Blockchain-based Credentialing
November 04, 2021Overview of Australian Credentialing sector & The Opportunity
Credentials are produced by the education sector, professional associations, and by government that benefit consumers by facilitating trust in professional services, and employers by facilitating trusted information about skills and capabilities.
Australia Key Student Data Year 2017-2018
The potential for credentials fraud is significant, with conservative estimates indicating 25% of people include falsehoods on their résumés*; fraud in regard to the creation and sale of fraudulent qualifications.
Time-consuming process of Verifying credentials for employers to deal with verifying applications by contacting the issuing institutions and costly for students to prove their credentials to new employers via hard copy transcripts, paid for at credentialing service offices.
● Verification inefficiencies
● Market dynamics rise of micro-credentials (mini qualifications)
● Greater demand from high-risk sectors eg. humanitarian and aid work sector
Credentials, actions and learning paths are referenced on the System and permanently captured as blockchain transactions.
● Issuer application
● Credential Holder (Recipient) wallet
● Requestor (Verifier) application
● Administrator application
Underlying Technology
● An app that issue and verify blockchain-based official records.
● Contains components for creating, issuing, viewing, and verifying certificates across any blockchain.
● Independently verifiable, tamper evident and owned by issuers and recipients.
● Issuing system allows any organization to easily design their records, import recipient data, issue records and manage the entire credentialing life cycle.