The thought of going to a so-called professional such as a dentist to get work on your mouth done only to find out shortly after that they have a fake diploma or not getting a job because the other candidates submitted resumes that were fake.
These types of scenarios play out in real life on a daily basis with many people fudging the facts on their resumes so they can get ahead of their competition. Traditionally, the cost and time associated with the adequate verification of documents have been too high. Now it seems that bitcoin could be the solution to this problem and it could change the way people are hired for the better.
This is why University College London (UCL) has conducted a pilot program within their Centre for Blockchain Technologies (CBT) which allows all MSc Financial Risk Management graduates to instantly be able to verify their academic qualifications by utilizing bitcoin.
This is open to anyone who graduated from this course in either 2016 or 2017, and they can use a platform that was developed by a startup based in London called Gradbase to register the details of their degree.
The school can verify the legitimacy of the entered data, and there will then be a transaction issued by the system that uses bitcoin to validate the degree’s authenticity.
Those graduating taking part in this program will obtain a QR code which can be added to their business cards, resume and other professional profiles which means that any person or company is able to scan it and see that their credentials are legitimate.
Academic fraud is a serious issue in all parts of the world which is why Gradbase are aiming to become the leader in the qualification and verification of academic claims on a global level. Executive Director of UCL CBT, Paolo Tasca stated:
“We are very excited to have collaborated with Gradbase on a pilot which is a 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.”
UCL has been embracing blockchain technology for some time now. It is the third biggest UK University regarding total enrolment and the biggest in terms of postgraduate enrolment. In total, there are over 11,000 staff members and approximately 38,000 students who hail from about 150 countries.
Their Centre for Blockchain Technologies (CBT) was set up to be a research hub for academic interdisciplinary of bitcoin and similar technologies. It is also an environment that connects regulators and developers together in a straightforward manner. There are in-house solutions, knowledge-transfer activities and consultancy services provided to industry members as part of this center.
They are constantly looking at ways in which they can develop improved platforms and systems around blockchain technology, as well as partnering up with promising projects such as Gradbase.
Universities are the perfect environment for new ideas and technologies to be spread to the masses and allow future leaders to be fully attuned to changes that are happening in the world from the ground up. In January 2017, Malta introduced the first Blockcerts pilot in Europe, an initiative spearheaded by the MIT to put academic credentials on Bitcoin’s blockchain.
Many of the current world leaders are somewhat ignorant about the potential of digital currencies and blockchain technology and risk being left behind by the more forward thinkers.