TrustED, an Australian-based blockchain start-up offering to disrupt academic credential verification using a secure distributed ledger, recently announced the launch of its token offering as the first ICO on Binance’s proprietary blockchain – Binance Chain.
As an attempt to surmount the exhausting conventional academic credential verification systems, CEO of TrustED Kosta Batzavalis along with his team developed a single tool verification solution to rid the current system of slow, inaccurate and ineffective practices which are clearly evident in the increasingly high profile cases of resume fraud. More so, the project aims to eliminate the current lengthy processes involved in manual issuing of credentials.
The solution with fuse the properties of the newly launched Binance Chain, smart contracts and Hyperledger, as well as use advanced security measures and novel data storing techniques.
TrustED touts to be a one-point solution connecting institutions, third-party verifiers, and students’ credential data. With these three entities making up the ecosystem, the TrustED platform offers a simple four step procedure for establishing the wholesome credential verification system:
- Academic institutions upload and hash the academic credential onto the blockchain – creating an immutable, verifiable document.
- Employer sends a verification request to the student to view their academic credentials
- The Student can either deny or accept the request- dictating for how long the academic credential is viewable
- If the request is accepted, the employer now has the ability to instantly view the student’s academic credentials. being ensured of the legitimacy and credibility of the academic credential
TrustED will help institutions scale their verification processes, thereby saving costs and also reducing security breaches and forgery attempts. The platform currently offers training services to such institutions to help them transition into the distributed ledge systems.
Third-party verifiers could cut down the risk of employing candidates with false credentials, as the platform enables employers to verify student’s credential claims as accurate as possible – notably, trusting the integrity of the immutable blockchain.
Taking from his personal experience, Batzavalis would have enabled students have a secure way of storing their educational credentials without having to rely on hard copies alone – which are at risk of physical damage, or worse, loss.
Binance has just launched its proprietary blockchain, the Binance Chain, touting a one second block times, poised to be a bridge between cryptocurrencies and mass adoption of the solutions they present, for which TrustED will be the first token offering to launch on its Chain.
TrustED has expressed its excitement in the new found partnership with the Binance Chain, as the Batzavalis stated the benefits they hope to derive:
“Being one the first projects on Binance Chain is not only an honor but also a massive stepping stone for the TrustED project. With Binance technology behind us, TrustED can deliver on SLAs and security requirements necessary to make a blockchain-based academic solution enterprise-grade.”
The Binance team has also acknowledged the optimism ahead of the launch, further intensifying the growth opportunities the ICO community can leverage off the Binance Chain. Chief Growth Officer at Binance, Ted Lin stated:
“Binance Chain and the introduction of the Binance DEX enables thousands of crypto tokens and companies to utilize the technology in an efficient and effective manner. We’re excited to have TrustED be one of the first startups to utilize Binance Chain and look forward to the growth that is to come in further bringing cryptocurrency mainstream.”
What started out as an idea in Adelaide, Australia, back in 2017, TrustED now has offices in California, USA with staff strength numbering over 15 at present. In partnership with California’s NetObjex, the platform launched its MVP. Having developed a prototype, the platform now allows institutions, students/employees and employers/verifiers to sign up under their respected domain and can use the platform to a substantial level. The proposed token offering will use the Binance Chain BEP2 token standard to issue to utility asset.
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