Frankfurt School of Finance & Management (FS) in Germany has partnered up with Consensys to digitize educational certifications using Blockchain.
Thanks to Blockchain the time-consuming issue of verifying and authenticating a certificate will become faster and more efficient. The number of forged certificates lead to many educational centers like the FS failing in reputation. Many times students lose important certifications, leading to long-term issues such as being noted as an expert for a particular job. Blockchain helps eliminate forgery from the educational system along with storing educational certificates so that it is available any time for the permissible applicant.
FS is the first university in Germany to offer Blockchain based certificates, with a likelihood of many more German universities to follow.
Consensys which is one of the leading software companies in the Blockchain field has developed a decentralized application that helps in ‘Self Sovereign Identities.’ This can be explained as an identity created by the user that is stored on the Blockchain and tamper proof.
The head of the Frankfurt School Blockchain Center said, “Thanks to blockchain technology, it is possible to securely save personal data such as a CV or an identity card digitally. With our project, we show how easy and comfortable that can be for the user.”
The technology of using Blockchain to help the educational sector is seen to be growing. It is already implemented in the University of Basel, Switzerland.
The public sector like the educational field has loads to gain from Blockchain technology. A survey of companies in Germany has shown that more than two-thirds of respondents prefer Blockchain to be used to help in contracts, settle taxes and issuing documents such as passports and certificates. The main reason is due to Blockchain rating high in terms of safety and managing a more transparent system.
Image Source – FS Blog
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