraudulent documents are a problem in academia just as it is in any field. By securing credentials on the Blockchain, we provide an extra layer of security for graduates and potential employers.
These credentials can’t be faked, and can be easily verified online. It will introduce a new paradigm of security and offer value to all parties – employers don’t lose time checking Seite 2/4 credentials, graduates have an edge, and the institutions themselves reduce their reputational risk and a significant administrative burden.”
Proxeus CEO, Antoine Verdone, prides his firm as the ‘’WordPress of Blockchain’’ and expressed delight in being a part of the innovation set to be introduced in Basel.
“We are particularly proud of this project. Proxeus has intended from the beginning to be easy to use, efficient, and Blockchain agnostic” he said.
It has been a busy month for Proxeus, but one Antoine would relish. The firm has deployed two functioning prototypes on two different blockchains within this period and completed the latest project within seven days.
A Memorable First
The University of Melbourne, Australia had announced a similar quest to use blockchain for academic credentials over seven months ago, but the swift move in Switzerland means we will finally witness a notable intersection of blockchain technology and higher education.
Whether other universities around the globe will adopt this new technique is a question only time will answer.
