Requirements for the TrustED system
The platform is designed to help overcome the currently insufficient system by enabling academic credential issuing authorities to store credentials and certifications on a distributed global ledger, rather than centralized databases. It provides credential holders a secure network to preserve, access and share their academic qualifications at their own discretion, as well as the immutable assurance that their private data will be immune from removal, alteration and/or unauthorized access. As a result, TrustED enables employers to validate credentials of prospective employees without requiring third-party intermediaries, or a lengthy process. Additionally, it offers governments a reliable source of document verification for immigrant workers, and furthermore, it brings to light any fraudulent claims much more efficiently than currently possible.
The primary value offering of TrustED is that it provides a technologically advanced solution to individuals looking for a platform that can securely and indefinitely store their academic credentials, and those looking to verify or validate the same. The platform features all the advantages leveraged by using Distributed Ledger Technology including cryptographically secured data, real time sharing, transparency, immutability and a decentralized token economy.
The platform stores grades, degrees, assignments and test results, and various other industry or professional certifications that can include Chartered Accountants, Project Management Professionals, and many others.
The core requirements for TrustED:
• Storing Credentials
TrustED will invite credential issuing authorities, like academic institutions, to participate on the platform and issue credentials for their graduates in digital form through the TrustED platform. These credential issuers will need to be verified by relevant government agencies before they can be a part of the TrustED system. The credentials issued by verified institutions will be cryptographically secured and stored on TrustED’s distributed network. Additionally, credential holders will also be allowed to upload their credentials to the platform, but these accounts will remain unverified until validated by the respective credential issuer.
• Accessing Credentials
Credential holders and graduates will be able to create an account on the TrustED platform and have access to their verified credentials at all times, while having complete control over the distribution of these credentials within the system. The credentials holders will need to be KYC verified in order to prove their identity to the system, so they can be assigned their respective credentials and subsequent TrustID. While the credential holder retains complete access to the documents, modification or updates to the credentials can only be authorized by the relevant credential issuer.
• Verifying Credentials
Those looking to verify credentials of an individual can do so in a matter of minutes by creating an account on the TrustED platform and requesting the same on the platform. The verification process on TrustED is free, except in the event that a credential issuer wishes to charge for the service. The platform allows payments to be made in both fiat and TED tokens. While the conversion from TED to TCRD for the purpose of processing the transaction is managed by the systems conversion smart contract, the fiat payment is processed through integration with a third-party payment service provider like Stripe. Once the required fees are paid to the credential issuer, a request is sent to the credential holder for approval, after which, on receiving approval, the verified credentials are shared with the user requesting the same.
• Tokenized Transactions
TrustED will employ the use of TrustED tokens (TED) an ERC20 compliant token to facilitate the purchase of Trust Credits (TCRD) which is a native token to TrustED, utilized for all payments and transactions within the system. The wallet balances of TCRDs on the TrustED platform will be managed by Hyperledger. The use of a tokenized system brings with it multiple benefits in the form of instant transactions, micropayments, cross-border remittances, minimal transaction fees and more.
