Cardano (ADA) Records First Use Case Of Its Blockchain
Several universities in the European country Greece have enrolled in a project that will upload diplomas data on a privately built version of the Cardano (ADA) blockchain.
Several universities in the European country Greece have enrolled in a project that will upload diplomas data on a privately built version of the Cardano (ADA) blockchain. This move is designed to effectively help students prove their qualifications.
Cardano (ADA) is now ranked as the fifth biggest crypto by market value. The crypto has recently recorded the first use case of its blockchain even though it is still experimental at this stage.
According to the report, the Greek national research and education network GRNET will partner and world with blockchain company IOHK to register and verify the university student diplomas and qualification on the Cardano blockchain.
The Cardano blockchain is a proof-of-stake (PoS) blockchain system which was designed by IOHK, with the co-founder of Ethereum Charles Hoskinson leading the development team.
The report further added that GRNET would develop an application on a private iteration of Cardano, implying that membership on the platform wouldn’t be made public. The EU research and innovation program Horizon 2020 is funding a part of this project.
Currently, three universities have enrolled in the project: the Aristotle University of Thessaloniki, Democritus University of Thrace, and Athens University of Economics and Business. GRNET is currently working towards adding more universities to the list.
The chief scientist at IOHK Aggelos Kiayias commented that the prototype is now in the development stage. He added that system would make it possible for universities and their students to “issue a proof that a qualification exists that is undeniable. This is a point of reference that can be agreed [on] by everyone.”
Universities participating in the project are hopeful that the application will do away with fraud, reduce the paperwork involved and simplify the entire verification process.
GRNET, however, doesn’t plan to upload an entire diploma on the Cardano blockchain. With privacy protection concern, the application to be developed will be allowed to register only a cryptographic hash corresponding to the digital version of the diploma.
The Greek universities will be following the steps of the Massachusetts Institute of Technology (MIT) which issued around 111 virtual diplomas to students back in October last year, with the virtual diplomas all recorded on a blockchain.
Cardano is one of the cryptocurrencies that have excellently started in 2018. The price of Cardano has increased from $0.118 all to the way to $1.2 now in the space of 30 days. At last check, Cardano’s (ADA) coin is going down by 14.95%, currently trading $1.06 per coin.