Digital Bank Digital Transformation implements the issuance of diplomas backed by Ethereum Blockchain

Digital Bank Digital Transformation has launched the issuance of their course diplomas on the ethereum blockchain network through smart contracts to guarantee the reliability and immutability of the diplomas they issue.

Being a consultant that has developed its teaching policy in real and tangible experiences, it emerged as a necessity for the company to implement this type of distributed data technology .

Digital Bank Transformación Digital is a consulting firm that has been teaching companies on the importance of organizational digitization for a little more than five years, for which they offer programs focused on financial services, as well as specializations in internal audit, human resources and insurance industry.

Digital Bank Digital Transformation implements the issuance of diplomas backed by Ethereum Blockchain
Digital Bank Digital Transformation implements the issuance of diplomas backed by Ethereum Blockchain

It is logical to infer that a company that has a presence in countries like Chile , Argentina , Bolivia , Paraguay and Colombia immerses itself in a technology as versatile as it is efficient as well as safe.

Ramón Heredia, Executive Director of Digital Bank Latin America pointed out in May of last year that the digital transformation has generated a great stir in terms of innovation , however he believed that banks had not taken an active part in this transformation process, therefore the programs The consulting firm develops is aimed at integrating the people who make up the industry, showing them what this type of disruptive technology can do for the financial sector.

Blockchain technology is in a dizzying rise, even greater than that generated by the internet in the late 1990s, which is why Digital Bank is convinced that the future of financial services is clearly marked by the evolution to the digital age , and This is how the idea of ​​the programs that the company develops since approximately 2016 was born.

Recently Mario Ernst, Director of Digital Transformation expressed that the main reason to implement blockchain technology in their programs responds to the efficient practice of the ideas they teach. In this regard, he stated that:

“We, due to our consulting function, have to be constantly testing the latest technologies and methodologies, in order to advise our clients. The main characteristic of our graduates is that the teachers are people who work in what they teach, which is why they transmit all their practical experience to the participants, so if we talked about Blockchain in our classes, we could not not have a use case real to be able to show our students. On the other hand, we had the challenge of managing multiple databases of our 300 graduates from 9 annual programs, taught in 6 countries in the region with 10 different partners. Each country had its database and it was important for us to securely manage the certifications we were issuing. ”

The implementation of this type of technology in the issuance of diplomas comes to solve specific situations. The company with a multinational platform unifies through these smart contracts a unique database of graduates, which offers both strategic partners and students the security of the validity of the certificate. Although it has face-to-face programs, they also offer the programs online, which implies some doubt of the validity of the certificates. However, hosting the certificates issued in the ethereum network allows you to have legal security of validity over time.

This brings advantages to both parties, both to Digital Bank Transformación Digital and to students, since currently searching for jobs on the web is more common than just a few years ago, so the verification process for scouts or It is advantageous for the applicants themselves to access this type of technology.

The company created for this purpose a Smart Contract hosted in the Ethereum network in order to exercise the validation of the diplomas awarded with the electronic signatures authorized for this purpose, the possibility of having the peace of mind of issuing a diploma authorized by the correct people and thus avoid fraud, which gives a robustness to the company system making it infallible. They also consider it important to be able to access this information over time, since there have been cases in which the institutions have ceased to exist and, therefore, there is no possible physical way to verify the veracity of certificates issued, the use of the data network Distributed guarantees that the information will not be lost.

Since the information does not rest on physical files or on a specific computer, it guarantees the availability of the information even if Digital Bank Transformación Digital will cease to exist. The process of generating this type of certificate is simple, once the program is completed, it generates a list of graduates, who will generate a digitally signed certificate, once they are signed, they are hosted on the blockchain network through the Smart Contract using the Solidity language who generates the verification process, and once the authorized digital signatures are verified, the transaction is confirmed, which will generate a block within the chain and will be hosted there without being able to be changed. This process takes a few minutes and upon completion, the digital certificate hosted on the ethereum blockchain is generated.

Ernst considers that in these times of technological innovation, signing certificates manually is an obsolete practice, and that it is necessary to add greater security measures to certificates and that at the same time the mechanism for validation of certifications by any body or person who wants to validate the information that people are putting on their resumes or on their social networks. For this reason, it considers that if the technology already exists, it must be used effectively.

Finally, he indicated that in the midst of this pandemic that is plaguing the world, they will modify the number of programs, they will be fewer and digitally for obvious reasons, in addition to being regional. Partners such as KPMG , CISCO, COGNITIVA, AMBA, ABE are the banner of the company, which allows them to diversify the modalities of graduates to cover financial services, banking , internal audit, insurance and human resources, as previously mentioned. At the moment there are no new releases but they do not rule out starting in a very short time with the new programs.

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