Pohang University of Science and Technology recently made history by becoming one of the biggest universities in the world to issue degrees secured by the blockchain. A recent report says that the university decided to issue digital degrees due to the coronavirus outbreak. Fearing for the public’s safety, the university canceled the graduation ceremony and decided to issues degrees digitally.
How it Works
The university sent QR codes to 828 graduates, which links to a blockchain-based diploma. It decided that holding a public event was simply too unsafe. The diploma issued will be secured using the blockchain. This way, people cannot fraudulently claim to have graduated from the university. If someone wants to check the authenticity of a degree, he or she can use an online database that was created by ICONLOOP.
This technology is growing in popularity. One of the most notable universities to utilize the technology is MIT, which has been using the technology since 2015. Another university in Australian called RMIT University, which is based in Melbourne, has been using the technology since 2019. The Open University in the UK has been working on a blockchain-based certification program for a while now. Various blockchain firms around the world have been working on solutions that will ensure certificates are secured using the blockchain.
The Latest on the Coronavirus
There are over 34,800 people globally with the virus. Most of them are from South East Asia. Thus far, over 700 people have succumbed to the infection. South Korea has seen about 24 cases and this is expected to grow. To offset the effects of the virus, the Chinese government was recently forced to print over $174 billion.
While the virus has not had a direct impact on BTC prices, it has affected the crypto sector. For instance, various Bitcoin mines in China have been forced to shut down. Some firms in the crypto sector have begun to donate to efforts fighting the coronavirus. In general, the crypto sector has been quite attentive to events around this virus. It is expected to continue affecting the SE Asia region until around May.