Preventing Fraud: The Blockchain Way

By CIOReview | Friday, June 8, 2018
102
168
35

In today’s business landscape, blockchain technology can offer significant value in managing operational processes. Today, when fraud seems to have even the education arena ensnared, the ill effects often present scenarios where a less qualified person occupies a higher position.    

The growing cases of fraud in education certificates and in terms of qualifications in the education landscape are presenting enterprises with greater challenges. For instance, in the government sector, as they continue to rely on manual, paper-based systems, verifying the documents can be a daunting endeavor.

Blockchain technology can prove to be the panacea in this scenario to tackle fraud effectively. To begin with, blockchain technology allows businesses to upload all the details of the employee certificates. Subsequently, the uploaded certificates are digitalized and verified to ensure that certificates and the employee are real. The certificates are then made available to the employer on the company’s blockchain. This tamper-proof nature of the blockchain encourages business to hire right employees. By entering employees’ education records onto a blockchain-based app allows businesses to check the details at any time.

With the help of blockchain technology, it’s absolutely impossible for anyone to breach the system and modify the information. Rather than storing information on a server, blockchain utilizes distributed ledger to integrate a list of records that are connected and made secure using cryptography.

Blockchain for sure has major upcoming traits. Considering it is a regular ledger system, the information is most likely stored in databases, which is stored in one place, for the most part. The most important attribute of the blockchain technology is that it extends a distributed platform, which means high availability, easy accessibility, and no single point of failure.