The Center for Innovation(CIF) of the University of Basel is devoted to research on use cases in the domains of Fintech, Digital Banking, and Innovative Finance. The study focusses on scientific discussion and implementation of blockchain projects in the financial realm. The CIF has roped in Proxeus to secure and verify academic credentials using blockchain technology. Proxeus empowers paper-bound, traditionalist businesses to quickly digitize and embrace new ethereum blockchain-based business models. It pares down administrative costs significantly and cuts down on time as well.
The project, backed by Ethereum blockchain, works by recording university course completion certificates on the blockchain with the help of a unique hash code. The verification and registration part is to be carried out by the CIF. The general public will be offered a tool to ensure access and check the validity of the certificates issued.
Dr. Fabian Schär, Managing Director of the CIF, said: “Fraudulent documents are a problem in academia just as it is in any field. By securing credentials on the Blockchain, we provide an extra layer of security for graduates and potential employers. These credentials can’t be faked and can be easily verified online. It will introduce a new paradigm of security and offer value to all parties – employers don’t lose time checking Seite 2/4 credentials, graduates have an edge, and the institutions themselves reduce their reputational risk and a significant administrative burden.”
Antoine Verdon, the Chief Executive Officer of Proxeus, co-founded the Swiss LegalTech Association in the year 2016, to bring shape the emerging LegalTech scene in Switzerland. Antoine was beaming with pride due to the association of Proxeus with the project. He explained that within a short span of one month, the team at Proxeus was able to deploy two functioning prototypes on two different blockchains. It took less than a week from conception to completion.
Image via University of Basel Facebook Page
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