Launches A Private Digital currency For University Scholarships
The world’s first blockchain enabled end-to-end student recruitment platform launches on the 21st of October 2019. Tech startup, Education Index, is redefining the university student recruitment process and saving fees for both institutions and students.
On the platform, students receive a blockchain education account where they store their academic credentials, transcripts, letters of recommendation and English proficiency test scores, while also being eligible to receive a guaranteed funding of a minimum of $500 once they have secured a successful admit at a University using the Libereka common application system. Students can say goodbye to the old practice of getting multiple transcripts and other documents, notarizing multiple documents, and then sending each set separately to individual Universities. The Blockchain account is free for life and students can keep adding verified or validated certificates and other academic documents as they go through life, allowing them to use the account to apply for Jobs showcasing everything that they have learnt at a single place. Not to mention that the Blockchain will remove the need to create multiple online identities to store their documents every time they want to apply for a job or sign-up for a new micro-program.
Libereka also gives students preparatory materials including a personalised dashboard to recommend degrees and programs based on their profile and goals. They can also access free online courses to prepare for university.
Soumik Ganguly, CEO of Education Index states, “Millions of prospective students around the world currently rely on a patchwork system of application support. This model is inefficient and we are streamlining that process for universities as well as applicants, with massive cost implications and high risks for both sides of the higher-education exchange. Libereka makes recruiting students simpler, cheaper and more efficient, freeing up time for universities to focus on what really matters: securing the best and brightest students. For students, Libereka has one simple message – you don’t have to compromise on your higher education dreams ever again”
The Libereka Common Application & Scholarship System (LCASS) allows students to apply to multiple universities, and accept scholarships, with only one application form and one set of verified documents on the blockchain, saving students time and money. Libereka offers an advanced matching tool and works with qualified candidates to generate a guaranteed offer for a degree type at a desired study destination.
A portion of the money collected from university access fees through the LCASS system is earmarked for students funding. Each student using the platform is guaranteed funding (a minimum of $500) from that pool to pay for the costs of their higher studies. For the first time, universities can contribute scholarship money risk free, and for each student who does not accept an offer they get their contribution back. Libereka significantly reduces the costs of student recruitment for admissions teams by reducing the time and effort spent on verification, documentation and making admissions offers.
Libereka is available to students in the biggest markets for university recruitment, including China, Africa, the Middle East, Southeast Asia and the Indian subcontinent. Approximately five million university students study abroad each year. Of these, 40% use agencies to aid their application and the remaining 60% use multiple resources, such as publications, to prepare their university application.
Universities buy edCoins©, used to offer scholarships to applicants on the blockchain using smart contracts, a computer code built into the blockchain to facilitate, verify or negotiate a contract agreement.
When the candidate enrolls at university and pays the first year’s fees, verified through Libereka, the edCoin© is automatically unlocked. This eliminates the risk of universities losing money on candidate acquisition. Unused edCoins© are refunded back to universities.
On graduation, universities can grant students academic credentials on the blockchain, making academic credentialing more transparent and efficient. Students can refer back to Libereka when preparing for the job market, as the credentials on their blockchain accounts can also be used to apply for jobs. Currently, many graduates have to physically scan their results when applying for a job, and universities and employers pay third-parties to verify students’ academic credentials. Libereka eliminates these verification costs.