Cryptocurrency

Emercoin's Trusted Diploma Platform Aims to Combat Fraud in Education

Axact, a software company, operated a sprawling diploma mill through hundreds of websites. In 2015 alone, the operation generated $51 million after processing over 215,000 forged degrees via 350 ficti

By Aubrey Swanson··2 min read
Emercoin's Trusted Diploma Platform Aims to Combat Fraud in Education

Key Points

  • Axact, a software company, operated a sprawling diploma mill through hundreds of websites.
  • In 2015 alone, the operation generated $51 million after processing over 215,000 forged degrees via 350 ficti

Axact, a software company, operated a sprawling diploma mill through hundreds of websites. In 2015 alone, the operation generated $51 million after processing over 215,000 forged degrees via 350 fictitious schools and universities. These ranged from master's degrees to doctorates to PhDs.

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Without stronger verification systems in place, fraudsters like Axact will keep operating. Enter Trusted Diploma, a blockchain platform built on Emercoin and now deployed at Business & Technology University in Tbilisi, Georgia. The system lets anyone validate education credentials in just a few clicks, checking whether a degree carries an authentic stamp or bears signs of tampering. The goal is to eliminate fraud, manipulation, and corruption from educational records.

Bill Tai sees the model extending far beyond universities. An Emercoin advisor and venture capitalist, Tai draws a comparison to social media verification. "Much like the little 'check mark' on Twitter or Facebook profiles, companies like LinkedIn or Indeed.com could use this to validate the data represented on profiles, ensuring that data is tamper-proof and accurate," he said.

The platform does more than verify domestic degrees. It works with foreign credentials and provides graduates a secure vault for storing their certificates, guarding against forgery and loss. Mikheil Batiashvili, rector of BTU and Georgia's Minister of Education, Science, Culture and Sports, framed the opportunity this way. "The Trusted Diploma platform will help our school build a secure and immutable database of education certificate, which will help our graduates as they pursue successful careers," he said.

Fake credentials have become endemic in the education sector. Trusted Diploma and Emercoin are betting they can reverse this trend.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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