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Revolution is indeed underway. The latest development in the crypto sphere in India now allows employers, students, companies, and institutions to validate the authenticity of certificates without stress.
The fight against fake certificates has been ongoing in different countries in the world. Advocates have cried out on the noxious effect of poisoning the job market with fake certificates, necessitating a new way of validating certificates. Efforts to combat this sort of forgery have been pumped into various projects in the past without too much success.
Thankfully the India-based business school SP Jain School of Global Management, one of the leading business school in the world (ranking 16 on Forbes list for the best international MBA program), has paved way for others as it announced on November 28, 2018 that the school is now the first school globally to issue blockchain enabled certificates to graduate students. The certificates which were issued to 1,189 students upon completion of the MBA program are now live on the Ethereum Blockchain. The certificates were issued using the custom smart contract also on the Ethereum Blockchain, through a collaboration with Smart-Sense Consulting Solutions.
This will make it easy for recruiting companies to verify the authenticity of a certificate without contacting the institution. The companies, students, and institutions could also access student projects without contacting the institution. The Business School designed the 5-step verification process in such a way that it requires no prior skills or tech know-how to execute. The process requires them to scan the smart QR code printed on the certificate and they can gain uninterrupted access to the student’s relevant information stored on the Ethereum Blockchain.
Other information stored on the Ethereum Blockchain include students’ portfolios, transcripts, class attendance, and other relevant documents. Although these are made available on the Ethereum platform, it is safely stored for only permitted individuals to access.
Commenting on the first-of-its-kind event, the President of SP Jain School of Global Management, Nitish Jain said that digital certificates are the future, and that the future is now. It is either we adjust to the change or perish. He reassured the public that only the certification related data are exposed to the public Ethereum Blockchain. The students’ class attendance and other private data are safely stored in the school’s private blockchain.
The Director of the FinTech Program at SP Jain Global, Vikram Pandya, also commented on the occasion saying that we are at the crossroads of a major revolution that would spread from shopping malls to the banking sector as such there is a need to digitize all important documents in the near future.