Blockchain

Blockchain is a digital way for people to transfer assets directly between each other without an intermediary. The Blockchain has the potential to give non-formal certificates some of the same status and features as formal degrees. Blockchain has been around for a while but it has only recently emerged as a disruptive technology with a social value proposition in education and has become the dominant paradigm in trustworthiness and accountability.

Credentify uses the 0xcert open source protocol that translates one-of-a-kind digital or real-world assets into non-fungible tokens (NFTs) which is a special type of cryptographic token which represents something unique - and so unique proof of ownership available from the blockchain. This fits the specific need for credentials creation. Credentify is therefore creating its solution by pioneering non-fungible tokens, which recently started getting attention in the crypto community. Non-fungible digital assets represent the next stage in the blockchain evolution. 0xcert recently successfully issued and Ethereum implementation proposal 721 (EIP-721) which got confirmed as an Ethereum standard (ERC-721) in March 2018. Numerous companies from different verticals are looking into this new technology as a solution for what was previously not possible on the blockchain.