The service aims to allow businesses, individuals, and academic institutions to conveniently access the authenticated credentials of people with whom they are interested in working or whom they want to admit.
The move comes amid the coronavirus when the demand for remote work has skyrocketed.
A June study from Stanford University Institute for Economic Policy Research found that over 40% of Americans are currently working from home, either because their employer asked them to do so or out of concern for their health.
“This is the most practical way given the technological advances that have taken place and the fact that people are now able to work from home,” said Sumita Raghuram of the San Jose State University School of Business.
“Our economy is moving,” he said. “It is a more knowledge-based economy and it’s the knowledge-based workers who have jobs where they are essentially working on computers.”
However, this move to remote work represents a greater possibility for diploma or credential fraud when recruiters consult their list of applicants.
“The verification process for paper-based certificate issuance is complex and time-consuming; while at the same time, relatively prone to errors and fraud, due to the lack of an independent, online verification,” the company said in a statement. “Additionally, data has shown that more than half of applicants tend to falsify universities and diploma mills on their resumes.”
Biploma simplifies this process by verifying that an applicant’s credentials are correct, catalogs courses the applicant took, and allows current employers to update their information to reflect honors and promotions given, training, and other achievements.
The product also utilizes blockchain technology to make the information easily accessible and secure.
“Anchoring credentials to the blockchain provides the most advanced form of digital document verification,” said Dr. William H. Nguyen, founder and CEO of Beowulf Blockchain. “…This additional label of trust will change lives, giving greater credibility to every party, and in the process, bringing us closer to improving efficiency and transparency in education and employment markets.”
The global blockchain market is currently worth about $3 billion, but exponential growth is expected. By 2025, Statista reports, the industry is anticipated to grow to over $39 billion, a compound annual growth rate of over 67%.
As the technology grows, it is poised to disrupt several industries, including banking, messaging, voting, ride-sharing, internet advertising, cloud computing, insurance, and others.
Blockchain’s public record structure allows individuals to view transactions made along the blockchain, which could make it easier to insure assets like homes and automobiles.
In an interview with BusinessWire, an insurance industry expert at Infiniti Research said the technology enabled the company to increase productivity.
“Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service,” they said.
Blockchain technology has also given rise to the prevalence of cryptocurrencies like Bitcoin, which list transactions using Bitcoin along the blockchain.
Bitcoin’s worth has proven extremely volatile, hitting an all-time high in 2017 at almost $14,000 per unit. Since then, Bitcoin has plunged to just over $3,000 and has risen to between $6,000 and $11,000 in recent months.
Bitcoin’s decentralized approach allows for untraceable ownership of money on the platform, a feature that is attractive to users.
In September, Beowulf Blockchain unveiled its own cryptocurrency, listed on the Bittrex Global exchange platform. Dubbed BWF, the currency is intended to decentralize the ownership of the blockchain and allow the distribution of funds across the world in a timely fashion.
"We want to position our BWF coin as the membership passport to all supporters of our various products and services coming on stream now and in the future, said Nguyen. “With the support of industry-leading partners, Beowulf Blockchain will be able to completely disrupt the enterprise communications industry by providing a better video-quality, more efficient, and lower-cost video conference services to end-users worldwide.”
BWF became available on the Bittrex Global exchange on September 24.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.