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German Frankfurt School to Issue Blockchain-Based Course Certificates

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The Frankfurt School of Finance & Management has introduced blockchain-based coursework certificates for its students.

The Frankfurt School of Finance & Management (FS) in Germany will now offer students the ability to prove their qualifications using blockchain technology, Cointelegraph auf Deutsch reported September 17.

As part of a pilot program, graduates of one of FScourses on blockchain technology will be able to prove their successful completion of the course with a certification stored on a blockchain itself.

For the pilot project, FS is working with Consensys, one of the leading software companies in the blockchain field. Consensys has developed a decentralized app (DApp) for so-called self-sovereign identities, wherein certificates are not necessarily published on a blockchain, but only copied to the computers of numerous network participants.

The copies can be encrypted so that the owner of a particular node in the respective network can decide on a case-by-case basis which certificates he or she makes visible to other network participants. Thus, the blockchain actually makes credentials physically portable for the students.

Veronika Kütt, Research Associate at the FS Blockchain Center and Head of the pilot project, finds the opportunity to digitally present certificatesfascinating”:

We are doing pioneer work here. <…> Our students find it a privilege to be involved in new technology at an early stage. It’s a bit like the programming of the first public Internet sites in the mid-’90s.

Professor Philipp Sandner, Head of the FS Blockchain Center, added:

With the blockchain you can store personal data, such as a CV or identity card, as in a picture book. With our project we show how easy and comfortable that can be for the user. “

This makes the FS the first educational institution in Germany to offer its students blockchain-based certificates. The new technology is also being used in Switzerland at the University of Basel. At the end of April, the Center for Innovative Finance (CIF) introduced course certificates registered on the Ethereum blockchain.

Home Crypto News European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing

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The European Central Bank is not planning on issuing its own digital currency under current conditions, President Mario Draghi has confirmed.

The European Central Bank (ECB) has “no plansto issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, September 12.

Addressing a query by MEP Jonás Fernández, Draghi said “substantial developmentwas still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he summarized:

“Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash.

Explaining why no plans were afoot at the ECB, Draghi drew attention to those same factors.

The technologies which could potentially be used to issue a central bank digital currency […] have not yet been thoroughly tested and require substantial further development before they could be used in a central bank context,” he told Fernández, adding:

“With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potentially substantial operational costs and risks.

He added there was at present “no concrete needto issue an additional currency within the eurozone, saying demand for cash banknotes “continues to growin the EU28.

Draghi continues the wary stance the 28-member bloc has traditionally held on bank-issued cryptocurrency, in contrast to moves by countries such as Russia and China.

Earlier this year, a joint report from the ECB and Bank for International Settlements (BIS) highlighted “side effectsof a potential launch of such a currency, also considering the need for more research beforehand.

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