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   345

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.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.