Blockchain technology is immutable, which makes it a perfect and practical source for storing information that needs to be permanent. Information entered on the decentralized ledger is set forever, giving users the ability to immediately check whether what they are presented with matches the record entered in blockchain. This easy verification of data supercedes traditional authentication systems which can take days, even weeks, or sometimes months to check.
TrustED is an Australian platform that has adapted the immutable and easy authentication of data on blockchain and used it for storing academic certificates. Information on degrees, once entered, are stored permanently. Users such as academic institutes and organizations can access the blockchain and verify credentials of candidates with a few clicks.
Normally, traditional and manual verification can be a cumbersome process that involves contacting a number of universities and colleges, each with its own internal process of giving information on their students and alumni. Depending on the location, it can take days and weeks for the information to be verified and sent back to the requester. For credentials that are not from the same region or country, the process can even take months. TrustED cuts down the process to a mere minutes, if not seconds.
Binance, the world’s largest crypto exchange has recently launched its own blockchain mainnet, called the Binance Chain. TrustEd has partnered with Binance Chain to run its ecosystem on Binance Chain. Binance Chain offers one of the fastest blockchain systems, with a block time of 1 second, giving true lightening fast transaction speeds.
Through the use of Binance Chain, TrustED will be able to offer its users instant verification of academic credentials of on board universities and other educational institutions. As a project, it is the first platform to run on Binance Chain. Kosta Batzavalis, the CEO of TrustED, was in high spirits on the collaboration and said:
“Being one of 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.”
Chief Growth Officer of Binance Chain, Ted Lin, echoed the enthusiasm:
“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.”
Launched in 2017, the TrustED platform lets partner educational institutes to upload copies of their degrees and certificates, allowing users to access and verify candidates wishing to join their organizations, be it manufacturing, trading, financial firms or even other institutes of education. The platform also provides training to partner universities, giving them the necessary skills required for using the platform.
TrustED will also be the first platform that will use the Binance Blockchain that will be launching its TGE, utilizing the BEP2 token protocol of Binance.