India to Deal with Fake Degrees

The Indian government is going to use Blockchain in order to prevent fraud in the education system
06 February 2018   119

Indian Minister of Finance Arun Jaitley in his 2018-19 budget address announced government’s plan to clamp down on crypto trading.  The government is going to support blockchain in order to solve some problems in the world’s second most populous country. According to him, the government will examine the use of this technology.

Since the educational sphere faces a major problem with fake degrees and certificates, the first implementation of the blockchain will be in education. Companies often spend lots of money and time to certify the degree of potential candidates. The problem is that a fake degree costs about $30 and now it can pass even vigorous inspection because it can take weeks or months to certify a degree with its issuing institution. The certification of a degree costs around $15 per applicant. It may not sound like much but large Indian companies are hiring up to 10,000 employees at a time which makes the cost irrelevant.

The blockchain verification of a degree can be accomplished instantaneously using an app. Degrees and certificates registered on blockchain will save companies money and guarantee the authenticity due to this advantage.

The blockchain verification should also help candidates looking for employment in other countries since their degrees will no longer be inspected.

The Indian government is planning to use blockchain in healthcare, benefit distribution and digital identity management.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.