Ethereum-Based Digital Certificate System is Worth the Investment

From the beginning of 2017, there has been a constant hype around blockchain technology. On one hand we see numerous use cases of blockchain and its adoption outside of FinTech. On the other hand, many organisations are still struggling to realise its actual value.

In this two-part blog, we will discuss a few use cases. The introduction to Ethereum blockchain-based digital certificates and its unprecedented value; with a specific focus on how it can help government bodies, educational institutions, corporates and banks. 

Introduction to Ethereum Blockchain-Based Digital Certificates

Now, we are not talking about PDFs as digital certificates but certificates that are electronically issued through an Ethereum blockchain-powered platform. 

The platform powered by Ethereum blockchain establishes a secure framework for conducting electronic transactions. It instills trust between the issuer and the recipient and acts as a single source of truth by maintaining an immutable transactions database.

The framework ensures that the person in possession of a digital certificate issued on the Ethereum Blockchain is in fact the same person whose identity is attested to by the certificate.

Digital certificates issued on Blockchain are the future of securing online transactions. From educational institutions to banks, issuing certificates on Blockchain is going to become mainstream. As a matter of fact, many organisations and governments have already implemented blockchain technology into their system.

History of blockchain

Blockchain has certainly taken the world by storm. It is popularly known for being the underlying technology behind cryptocurrencies. 

In the present times, you can see the use of this technology in multiple industries.

But, where did it start from? How did it reach this stage? Here is a short overview of the history of blockchain.

Blockchain is rising to be one of the most sought-after technologies

There are numerous advantages of issuing digital certificates on Ethereum Blockchain. Here are some of the most common advantages that we’ve compiled in the form of a list: 

• Digital certificates are portable

Unlike physical certificates, digital certificates issued on Ethereum Blockchain do not have to be carried around. It will exist forever on the Blockchain network and can be accessed on any device, from anywhere.

• Digital certificates as ID proof

Blockchain-based digital certificates are modern replacements for traditional paper identification proofs. Issued on a highly secure Ethereum Blockchain framework, the verifiable digital certificates can be traced back all the way to the issuer. Thereby, making the entire process transparent – from the certificate issuer to receiver.

• Used for micro credentialing

As almost any form of data can be encrypted into a blockchain-based digital certificate, organisations can issue micro-credentials to recognise learning, career skills, internship completion, etc. This would certainly help both organisations and individuals in the age of niche skills.

• Used for data security

Paper-based certificates can take days and weeks to issue, verify and dispatch. Moreover, the certificates can be modified without the knowledge of the issuing institute. On the contrary, blockchain-based digital certificates cannot be modified by anyone. If the certificate is tampered with then its verification will fail. Thereby making the data held within a digital certificate 100% safe and traceable at all times.

• Low cost

Utilising blockchain technology does not have to be a costly affair. Through Ethereum blockchain-powered platforms like Certif-ID, organisations can issue digital certificates for a variety of services, easily. The Certif-ID platform does not need additional hardware or software to use. It can be used on any device with an internet connection and digital 

certificates can be issued and distributed at a fraction of the cost of paper certificates.

Student records or data repository

Blockchain technology is being put to use in a variety of fields that are not associated directly with cryptocurrencies, including academic certification and student record maintenance. The traditional record-keeping and certification process has its own set of challenges. Blockchain solves these problems and makes it easy for educational institutions to maintain the students’ records safely, recruiters to verify students’ credentials, and students to prove their skills. 

Also read: Why governments need to endorse Ethereum to issue certificates https://nationalskillsnetwork.in/why-governments-need-to-endorse-ethereum-to-issue-certificates/

Digital certificates issued on blockchain streamlines the entire certification process. In the next blog, we will delve deeper into use cases of digital certificates, how blockchain tackles fake certificates, and how you can start issuing digital certificates.

If you’ve any questions, feel free to write to us or book a meeting with us.