How Bitcoin Blockchain Can Revolutionize Academic Credential Verification

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For companies, it is particularly difficult and time consuming to verify academic credentials and certificates of applicants. Chris Jagers, the CEO of Learning Machine believes the blockchain technology can permanently change the traditional method of verification utilized by most companies and educational institutions globally.

One of the most controversial cases in the world of technology is the release of former Yahoo CEO Scott Thompson, after it was revealed that he falsely listed a computer-science degree from Stonehill College to be eligible for a position at Yahoo.

Yahoo recruitment and human resources departments received harsh criticisms from the community following the release of Thompson due to the lack of due diligence from the company’s part in verifying each credentials and experience of their future CEO. Realistically however, the traditional method of issuing academic credentials should have been the receiving end of criticisms.

Previously, the only possible method in which companies like Yahoo could verify academic credentials was to contact the educational institution that issued the certificate directly. If and when Yahoo makes a request, it could take 1 to 2 weeks for it to be considered and it could an additional 1 to 2 weeks for the educational institution to verify the credentials.

Although this method could be utilized for small startups, it is an extremely inefficient process for large conglomerates that appoint thousands of people annually in hundreds of different departments.

As a solution to this global issue, the Massachusetts Institution of Technology (MIT) first released a demonstration of using the bitcoin blockchain to issue, manage and distribute alumni digital certificates.

It relied on the OP-RETURN of the bitcoin network, which allows users of the network to store additional data apart from the original transactional data to the transaction. Using this unique function, MIT computed SHA256 (encryption method implemented in bitcoin) of local certificate and embedded a MIT cryptographic signature onto the transaction.

After the five major phases, a certificate of an alumni from MIT would be integrated onto a bitcoin transaction that has its own blockchain address and public key.

“Using the blockchain and strong cryptography, it is now possible to create a certification infrastructure that puts us in control of the full record of our achievements and accomplishments. It will allow us to share a digital degree with an employer while giving the employer complete trust that the degree was in fact issued to the person presenting it,” said Philipp Schmidt of MIT Media Lab.

However, MIT s…

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How Bitcoin Blockchain Can Revolutionize Academic Credential Verification