A university in Switzerland became the first to issue course completion certificates using blockchain in an attempt to secure academic credentials from fraud.
The Center for Innovative Finance (CIF) of the University of Basel partnered with the Swiss fintech startup Proxeus to create course completion certificates registered on Ethereum.
The partnership created two tools. The CIF will use one tool to create the certificate and register it to the blockchain with its unique cryptographic hash value. The second tool will be publicly available so that anyone can verify the authenticity and accuracy of the electronic document.
Fabian Schär, managing director of CIF, said the first prototype will be used to create certificates of completion for the CIF’s Blockchain course, adding that it was just a first step towards securing academic credentials.
Issuing course certificates on blockchain simplifies the process of validation when requested by potential employers and other interested parties.
“These credentials can’t be faked, and can be easily verified online,” Schär said.
“It will introduce a new paradigm of security and offer value to all parties – employers don’t lose time checking credentials, graduates have an edge, and the institutions themselves reduce their reputational risk and a significant administrative burden.”
“We are particularly proud of this project,” Proxeus cofounder Antoine Verdon said. “Proxeus has been intended from the beginning to be easy to use, efficient, and Blockchain agnostic.”
by Jyotsna V