With blockchain technology creating a stir amongst numerous industries, it is not surprising that credentialing bodies have also realized the importance of blockchain technology.
Blockchain credentialing is gaining traction not only because of its unique features, but also because there are chances of fraud with both paper certificates and digital credentials. Oh yes, the paper certificates are the easiest to fall prey to the fraudsters with Photoshop. Paper certificates could be easily photocopied. Whilst it is difficult to hack the digital credentials, there are still chances and cyber security comes into question. But with blockchain credentials, the credentials are locked in decentralized ledger that ensures complete safety and hack-proof. In other words, fraud-proof.
How Blockchain credentialing makes your credentials safe and secure?
You know what blockchain is and how it works. Now applying that same technology for keeping a record of credentials in a safe decentralized ledger ensures that there is no way any one can fiddle with them
The basics of the technology remains same at the core. However, instead of cryptocurrency, it is the information of credentials that is being stored. Here’s how it is done.
The blockchain technology is used to cryptographically stamp a record of the credential. Once the credential is created, it ensures the third party that the credentials are original with no tampering being done since issued. Thus improving the fraud protection of your credentials.
But how would blockchain technology prevent fraud? Here’s how. When your credentials are digitally recorded in the blockchain, it just can’t be faked or spoofed. And if anyone tries to create credentials that resembles yours, they won’t be able to verify at the blockchain and hence would get caught.
But how does the technology works?
Blockchain credentialing, as mentioned earlier, works on the similar blockchain technology, except of course, the information data stored is changed to credentials. The credentials that you have earned are recorded in the form of series of numbers representing your certifications. So if someone is trying to pass your credentials as his/her own, the credentials get checked with the blockchain record. And if the numbers don’t match, then the fraudster is caught there and then.
The blockchain would not be storing any private and personal information. There are only series of numbers that are mathematically derived from the certification and stored on the blockchain.
With credentials becoming hack-proof, certification bodies and even the organizations are going for blockchain credentialing. And organizations are opening up to the advantages of blockchain credentialing. Some of the advantages include –
1. With blockchain technology, the credentials become secure. There are no chances of fraud with blockchain credentialing.
2. When certifications are stored on blockchain, the trust levels of the prospective recruiters go up, because, blockchain is considered to be the safest technology to secure the sensitive information.
3. Since all the information of the credentials are stored in numbers that have been derived after a series of mathematics calculations, there are no chances of anyone spoofing it.