With the rapid growth in the information technology sector and easy access to cheap and advanced office instruments in the market, faking essential documents has become a matter of concern. The need for verification and authentication practices of various important documents is also increasing
Credentials are an essential element in a modern economy. As the economy progresses, it utilizes efficient and effective credential infrastructure. As we move towards an increasingly digitized workplace environment, it has become of utmost importance and necessity to quickly and securely prove a person’s identity and credentials. Today’s workforce and employment heavily depend on proof of identity and verified credentials in KYC and Educational and employment validation.
Blockchain provides the technical infrastructure to reliably store and manage students documents and certificates. Blockchain records permanently, so various important and related documents can be secured and verified, regardless of whether or not a user has access to an institution’s record-keeping system. Rather than storing the student identity document, the blockchain network stores information(hash) about that document which is immutable, time-stamped, and transparent.
Currently, there are multiple numbers of ways through which one can verify the existence of a document on the blockchain. The easiest of them is to re-upload the document to verify its existence. Upon re-uploading of the document, the proof of its existence gets verified, as the cryptographic digest and the marker for the transaction are also verified. The other ways are to check the transaction record of the bitcoin blockchain to verify the existence of a time-stamped document. Returning to the verification page of the original time-stamped document also verifies its existence. Thus, the existence of a time-stamped document on a prior date gets proven. This will help banks, educational institutions and healthcare industries verify documents in very less time, cost, and effort.
Although banks have stringent KYC norms, the document verification system on a blockchain is not unique to banking alone. Besides the BFSI (Banking, Financial Services, and Insurance) sector, universities, educational institutions, etc. can also make use of the technology. Both issuance and verification of degrees and certificates can happen through the blockchain data storage and verification methods. Instead of printing a degree certificate and keeping stored a physical copy, universities can begin issuing digital certificates. Verification of the same will also be easier through this technology.
Blockchain will also play an important role in the medical field with storing, maintenance and easy verification of medical records. Doctors and medical professionals can access the medical history of patients easily, verify them and administer appropriate treatment. This technology will hugely benefit the healthcare industry, as much as it benefits the BFSI and education sectors.
Assume that a recruiter is in need of hiring a graduate and he requests for certificates for verification. Under blockchain, the former can verify/authenticate certificates via just hashing the content to a cryptographic mode. If the hash matches the details stored on blockchain by the university, the degree certificates produced are genuine. If the documents are altered, it will not match. The technology helps banks verify data and documents with transparency, significant ease and at lower costs.
When a user presents a document, the technology converts or encodes the document into a cryptographic digest or cryptographic hash.
Submitting the same document more than once, for verification, will have the hash and the transaction markers match each time. If the document contains any changes, the markers won’t match. The user will also have the power to allow or disallow the said organization or individual from viewing the document.
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Sailaja is a successful entrepreneur who believes in her passion and dedication. She has a master in business management from Herriot Watt University. She worked as a CEO for a Pharma chain in Hyderabad, and years later, she pursued her dream for pastry and got a degree in pastry from Le Cordon Bleu College, London. She started and established her patisserie in Hyderabad, getting the tastes from Global travel, infused her finesse to products taking her brand a notch higher.
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Armed with a management degree, her corporate experience has given her an opportunity to have been a proven leader with demonstrated success in building market strategies, identifying & acquiring key accounts & fostering customer relationships through structured engagement, customer focus & team management.
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Inder has an MBA in Finance in India. Utilizing his Finance background he rose through the ranks in the banking sector in the US and then after receiving his MS in Healthcare Services Administration he started his career in healthcare at the Tufts Medical Center, Boston.
Inder’s growing understanding of the expanding role of technology in healthcare caught the attention of the bureacracy and was invited to work on the Patient Privacy and Electronic Records Committee for the State of Massachusetts and later on at the State of Georgia Department of Health and Human Services. These were in the years immediately preceding the development and roll-out of Health Insurance Portability and Accountability Act (HIPAA).
Sensing a rise in ERP movement, Inder joined a software company and worked on managing ERP solutions projects in the manufacturing sector where his clients included the Coca Cola Company, Sara Lee, International Paper, Siemens (Canada) etc .
In 2008 he came to India with the aim of realizing his cherished dream of working in India. He served as the CEO of a EMR software company, and later on led the Digital Transformation at several hospital groups as a group CIO and Vice President. Inder has to his credit, several published articles in national and international healthcare technology management and as an invited speaker at various private and government conferences. He has also been cited in several articles and studies including one at the National Library of Medicine in the USA.
In his spare time Inder indulges in travel and reading.
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