• Leading science and tech university POSTECH issues blockchain-based diplomas to entire graduating class
  • School had delayed graduation ceremony due to novel coronavirus concerns
  • Diplomas use ICONLOOP’s certificate solution ‘broof’
  • Move could be good news for ICX

One of Korea’s top universities has issued diplomas to graduates using blockchain.

Pohang University of Science and Technology (POSTECH) issued blockchain-based diplomas to 828 students last week. The university sent via messaging app a QR code that the latest graduates could use to obtain their certificates without having to visit the university.

The move came after the university delayed its graduation ceremony initially set for last week until July due to concerns about the novel coronavirus.

POSTECH’s decision marks the first time a South Korean university has issued a blockchain-based diploma to an entire graduating class.

The university is also reportedly pushing plans to adopt blockchain to issue all sorts of certificates and to administer academic records within the year.

As readers of this publication might have already guessed, the certificates were issued using “broof,” a blockchain-powered certification solution developed by blockchain company ICONLOOP.

JH Kim, ICONLOOP’s CEO, said that POSTECH’s move would open the way for the world of education to adopt trustworthy, transparent and fair verification systems and that the company would establish completely new paradigms in not just education, but also in the HR market — a likely reference to the company’s recent MoU with leading South Korean job portal Saramin.

All of this could be good news for ICX, the cryptocurrency of ICON.

Broof runs on the ICON public blockchain and uses ICX for transaction fees. As the ICON Foundation’s Ricky Dodds explained to this publication last month, the more Broofs issued through Broof, the more transaction fees on ICON, and more transaction fees on ICON means more burned ICX, leading to a deflationary asset over time.

ICX was trading 6.58% higher against the dollar and 4.26% higher against BTC as of Monday morning (Korea time).

ICONLOOP Communication Team Lead says, “As Korea’s leading tech and science university ‘POSTECH’ applies the ICON Network-based blockchain certificate issuing service ‘broof’, it is expected that its use by various other educational institutions and companies will increase. ICONLOOP will allow individuals to prove not only university diplomas but also their history and experience through blockchain so that everyone can experience and use blockchain in real life.”

 Also in the Korea blockchain space…

  • Bank Of Korea Sees No Reason For Central Bank Digital Currency
    (By Christine Vasileva, Bitcoinist, Feb. 6)
    An official from the Bank of Korea (BoK) has reiterated the bank’s position that it sees no pressing need to issue a CBDC. In a report, the official said Korea has little incentive to issue such a digital currency because private companies have already established a widely used e-payment infrastructure in the country. The BoK apparently wants to tamp down speculation that it may issue a CBDC, though it admits it continues to research the subject.
  • South Korean Bankers, Crypto-advocates Hope to Drive Crypto Tax Law
    (By Tim Alper, Crypto News, Feb 4)
    At a recent symposium co-chaired by the Korea Blockchain Association held at South Korea’s parliament in Seoul, bankers, politicians and blockchain industry officials agreed it was necessary to tax income made from cryptocurrencies. How to tax cryptocurrency income has been a subject of intense debate in Korea since tax authorities handed a sizable tax bill to one of the country’s largest cryptocurrency exchanges last year.
  • Prosecutors Appeal Acquittal of Dunamu CEO Song Chi-hyung
    (TokenPost, Feb. 7)
    Remember when we told you that Upbit “wasn’t completely out of the woods” despite their initial acquittal since prosecutors could appeal? Well, prosecutors are appealing. So, the legal battle continues.

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