TrustED search trends in Google
Keywords. Academic Credentials, Verification, Tokenized, Blockchain, Smart
Contracts, IPFS, Ethereum, Hyperledger.
Academic credentials are an established means for employers to evaluate
the capability of a candidate’s prospective
job performance. However, the
accuracy and credibility of these credentials are increasingly becoming
questionable. In the current digital landscape, websites such as LinkedIn,
widely used to publicize one’s credentials, does not perform any background
checks on user profiles, and is fraught with individuals either embellishing
their qualifications, stretching the truth or lying outright
. The same could
be said of Career Builder, Glass Door or Monster. Given the nature and
physical form of academic credentials, they are always vulnerable to forgery,
and the intensity of incidents related to facts distortion and fraud in
credentials are numerous. A recent survey of around 5000 resumes
conducted by the Risk Advisory ...
verification is projected as one of the most lucrative segments within the
employment screening services market
Distributed Ledger Technology
(DLT), is increasingly being applied, and
understood as a new general-purpose technology for a broad range of
economic activities that rely on consensus of a database of transactions or
records (Sinclair and De Filippi, 2016). The pre-dominant architecture
employed by most systems across multiple industry domains in client server
technology is thereby being disrupted rapidly by decentralized computing,
wherein ecosystems of organizations and individuals participate and share
data in a peer-to-peer (P2P) manner. This disruptive role of DLT can be
identified in systems such as Filecoin, that is completely rearranging
incentives in a data-based ecosystem by turning cloud storage services into
an algorithmic market place (Protocol Labs, 2017).
A recent study shows that
for enterprises enables new forms o...
opportunities in Section 2, followed by the functional and quality goal
requirements of the credential verification platform, together with the
positioning of stakeholders and their respective emotional goals in the
identified scope of requirements in Section 3. Next, in Section 4, we define
the system architecture derived from the established goal sets and then
describe the dynamic stakeholder engagement and relevant blockchain
transactions between stakeholders and objects within that system in
Section 5. Section 6 describes the token structure and economics for the
TrustED ecosystem along with relevant specifics of the TrustED initial token
offering (ITO). Further sections explore the implementation and growth
strategies employed by the TrustED team, while highlighting the
comparative advantages of the TrustED platform against competitors in the
current blockchain-based credential verification market. Further
subsections open issues, limitations and research questions, and explores
Adding to this, there are various degree mills operating online posing a
significant challenge for supervisory authorities, as these entities work
through anonymous virtual networks, making it almost impossible to track
down or shut off their services. Furthermore, unrecognized or fake
universities functioning across different parts of the world are a burgeoning
problem that governments are struggling to contain (Adán, 2004). A large
part of these factors remain unaddressed, casting a shadow over legitimate
credential holders and respectable academic institutions.
The efforts of obtaining apostille and/or legalization of academic credentials
are substantial. Besides the actual fees that the authorities charge, there are
also the time-consuming tasks of estimating the needed legalization,
scheduling an appointment, traveling to the corresponding authority and
presenting the relevant documents. In the case of verifying academic
credentials for job applicants, employers are required to gain au...
Figure 1: Existing pain points in the academic credential
The other option would be to go through an employment screening agency
that charges anything between US$15 to US$50 for a single background
check depending on the scope of the service, legal policies of companies and
jurisdictional implications. The general equivalency of foreign educational
certificates and degrees is evaluated differently in each country. While in
most EU countries there is a special authority (for Germany this authority is
ANABIN), in the US this is handled by private credential evaluation service
providers that need to be recognized by the US Department of Education. A
prerequisite for this equivalency evaluation is the presentation of a
translated and legalized set of degree certificates, signed with an apostille.
A useful approximation of the savings that TrustED provides in this regard
can be derived from the prices charged by specialized service providers in
the legal area. A ty...
While CV fraud has seen no fool-proof method to ensure that there are no
discrepancies in a cand
idate’s credentials, other than through a stringent
background check, a significant amount of resources are expended by
universities in managing their students’ records, from creation through to
its use and maintenance, and to its disposal. The current manual processes
are sometimes incredibly time consuming and multiple factors can influence
resource costs, from the type of staff, the type of system chosen for record
management, the services provided, the cost of preservation of academic
data, average turnover of students, geographic location and more.
Additionally, the processing time for verification of a candidates credentials
will be dependent on the frequency of verification requests and or the
competency of the relevant administrative staff. Therefore, it will be difficult
to safely estimate a universal cost for the same, but a host of studies
conducted on American universities ...
Figure 2: The cost of making a bad hire based on a survey conducted
In addition, it was recorded by Moody’s Investor Service that one third of
Private American Educational Institutions generated operating deficits in
. With the increased risk that these institutions may eventually cease
operations, comes the risk that an employer in the distant future may be
unable to verify and authenticate one’s c
redentials, as the institution is no
longer contactable. The same principle applies for students who may be
transferring to international universities from incapacitated academic
institutions. For example, European academic institutions are opening their
doors for Syrian refugees to continue their studies, however, obtaining the
past academic performance and credentials of these refugees poses great
difficulties as it is almost impossible to contact and verify the academic data
of these students with the incapacitated academic institution.
number of working immigrants in the age group from 16 to 65 increased to
5.7 million within the first half of 2014
. There has been increased influx of
immigrants in lower-skilled jobs as well as highly professional jobs in the
developed countries of
US, UK, Germany and Canada. In today’s highly
competitive global job market, academic credential verification is a critical
part of the employment screening. The need for skilled workforce, enhanced
regulatory compliance with respect to employment, and advantages
associated with employment screening are expected to boost the
employment screening services market for the foreseeable future.
The employment screening Services industry enjoyed encouraging growth
over the past five years. In 2016, the three largest firms are expected to
account for close to 40.0% of industry revenue, indicating a low to moderate
level of market share concentration. As per an industry forecast conducted
by Allied Market Research, education an...
TrustED Concept Formed.
Outline development & business outlook.
Assemble team of University, blockchain & crypto experts.
Discuss and Innovate on how to develop TrustED with experts from Academic Institutions.
Begin development of the TrustED Proof of Concept.
Further expand and network with Academic Institutions and potential users. On boarding our first 2 academic institutions to run the TrustED Proof of Concept.
Final adjustments to The TrustED Proof of Concept.
Initial trial phases of The TrustED Proof of Concept (On boarded academic institutions trial The TrustED protocol proof of concept).
Further expand and propose the TrustED protocol to academic institutions.
TrustED Private Pre-Sale.
TrustED Public ITO.
Begin incorporating The TrustED Proof of Concept into Mainnet for institutions.
Release first version of TrustED Quarterly Update, outlining the technical development progress, business progress and up and coming events.
Expansion and On-boarding Users and Institutions. Specifically targeting European, Asian, Australian and US institutions.
Release second version of TrustED Quarterly Update, outlining the technical development progress, business progress and up and coming events.
TrustED Mainnet Released to Public.
Geographical expansion and strategic marketing to grow the ecosystem + On-going TrustED Quarterly Updates.