Recording and verifying candidates' credentials can be costly and time-consuming for academia and businesses alike. Now, some education facilities are turning to bitcoin technology for help.
They are using blockchain, which was developed alongside the digital cryptocurrency bitcoin, to record their students' achievements in a cheap, secure and public way. Blockchain works like a decentralized ledger, storing information on a global network that is publicly available and should be safe from tampering.
One example is Holberton School of software engineering in San Francisco, which was established as a project-based alternative to college. In October 2015, the school announced plans to share academic certificates on blockchain from 2017.
"For employers, it avoids having them to spend valuable time checking candidates' educational credentials by having to call universities or to pay a third party to do the job," Sylvain Kalache, co-founder at Holberton School, told CNBC via email.