Pink Floyd might not be an advocate for education, but the Frankfurt School Finance and Management sure is. And now it’s offering the records to be stored on blockchain technology.
The German university is enabling students to authenticate their degrees, certificates, and qualifications using the blockchain. According to a report by BTC-Echo, Frankfort School of Finance & Management is the first university in Germany which will be using blockchain technology in order to award students for their courses.
According to the report, “with this new technology, forgery-proof certificates and certificates can be issued and made permanently available without restriction – and in compliance with data protection.”
The university focused on finance has partnered up with leading software company Consensys in order to develop and test the pilot project. The company has created a decentralized app (dApp) for “self-sovereign identities”. These “identities” are created by the user and stores information on the blockchain, meaning that is secure and forgery-proof. The result of this system is that any data or financial statements can be managed by the user. As stated in the report, “the loss and re-certification of credentials and certificates are a thing of the past.”
Veronika Kütt, a research associate at the Frankfurt School, is leading the pilot. With regards to the project, she said:
“Blockchain-based certificates are fascinating. In the future, certificates or certificates can be displayed digitally. We are doing pioneering work here. Our students find it a privilege to be involved in a new technology so early on. It’s a bit like the programming of the first public Internet sites in the mid-’90s. “
The head of the Frankfurt School Blockchain Center, Professor Philipp Sandner, also commented:
“With the Blockchain you can safely store personal data such as a CV or identity card, just like in a picture book. With our project we show how easy and comfortable that can be for the user. “