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Talentchain: The Nemesis of Credential Fraud

08-23-2018 04:57 PM CET | Science & Education

Press release from: Talentchain

Talentchain Logo

Talentchain Logo

Certificate counterfeiting is big business. Globally organizations spend billions of dollars per year to ensure that employees recruited are genuine and their documents are authentic. Several attempts to make this haphazard process systematic have not met with noticeable success.
Instances of the implications of forged documents to either seek admission/jobs/grants are staggering to say the least. Just recently, more than 40 websites awarding worthless degrees to UK students were closed by their Higher Education department. Reports in Tanzania cited of 10,000 ghost workers having looted the Government of $2mn a month, with grants being credited to fake individuals. Globally degree mills generate a revenue of $7 million per year from selling fake qualifications worldwide.
With the boundaries getting seamless and the identities getting virtual with each passing development of the Internet, the need for a repository with verifiable data for admissions, recruitments and disbursements is growing. Several institutions and organisations have attempted to create the same and be a Solution Provider to this teeming menace. However, with the database centralisation, the neutrality of such aggregators is always under a scanner. This lack of Trust between the stake holders is a cause for concern and hence the solution of getting third party endorsement is prevalent across the board. Attestation and Notarisation are the other alternatives that are being applied to tackle the concern by Universities, Recruiters, Corporates, Financial Institutions and Government Agencies.
Talentchain, a start-up based in Malta, aims to bring transparency to education and employment by harnessing two key pillars of Blockchain: decentralization and immutability. The Talentchain team completely changes the age-old practice of a centralised accreditation system through the implementation of distributed ledger technology for automated accreditation. The platform provides ‘Talent Certificate’ to the users through an automated and decentralized approval process. Through the usage of Blockchain, the Talentchain platform aims to bring the trust back amongst the key stakeholders in this Industry.
The Talentchain platform will create a democratized ecosystem of Universities, Corporates, Government Bodies, Notary and Talents for evaluating and validating credentials and skills.
"Talentchain has the capability and vision to disrupt the certificate storage and verification market by emphasising on trust, security and consent,” says Mr Rangin Lahiri, Founder & CEO, Talentchain. Lahiri has wide-ranging industry experience spanning more than 20 years.
A unique Talent Passport will store all educational and professional details of an individual in a transparent and authentic manner. Universities and companies will be able to generate and maintain diplomas, degree certificates, joining letters and experience letters, which individuals will be able to share with recruiters and other verifiers.
The immutability of Blockchain will ensure authenticity of the credentials, which can be instantly verified using Talent tokens (TTO).
Institutions will be able to upload audit parameters like accreditation certificates, pedagogic principles, campus images and other details to the platform, allowing assessment by other institutions.
Talentchain will stop the menace of fake certificates and fraudulent institutes, in the process removing redundant intermediaries from the recruitment supply chain. The platform promises to save companies and academic institutions billions of dollars of annual expenditure in talent verification.
Mr Lahiri, the founder of Talentchain, says:” We could easily have launched Talentchain a year back, but we were determined to expand only after we had done enough research and product development to confidently take on the varied problems of this industry.”
For further Product & ICO details please visit http://talentchain.com/ or write connect@talentchain.com

About The Company

"TalentChain, powered by Blockchain and AI, bridges the trust deficit securely,
and serves as a single source of truth for all stakeholders.
It enables considerable and tangible cost reduction in qualifying learning and education admissions,
recruitment and related statutory processes. It is a unique presentation
of the knowledge asset that is securely verifiable and endorsable across various stakeholders.
TalentChain orchestrates three sets of participants
1. The Institutions that plot the knowledge asset journey on the blockchain,
2. The Employers that harnesses and nurtures Talent;
3. Enablers like Banks, Governments which would seek for compliance data while nurturing this talent pool."

Company Address

Palace Court
Ground Floor
Church Street
St. Julian’s STJ3049
Malta

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