Increasingly, professionals are obtaining certificates from various organizations; however, keeping track of and especially validating these accomplishments can be quite challenging. It’s easy to misplace or lose a paper document, not to mention how easy they are to forge. Fake diplomas and credential fraud are on the rise, posing a challenge to institutions and employers’ efforts to verify the authenticity of qualifications. NFTs and blockchain technology present a secure and tamper-proof alternative that’s changing credential verification.
Models such as the ICB Verse NFT Academic Certificate can eliminate these issues by providing universal proof of educational accomplishments. We may be close to seeing the end of paper-based educational credentials.
Addressing fraud with blockchain-based credential verification
Credentials are verified instantly as educational achievements are recorded on an immutable and secure ledger. Professional certifications, diplomas, and degrees are stored as NFTs on the blockchain instead of on paper. A unique digital signature ensures the authenticity of each credential, which also reduces administrative costs.
Students no longer have to deal with bureaucratic delays and can share their credentials across borders. Credentials cannot be forged or altered once they have been recorded and are stored securely without relying on third parties.
Employers can spend months verifying qualifications and degrees before making a hiring decision. Blockchain technology shortens the time frame by eliminating the need for manual verification and recording provenly authentic credentials. This facility guarantees that companies only hire qualified professionals and reduces hiring fraud.
Leading universities and colleges are embracing blockchain-based credentials due to inefficiencies in traditional verification and increased fraud cases. For example, MIT has been issuing blockchain-based diplomas since 2017. Harvard has been looking into blockchain credentials for online courses, and the University of Johannesburg is offering certificates and degrees on the blockchain to prevent counterfeiting and fraud. Universities benefit from higher global credibility for their graduates and a lower administrative burden.
Education becomes focused, immersive, and engaging
Apart from delivering the benefits of immutability and instant verification through its NFTs, ICB Verse offers access to a metaverse city with interactive labs, cutting-edge virtual classrooms, and vast digital libraries. The city provides immersive simulations and real-time collaborative projects, embodying a hands-on, practical approach to education. This addresses the issue of dry, theory-based learning, which persists in the framework of traditional educational institutions.
Participants in ICB Verse can converse with AI clones of legendary icons in the Fame Hall, attend classes taught by world-renowned professors, and share their knowledge within a virtual community. Education is interactive and engaging, and NFTs serve to secure access. Each NFT can unlock exclusive courses from the most renowned professors in the world and provide access to virtual classrooms. The AI clones of historical and contemporary figures in the Fame Hall will provide valuable knowledge and insights from these great minds.
The NFTs also provide access to exclusive networking opportunities, virtual events, workshops, and the ability to create customized classrooms in ICB Land. They have investment value through appreciation and the option to trade on secondary markets. ICB Verse NFTs are purchased using a Metamask wallet.
How NFTs help track and validate educational accomplishments
Each NFT is associated with a unique wallet address, verifying ownership and authenticity. It comes with a timestamp, revealing exactly when the accomplishment was conferred. Students can store all their credentials in a digital wallet and easily share them during job applications, further studies, or certification processes. NFTs can be standardized to work across universities, online learning platforms, and professional bodies.
They can represent smaller learning units, such as the completion of a module, workshop, or skill badge, enabling learners to build a portfolio of micro-credentials. Over time, students can stack them to show progression toward a larger certification or degree.
An NFT includes more than just a name and date. It can link to portfolios, project work, assessments, or video feedback. Smart contracts can allow institutions to update NFTs with endorsements or continued education credits.
Fraud affects billions and often inflicts irreparable damage
Only authorized institutions can mint NFTs from verified smart contracts, reducing the risk of fraudulent issuers. This is reassuring as it has emerged that as many as 4.7 billion people have either been affected by or acquired fake degrees. A recent report from the US Department of Justice uncovered that South Florida nursing schools had issued over 7,600 fake degrees, with just under 3,000 recipients passing national exams. The ensuing scandal led to legal action, with dozens of individuals pleading or found guilty.
Investigative journalist Umar Audu shocked Nigeria with a report on the prevalence of fake diplomas issued to Nigerians, specifically by universities in the Republic of Benin. He posed as a buyer and acquired a Bachelor’s degree in Communication in less than two months without attending a single class. His work exposed a lucrative market for fake degrees, with some recipients even using them to secure positions in the state sector. The Nigerian government launched an investigation into more than 100 private universities in response and eventually shut down 18 foreign universities in the country.
The Australian Skills Quality Authority canceled 51 private schools’ registrations between June 2023 and June 2024, up 34% from the previous year. Another 28 were deregistered between June and December 2024. Shockingly, just four colleges, three of which domestic, had issued more than 21,000 fake qualifications in sectors like community services and childcare. The ASQA revoked the qualifications of 18,750 students who had collectively spent millions of dollars on worthless degrees.
