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By Kyle Anthony, Benzinga
The number of students graduating with either a bachelor’s, master’s or Ph.D. degree continues to increase, with over 2 million students graduating with a bachelor’s degree in 2022 and over 1 million students graduating with either a master’s degree or Ph.D. With more individuals attaining post-secondary education, the importance and need for ‘accreditation validation’ is growing. WISA’s (NASDAQ: WISA) Datavault technology offers a turnkey solution that universities and other stakeholders can utilize to verify academic credentials.
Data Vault Holdings, which is under a definitive asset purchase agreement to sell its Datavault® and ADIO® IP and IT assets to WiSA, recently launched VerifyU, a platform developed in collaboration with Arizona State University (ASU) and its Luminosity Lab. VerifyU utilizes blockchain and artificial intelligence to provide secure, real-time academic credential verification. The platform's value proposition is its ability to efficiently verify and confirm the qualifications of individuals to stakeholder entities – such as educational institutions and prospective employers – or professional peer groups, such as research fellows.
ASU’s Luminosity Lab, a think tank incubator dedicated to advancing technology and innovation, is VerifyU's inaugural partner. WiSA believes the platform’s focus on secure, efficient credential verification for students and external stakeholders resonates strongly with ASU as an academic institution.
Executive Director of the ASU Knowledge Enterprise Mark Naufel stated: "VerifyU sets a new standard for secure, seamless credential verification that meets the essential needs of both educational institutions and employers. Our collaboration with Datavault has created a platform that combines academic institutions with practical, scalable solutions. VerifyU is helping to bring a much welcome change in the way academic credentials are verified by ensuring data integrity, reducing time and lowering costs for all parties involved."
The global education verification service market is currently experiencing growth. In 2023, it was valued at $110 billion. By 2030, it is projected to reach $177 billion. This represents a compound annual growth rate (CAGR) of 10% over 2024-2030. Current verification processes are often inefficient and vulnerable to fraud – research suggests that as many as 70% of job applicants provide false information on their resumes. VerifyU seeks to address this issue by offering real-time, secure verification of educational credentials, ultimately reducing both the time and cost associated with traditional verification methods and enhancing the process for employers, graduate schools and other interested parties.
In monetizing the platform, Datavault aims to license VerifyU to 20 to 30 educational institutions by 2025, with the aim of revolutionizing the verification of academic qualifications. The initial contract with ASU is just the beginning of a broader rollout and will demonstrate how the platform can generate administrative cost savings and revenue. Additionally, VerifyU plans to charge students a one-time fee for lifetime access to the platform.
WiSA’s Datavault promises to transform the landscape of academic credential verification in universities through the launch of VerifyU. By leveraging innovative blockchain and AI technologies, the initiative aims to provide a more reliable and efficient verification process, paving the way for partnerships with multiple educational institutions in the coming years. With the potential to save time and money, VerifyU could be set to become an essential tool for the growing number of graduates seeking employment and higher education opportunities.
Featured photo by Nathan Dumlao on Unsplash.
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