SP Jain school of management recently joined the list of business schools that issued close to 1,189 blockchain -based certificates to its degree and professional certificate holders. The blockchain however also has information like the project details, student’s portfolio, and attendance but will not be released to the public Ethereum blockchain. With a lot of institutions attempting at releasing the blockchain-based certificates, but the entire lifecycle of certification has not been successfully done – as mentioned by Mr.Nitish Jain, President of SP Jain school of global management.
Combating fake certificates has been a big challenge that is causing havoc in the educational sector and thereby affecting the recruitment industry too. With the fake degree and other professional certificates doing the rounds, even the top business and engineering schools are suffering, and the entry of blockchain is a welcome change for both the sectors
Malaysia’s ministry of education recently turned to NEM blockchain for the blockchain based issuance and verification of university degrees. Caribbean examination council also issued academic certificates to more than 24,000 candidates.
Blockchain has a humble beginning with its roots in cryptography and data structures, much before the cryptocurrency came into being. Patented by Ralph Merkle in 1979, it was originally called as Merkle tree, a network of ‘peer-to-peer’ computers, that validate data and ensures no alterations happen. Bitcoin, a cryptocurrency and blockchain are the electronic cash system and originally came into being by a group of people in 2009. The blockchain, however, makes the bitcoin transactions safe and secure when compared with the other existing systems. Blockchain, as the name specifies is a public ledger of transactions and cannot be tampered or changed.
The blockchain is slowly making its entry into various other sectors like banking, healthcare, education, and agriculture to name a few. Real Estate, Publishing, Government services, Insurance, Digital Identity management, Trading and job market are some of the other industries where blockchain may cause disruption next with its mere entry!
Blockchain basically is the next big thing in the world of technology and is here to stay. While blockchain can be of great help in different sectors it also has its own limitations like network speed, complexity, transaction cost, and last but not the least involvement of Politics. While it has its own challenges it also is a welcome change in some of the sectors like education and recruitment.
The fake degree certificates not only disrupt the educational institutions but also causes a challenge to the recruitment sector since it poses the threat of the wrong candidate getting hired to some of the very important positions and may result in very critical situations. A fake degree may potentially appoint a person with no proper expertise into some very critical positions in the healthcare sector. Introducing blockchain in the certification of professional degrees curbs the major challenge of fake degrees doing the rounds. The certificates issued through block chain may not be tampered or changed and are available online, this essentially makes the verification process in the recruitment sector much easier. Earlier the verification process took weeks together and now would be made hassle-free, cost-effective and less time consuming and hence expedites the process of onboarding candidates.