It has recently been reported that the University of St. Gallen, located in Switzerland, developed a blockchain platform so that employers can validate credentials and verify if a diploma is true or false.
According to the publication, the University of St. Gallen is using blockchain technology so that employers can verify the authenticity of the diplomas of the institution’s graduates.
This is how the new pilot project will issue 200 tamper-proof certificates for next year, as expressed by CEO Harald Rotter as the initiative arises due to concerns of a global increase in this type of fraud.
In the interview offered to CNN Money Switzerland, Rotter said that the University of St. Gallen developed the project with blockchain technology in order to verify the authenticity of academic credentials in seconds instead of being verified in several days.
Rotter also expressed:
“I saw that it might be necessary and valid to transfer or facilitate the validation of our diplomas based on a digital blockchain process.”
It was also revealed that the University of St. Gallen chose to partner with the Swiss blockchain company BlockFactory and will use its certification solution to create immutable diplomas that are registered in the Ethereum blockchain.
The international audit and consulting firm PriceWaterhouseCoopers (PwC) would conduct a test of its new blockchain platform to verify the accuracy of employee credentials in partnership with the Institute of Chartered Accountants of Scotland (ICAS).
PwC Smart Credentials explains that “professionals have absolute control over the digital credentials they will share with minimal exposure to fraud.” In addition, it is being tested by PwC staff who have qualified with the ICAS in the past two years.
In this regard, the PwC would be transforming the way in which professionals share their credentials through the use of blockchain technology to issue digital versions of their certifications to the staff, being stored in wallets.