TrustED is basically a platform for leveraging blockchain technology for the storage, issuance, and authentication of academic credentials.
TrustED brings honesty, legitimacy, and convenience to the human resources industry because it is an academic credential verification service. The TrustED infrastructure enables universities, and online education and training Institutions to store, as well as authenticates grades, credentials, or certificates, leveraging the distributed ledger technology of blockchain.
In addition, permission parties will have the ability to confidently verify academic credentials of an individual through the TrustED platform, bringing an end to existing lengthy, expensive and manual processes.
Cause to choose TrustED
TrustED is an academic credential verification service that brings honesty, legitimacy, and convenience to the human resources industry. The TrustED infrastructure enables universities, and online education and training Institutions to store, as well as authenticates grades, credentials, or certificates, leveraging the distributed ledger technology of blockchain.
Academic Credential Verification
Universities and academic institutions across the world create and manage their own databases, and for decades this system has been in use for lack of a better option. On the other hand, employers looking to verify the academic credentials of a potential employee need to do so through third-party service providers and incur significant costs in terms of time and money. Although the management of physical documentation of academic credentials is slowly shifting to the digital space, there still exists the need to centrally maintain paper-based records, as digital representations can easily be forged by anyone with access to a computer and some basic image editing software. Figure 1 highlights some of the key pain points in the current academic credential verification ecosystem. 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. The efforts of obtaining apostille and/or legalization of academic credentials are substantial.
Identifying Market Opportunities
Currently, there exists no universal database of records where an authority can go to verify academic credentials of any one individual, nor is there one for these individuals to securely store their credentials. Though physical documentation of academic credentials made its way into the digital space with university-hosted isolated silo solutions, and/or third-party record management software, both have their own weaknesses. The former helps universities digitize documents but do not improve processes or the value chain for that matter. The digitized document only serves as a record for storage and will not be accepted by any institution as valid proof.
The system follows a Model-Driven Design (MDD) methodology focusing on a system-design process that is aimed at rapid implementation and deployment. A series of models will provide a deeper understanding of the static and dynamic components of the TrustED ecosystem. By using the MDD approach, we can describe comprehensively the distributional and transactional functions of the system.
Emerging Technology Implications
From system downtime, centralized systems can be hacked or suffer. They can have information altered or removed, and furthermore obtaining an academic background check on these centralized systems does not provide immediate results. The age of information silos is slowly but surely ending with global connectivity becoming a mainstay for present generations and many developed nations witnessing an ever-growing immigrant workforce.
The TrustED Token (TED) will be based on the ERC20 standard. The motive behind utilizing this standard is due to its wide acceptance and interoperability as well as its ability to easily be implemented into other services. In order to minimize the high transaction fees and avoid the low throughput of the Ethereum network, the TrustED platform accounts for all transactions within the system using a utility token TCRD (TrustED Credits) that is hosted on TrustED private blockchain network. This yields significantly lower transaction fees and higher scalability of operations within the TrustED network.
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