Having established there is a need for a secure, reliable mechanism that confirms validity of certificates issued to businesses and individuals, the conversation needs to progress to viable solutions and the opportunity there is in meeting this challenge.
A ‘Background’ statement in QKIP’s white paper, points to UNESCO’s data in Policy Paper 30 (2017). This reveals that enrolment in higher education institutions more than doubled from 2010-2014 (up from 100 million to 207 million) with estimates of that figure rising to 262 million by 2025.
An innovative application of Block Chain technology, to be developed by QKIP, offers an uncomplicated answer to the question of how to establish whether over one billion graduates in the next seven years are telling the whole truth about the certificates they have accrued through tertiary studies.
With an ICO scheduled to open on 21 November, 2018, it also offers a tremendous opportunity for stakeholders of all sorts and crypto token buyers to come along for the journey.
Even capturing just five per cent of the certificates issued in higher education alone could represent over 13 million transactions per year by 2025 and the solution is not restricted to education certificates only.
The QKIP solution – an unchangeable, decentralised distributed ledger – will serve as a single source of truth for businesses and individuals to show they meet the minimum standards required to apply for positions or trade commercially in their respective industry verticals.
QKIP’s platform will be built using the Hyperledger Fabric block chain technology which was developed by a consortium including the Linux Foundation, IBM, Intel and Microsoft.
It will leverage cryptography to create a series of smart contracts accessible through a portal that will serve to guarantee the authenticity of certification claims made by organisations and individuals.
With the QKIP solution, universities and other accreditation bodies – whether they be regulatory, industry or academic – will be provided with an API that allows them to insert certificates they distribute into the block chain where they will sit as an indisputable fact that can be referred to at a future date.
Individuals and organisations will be able to manage authenticated access to the ledger that presents irrefutable evidence of their certification claims. They will have the option to make their placements in the verification platform open for all to see or they will also be able to attach micro-payments to viewing of the data.
Recruitment agencies and/or tender managers will be able to undertake data searches of the ledger to filter out entries that meet criteria they are looking to match while organisations will be able to engage businesses and individuals with confidence the representations they receive are genuine.
The QKIP solution will have full interoperability with the Ethereum platform but will be distinct from it in several ways because it uses Hyperledger Fabric (HLF) at its core.
QKIP has selected the HLF technology because it is an enterprise-ready platform capable of handling smart contracts. Other platforms leverage “Proof-of-Work” consensus algorithms (such as Bitcoin currency and the Ethereum platform) which either don’t support smart contracts and/or have long transaction verification timelines that require ever-increasing amounts of computer power to mine.
Instead of operating under an algorithm that rewards miners for solving mathematical problems that become ever-more complex, Proof-of-Stake allows new blocks or distributed consensus to be chosen in a controlled manner.
Stay tuned. QKIP is coming. You can download the white paper here.
The objective of the QKIP project is to be the ultimate certificate keeper. We will provide a platform, using Blockchain technology, that will keep and certify the authenticity of each Certification or Digital Badge while verifying the identities of both the recipient and the certification body that issues them.