No more fraud? MIT certifies degrees thanks to the Blockchain
Despite how fast the job market is improving on a daily basis, the competition for employment is as fierce as ever. Thus, knowing that there are often hundreds of job seekers vying for the same coveted position, some candidates will do almost anything to stand out from the crowd. That is why according to a recent study carried out on deceitful CVs by the Florian Mantione Institute, it was estimated that about 75 % of job seekers lie to employers. While 47 % of CEOs – according to a study by Robert Half recruitment firm; might have barred an employee from a position within their firm after discovering false information in their applications.
Rosemary Haefner, the vice president of CareerBuilder’s human resources, maintains that “job seekers are using creative new ways to break through the clutter and make a lasting impression on an employer”. However, to guarantee the originality of declarations, universities such as the MIT are using blockchain to register every diploma obtained by their students.
Certify Degree Thanks To the Blockchain
The Blockchain technology as we know it, is continually evolving and Bitcoin is only one of its component. New applications are released every day and thanks to the MIT media lab and Learning machine, storing educational credentials on a distributed ledger in a transparent manner has paved the way for a new and legit system of degree verification.
These diplomas which contain images, texts and a signature are combined with the unique identifiers of every graduate student and stored in the blockchain after being encrypted with a private key of the MIT. So, certificates can be collected individually by graduate students and shared in digital form with recruiters who can then verify the authenticity of the information on the credential at mit.edu. However, this initiative of using blockchain as an anchor of trust to ensure records are tamper proof and its implementation using an open-source Blockcerts technology is a result of the collaborative effort of the MIT and the Learning Machine.
A Fast and Secure Process for Recruiters
The use of an open source blockchain solution just like the Blockcerts technology MIT and Learning machine have adopted, allows the recruiter to quickly generate keys that are necessary to validate a certificate in possession of an individual during interviews. The process requires graduate students to connect to the MIT servers through the Blockcert application to authenticate themselves and allow the institute to award them the degrees they have obtained. Why is this system of degree award and validation the most secure? It is because when MIT uploads a degree earned by a student to the blockchain, the information contained cannot be changed.
Moreover, the fact that the degrees are in the blockchain proves their authenticity better than when it’s in paper or simple digital format. Also, another added advantage of this system is speed. Recruiters don’t have to compare an authentic diploma with the one passed by the candidate because the verification service automatically certifies the association of a degree with its owner using a link transmitted by the candidate. The tool instantly checks that the transmitted information is identical to that stored on the blockchain.
What Impact on Professionals in the Sector
Over the years, workforce gurus have been predicting the coming of the frictionless, transparent, and more global talent marketplace where Employers will have access to the exact skills they need, where they want them, and when they need them while employees will be able to maximize their skill value no matter what. However, the breakthrough of the MIT’s certification through the blockchain has paved the way for other dynamic initiatives and applications of the blockchain. Thus, imagine the numerous potential and impacts the blockchain will have on many professions and businesses.
- The blockchain is a new anchor for a trust that can bring about significant productivity and gains to multiple institutions ranging from the financial sector, public sector, intellectual property, to energy industries and beyond.
- The use of the Blockchain’s potential could enhance the business sectors with possible benefits for global value chains that cross multiple borders and connect advanced and emerging economies. However, as Henry Williams points out on the wall street journal, the application in many markets may be hindered by some private and government factors.
- Blockchain can help people in developing countries enter and access a global financial system with secure data service and ID
- The use of blockchain can go beyond the financial institutions and provide tremendous benefits in global value chains especially in pharmaceuticals and agriculture industries.
By adopting a private, pre-validated, and secure credentialing, the blockchain technology – the same technology that influenced cryptocurrency, can transform recruiting processes, improve employment opportunities and create a better economy.