Restoring Trust in Credentials through Blockchain Technology – The Origins of Block.co
The story of Block.cocan be traced back to 2014 when the University of Nicosia (UNIC) in Cyprus identified a need for secure and self-verifiable credentials on the blockchain.
A growing market in forged credentials and the vulnerability of certification documents in the face of man-made and natural disasters meant a solution was increasingly necessary.
Given UNIC’s early immersion in the blockchain world with the launching in 2014 of the first Master’s degree globally in Digital Currencies and Blockchain technology, it was clear to them that blockchain technology was best suited to fulfill that role. Why? “We had to find a solution with certificates that would be vendor-independent and without a central point of potential attack/hacking, and that would outlive the issuing institution itself,” explains Block.co CEO, Alexis Nicolaou.
So, in 2014 UNIC became the first university globally to experiment with the deployment of blockchain in the issuance of academic certificates. They were confident there was no safer or more secure application than that of blockchain technology and particularly no safer blockchain than the Bitcoin blockchain.
It quickly became clear that it was not solely academia that could benefit from the reliable credential authentication that blockchain technology offered. Block.co was born with the objective of taking the initial learnings and expanding the product beyond education to other industries as well as government – indeed to any organization or sector that issued certificates whose authenticity and immutability they wanted to secure.
“Look at the potential of blockchain in the shipping sector for example,” says Nicolaou. “Imagine you’re a shipping company and you employ a crane operator that stacks up the containers on the deck. The certificate he is furnishing however is a fake and he is not qualified to do the job. During the journey, the ship gets into rough seas and an accident happens, with the containers going overboard. There’d be millions in damages that could have been avoided had there been an easy way for the company to verify the authenticity of that certificate.”
Our solution is the ONLY truly decentralized solution to secure PDF documents from fraud without intermediaries! It also transforms the way organizations leverage open-source vPDF technology in the issuance, revocation, and validation of self-contained and self-verifiable documents.
The product features the only decentralized solution for issuance, validation, revocation as well as the expiration of digital documents. The solution is blockchain agnostic, as the issuance of documents can be made on Bitcoin or Litecoin blockchain. In addition to this, we offer the ability to brand your documents as well as the validation portal that may be hosted on the issuer’s website. Moreover, the product is flexible, providing a single cost per issuance or a subscription, based on your needs and specific requirements. Get more information about the product features and characteristics here.
Block.co’s solution can be applied to many industries; one example is the Accounting & Audit industry. How? To begin with, it helps auditors quickly and easily access and verify financial data, thus reducing considerably the cost and time necessary to conduct an audit. Moreover, it also helps preserve the integrity of a company’s financial statements, therefore drastically reducing the risk of counterfeits.
Patents, trademarks, and industrial designs, along with copyrights, are all types of intellectual property protections that help creators of written stories, inventions, artistic works, or symbols to stop people from stealing or copying their pieces of work. With Block.co’s solution, the protection of copyright and other relevant intellectual property rights is quarantined. The product offers a revolutionary and innovative means to protect the intellectual property of everyone, instead of other time-consuming and costly traditional processes.
Another industry that will be disrupted by us is the Legal one. With the expectation that very soon courts all over the world will accept blockchain proof as legitimate evidence, there couldn’t be a better time to explore blockchain. Contracts, certificates, and documents such as Non-Disclosure Agreements and Certificates of Ownership may be issued within a self-contained and self-verifiable digital document, proving their authenticity without intermediaries, anywhere with an internet connection.
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Block.co leverages product innovation and cutting-edge cross-collaboration through a partnership with the Institute for the Future (IFF) and UNIC. Among other partners are Blockchain Leaders, The British University of Dubai, Salvus Funds, Blockchain Association, Blockchain Consultus, and many more.
The former is a vibrant think tank of leading blockchain experts dedicated to preparing the C-suite for the game-changing technology which is swiftly shaping our world. It boasts more than 40 faculty and staff working exclusively on research and deployment of Blockchain, AI, Data Forecasting.
The award-winning university cultivates international cooperation and knowledge exchange through multiple EU and domestic research projects and membership of industry consortia. Engaging peers with its leading blockchain conference, Decentralized, and a network of international student-led chapters, it fosters a fertile community which Block.co both contributes to and taps.
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For more info, contact Block.co directly or email at email@example.com.
Tel +357 70007828
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