Emercoin Builds New Blockchain System to Verify Graduate Certificates
Emercoin Investor and Advisor, Renowned Venture Capitalist — Bill Tai(Left) and Business Technology University Tbilisi Rector Mikheil Batiashvili(Right) signing MOU
TBILISI, May 9th, 2018 — Addressing a global challenge in education and business, Emercoin will design a ground-breaking blockchain system that enables graduates to store and share verifiable diplomas and other education certificates on an encrypted and secure app.
Emercoin’s pilot project will be developed for the Business and Technology University in Tbilisi and available for other schools.
The university, which opened in 2016 at Silicon Valley Tbilisi to offer students innovative new approaches to learning, is placing this pilot project on the Emercoin Blockchain because Emercoin offers unique flexibility through an innovative range of distributed services.
The new system addresses a global challenge among educators, businesses and graduates to certify the online accuracy and authenticity of education credentials. Outside of Georgia, due to widespread corruption and manipulation, online displays of those credentials are increasingly viewed as unreliable proof of work.
Graduates also can face difficulty obtaining their records from colleges or school systems that have closed or otherwise refuse to recognize their legitimate credentials.
The problem creates major challenges for a wide range of professional audiences, including college admissions officers, job seekers and business recruiters. It also poses risks for the general public, which often cannot obtain certified credentials from doctors, lawyers and other professionals.
The university is partnering with Emercoin, which, through its unique Name Value Storage (NVS) capability, is more efficient and less expensive than other platforms. While Bitcoin is well suited for financial transactions, Emercoin’s NVS allows for efficient time-stamping of META-Data on its own blockchain that in turn gets merge-mined into Bitcoin Blockchain for security.
“Built by Emercoin, the new system can fundamentally transform the way education certificates are stored and shared by people,” said Evgeny Shumilov, chief executive officer of Emercoin. “We are honored to partner with the Business and Technology University to launch this pilot project, and we look forward to working with other colleges, universities and school systems around the world to build secure new ways for people to certify their education credentials.”
Mikheil Batiashvili, the rector of the university, said the innovative blockchain project will create a more secure and trusted system for his students. “We work hard to offer our students the highest level of security, innovation and trust, and I believe this blockchain-based service will empower graduates to control their personal data in a way that truly helps them advance their careers and succeed,” said Batiashvili.
Venture capitalist Bill Tai, an Emercoin advisor, said the innovation would offer far-reaching benefits to several aspects of modern life.
“Imagine a world where medical patients could trust the diplomas on their doctors’ walls. A world where job recruiters could easily confirm that applicants actually graduated from the colleges listed on their resumes. A world where you could find and share your education credentials online, without fear they’ve been altered or expunged by bad actors,” Tai wrote in a Medium article. “Fortunately, with this innovation, we are close to making this world a reality.”
The pilot stage of the project will be operated by the university and will be offered in an open-source platform to other parties in the near future.
Emercoin also announced recently that it is working with the Bitfury Group to build the first blockchain-based system for crisis insurance and risk management. The system is being built for specialist insurer Beazley and Lloyd’s of London coverholder Risk Cooperative.
About Emercoin
Emercoin is an emerging leader in secure, distributed blockchain business services. The interoperability of blockchain technologies provides us a holistic view that can effectively be used in both real and virtual world problems. And that’s exactly what Emercoin (EMC) is doing. Emercoin is introducing a new kind of blockchain that offers a wide range of services and solutions across all industries.
About Business and Technology University
The Business and Technology University offers students innovation in learning by combining two fields of business and technology. Programs bring together faculty and professionals from international companies and universities, integrating leading management and academic thinking with innovation. The university offers undergraduate, graduate, and doctoral programs. The programs are oriented on entrepreneurship based learning, encouraging students’ innovative potential, developing their managerial skills that will make alumni competitive on both local and global labor markets