Earlier this week, content management service provider Hyland launched its blockchain-based digital credentialing solution for education records. Called the Hyland Credentials for Higher Education, the solution enables easy verification and sharing of school and college records such as certificates, diplomas, and degrees.
Hyland is thought to have earned $700 million in revenues in 2018. The company is owned by private equity firm Thoma Bravo which recently acquired JD Power.
The blockchain credentialing platform provides an end-to-end solution for educational institutions to issue digital credentials and manage them using the blockchain. These credentials can be viewed, shared, and verified independently of any vendor network or proprietary software.
Credential fraud is a growing concern for employers as well as educational institutes. An opinion piece published by The New York Times estimates that there are 3,300 unrecognized universities worldwide that sell fake degrees. Moreover, a simple Google search brings up hundreds of results to get a fake certificate online. Using blockchain, Hyland aims to eliminate paper-based degrees, which are easy to tamper with and also improve efficiency for colleges and universities.
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