Bangkok--7 Nov--Siam Commercial Bank
Digital Ventures Co., Ltd, is taking a step forward with an innovation that will boost Thailand's economy, financial sector, and society at large, with the Ministry of Digital Economy and Society (MDES) together with leading higher educational institutions and firms to support the launch of the B.VER (Blockchain Solution for Academic Document Verification). This innovation will allow educational institutions and organizations to verify transcripts online via the Blockchain platform on a real-time basis for the first time in Thailand. The new solution will tackle fraud related to academic document forgery that has damaged Thailand's social and economic sector. The B.VER platform allows the government and private sectors, including the general public, convenient access and usage.
Digital Ventures Co., Ltd. Chief Executive Officer Orapong Thien-Ngern shares that over the past few years Digital Ventures has committed to taking part in technology and innovation development in a bid to drive the transformation of Thailand's business and social sectors. Today marks a major leap in Digital Ventures' help to bring change and provide solutions for social issues concerning academic documents. With advanced Blockchain technology to create Thailand's first B.VER platform, or Blockchain Solution for Academic Document Verification, this solution has received support from the Ministry of Digital Economy and Society (MDES) and leading universities, comprising Kasetsart University, Khon Kaen University, King Mongkut's University of Technology Thonburi, Mahidol University, Rangsit University, Srinakharinwirot University, and Sasin Graduate Institute of Business Administration of Chulalongkorn University and business firms including Thai Oil PCL, Bangchak Corporation PCL, PTT Exploration and Production PCL (PTTEP), PTT Global Chemical PCL (PTTGC), Golden Land Property Development PCL, and IRPC PCL. In the near future, the platform using Big Data and Artificial Intelligence will be extended as a channel to recommend suitable job positions, benefiting both applicants and recruiters.
Digital Ventures Co., Ltd. Head of Project Delivery Chirapol Mathawaphan said that Digital Ventures has chosen the Ethereum platform, a public Blockchain with features capable of permanent data protection in the format of a decentralized ledger of information. Users can access data for verification purposes but cannot edit any information. At present, Ethereum has created more than 25,000 nodes worldwide, offering higher data security and making it the best fit for platform development, data storage, and verification.
The B.VER working process is divided into two parts. First, original transcripts are uploaded into the platform by universities. Afterward, it will encrypt the document and store data on Blockchain in a fingerprint format, which is unique for each document. As a result, firms can instantly verify academic documents by uploading the document into the platform. The platform will then decrypt the documents by comparing the fingerprint format with original documents stored on the Blockchain, with results instantly displayed to identify valid or fake documents. Storage and verification of documents using Blockchain will ensure data security and accuracy. In the near future, students, as well as everyone, can directly request or share academic documents to employers via this platform.
The B.VER platform will improve efficiency for all parties concerned. Each year universities receive transcripts requests from alumni due to document loss or the requirement for original copies from job applications. At the same time, business firms also need to submit requests to universities for verification of academic documents provided by applicants. This traditional process is labor intensive and a burden to related parties. B.VER can alleviate workloads such as verify documents issued by universities as firms can directly verify documents online with the platform. In addition, B.VER also provides an open API allowing integration with existing HR systems in organizations. B.VER platform will be available for service starting from January 2019. At the moment, universities are uploading transcripts from the 2017 academic year into the platform.
"The development of B.VER has created a new chapter in the education and workforce sector. Previously, Thailand had to deal with increasing academic document forgery problems which are damaging the reputation of many universities, human resource management departments, and the economy. An effective, accurate, and convenient verification system will help minimize these problems."
About Digital Ventures
Founded in 2016, Digital Ventures, a subsidiary of Siam Commercial Bank, is a company that promotes innovation in financial technology. Following the bank's strategy to enter digital transformation, Digital Ventures aims to be a part in driving changes in the banking industry through investment, innovation and supporting Thai businesses to grow with SCB. Digital Ventures currently allocates up to US$100 million in capital for investment in financial technology. For more information, visit www.dv.co.th.