Hoseo, a South Korean University, made an announcement at the graduation ceremony on Friday. They declared that all 2,830 graduates of the class of 2021 will receive non-fungible token (NFT) degrees and certificates.
Switching from paper-based diplomas to NFTs is expected to make administrative services more accessible, allow for certificate revisions, and prevent fraud. Switching from a paper-based degree to an NFT, according to the school, will improve administrative services and prevent degree fabrication or alteration.
In South Korea, NFTs have been accepted by various industries and entities, with the country’s top corporations, Samsung, SK, and LG, including NFTs in their newest range of goods and services.
South Korean tactics to evade fraudulent activities
The concept of digital certificates has been discussed in the past. There has been an upsurge in the number of fraudulent documents, certifications, and other types of fraud. NFTs are explicitly created to counteract this. Regardless of their immutability, there remains an opportunity for verification as long as the certificates persist on the blockchain in their non-fungible condition. With NFTs in place, the days of physical papers being forged and a high number of frauds being committed are gradually fading away.
More individuals voting in favor of the uniqueness of the information builds confidence, and people may have more faith in the project process. Assume the paperwork (in the form of NFTs) indicates he has 5 years of programming training experience and that the document is genuine.
There is no way to deceive today since the blockchain records who you are, who created the NFT in question, when it was minted, and to whom it was issued (in the instance of stolen assets). This is the notion that is now being contested, and it holds a lot of power.
The Samsung-supported Sungkyunkwan University had its graduation ceremony earlier this week. He was said to have given NFT credentials to three students.
In South Korea, many industries and organizations, including the country’s largest corporations like Samsung, SK, and LG, have begun to incorporate NFTs into their newest product and service lines.
Integration of NFTs in education would enhance access to high-quality education while also raising literacy levels worldwide. Deborah Ojengbede, the CEO of AFEN Blockchain Group, spoke on the importance of NFTs in education, saying:
“The fundamental driving factor for today’s world, which is still dominated by web2 enterprises, is the digitization of current procedures for accessibility.” NFTs can evaluate educational activities digitally because of the [amount] of time people spend online.”