Understanding Digital Credentials
Digital credentials are certificates that are 100% digital, tamper-proof, and verifiable. These credentials are typically issued by institutions and can include diplomas, skills, or transcripts for the education and training sectors. By utilizing blockchain technology, these documents can be securely stored, authenticated, and accessed by students throughout their lives. This means that individuals have a lifetime supply of authentic certificates that can be easily used and instantly verified without any complex procedures.
Digital credentials are becoming increasingly relevant in today’s digital professional world, as evidenced by the significant role that platforms like LinkedIn and other social networks play in shaping professional careers. Examples of digital micro credentials are also powerful tools for the digitization of management processes in higher education and continuing education institutions. In this article, we will explore the five reasons why students who have received secure micro credentials via blockchain find them valuable for their employability and administrative processes.
What is Blockchain?
Blockchain is a secure and transparent technology used for storing and transmitting information. The data and all handling operations are permanently stored in a registry that can be accessed by everyone, especially in public blockchains. Mathematician and computer scientist Jean-Paul Delahaye describes blockchain as a large ledger that is open to everyone and shared across numerous computers worldwide.
Key dates in the evolution of blockchain technology include:
- 2009: Creation of the Bitcoin blockchain, which is primarily used for transactions.
- 2015: Launch of the Ethereum blockchain project, which allows the deployment of applications.
- 2020: Introduction of Ethereum 2.0, a significant development that enables high scalability and reduces energy consumption. These advancements pave the way for widespread adoption and address concerns about the energy consumption of blockchain technology.
Reliability and Longevity of Blockchain Technology
Blockchain is a secure technology designed around the principles of cryptography and decentralization. It ensures that stored data cannot be altered. In the case of blockchain, decentralization refers to a peer-to-peer principle that allows a large number of storage servers (nodes) to duplicate information, ensuring consistency across all nodes. This resilience and durability make blockchain technology applicable in various industries, including supply chain, finance, government, and central banks. Prominent international organizations such as Agence Universitaire de la Francophonie, World Bank, UNICEF, and the European Commission utilize blockchain technology. For more information, visit Ratingperson.
Distinguishing Between Cryptocurrencies and Blockchain Applications
Blockchain technology often becomes a topic of debate in financial discussions, leading to differing opinions. Is it groundbreaking technology or a tool for digital banditry? Is it accessible only to tech enthusiasts or available to everyone? It is understandable that comprehending the diverse applications of blockchain can be challenging.
To clarify, let’s distinguish between two terms:
- Cryptocurrencies: These are freely exchangeable assets, such as Bitcoin or Ether. Their value is determined solely by supply and demand and remains unregulated.
- Applications: These are services or infrastructures utilizing blockchain technology.
While cryptocurrencies are more widely known, blockchain applications are gaining prominence. These applications leverage the intrinsic properties of the blockchain, such as transparency, immutability, security, and durability.
One of the earliest and most recognizable applications of blockchain technology is notarization and the storage of probative evidence. In the field of education, the authenticity of diplomas is a recognized use case for blockchain technology.
5 Reasons Why Blockchain Technology is Highly Valued by Students
BCdiploma has developed and patented a blockchain platform for certifying academic data and providing graduates with unique, tamper-proof, and lifelong records. In less than two years, over 100 institutions across 15 countries have begun issuing digital credentials.
During the last quarter of 2020, BCdiploma conducted a satisfaction survey among students from four institutions:
- Arts et Métiers ParisTech
- IAE Nantes – Economie et Gestion – Université de Nantes
- emlyon business school
- VisionCompliance, the Swiss leader in financial professional training.
The results clearly demonstrate the acceptance and enthusiasm for this new format of dematerialized academic certificates:
- 86.5% of students expressed their desire to receive blockchain digital credentials for their future courses or degrees.
- 87.1% expressed pride in their institution for taking the initiative.
- 73.9% believe that an online certificate secured by blockchain technology is useful during job interviews.
- 81.2% would recommend the certificates issued with BCdiploma’s blockchain technology to their friends and family.
- 66.6% feel that direct access to the authenticity proofs of their certificate is the most significant feature of digital credentials.
In conclusion, blockchain technology has emerged as a successful solution for ensuring the security, authenticity, and accessibility of digital credentials. Its reliability, widespread adoption, and endorsement from students demonstrate its potential to revolutionize education and professional certification processes.