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Recognition and Transfer of Credits
The primary advantage of this is that not only would each student hold an NFT that will link to the proof and validity of a certificate, it will also be stored on our blockchain – meaning that the certificate itself becomes permanent and immutable. Furthermore, it means that no third parties would be needed to create and store the certificates – students/graduates would only need to give an employer access to their profile, and their entire educational history in terms of those credits would be instantly visible and verifiable.
Credit systems are often used for transfer and accumulation. Transfer means that a credit received in one institution is recognized as contributing towards a qualification in a second institution, while accumulation means that upon receiving a certain number of credits, students can be awarded with a qualification such as a degree.
Currently, credit transfer depends on institutions to negotiate agreements to recognize each other’s credits subject to certain conditions. However, students often report that these agreements are not recognized. Using Pai, these agreements will be written as smart-contracts, whereby upon fulfillment of the conditions of the contract, Pai would automatically be transferred. The same goes for accumulation – a smart-contract will be programmed to automatically issue a degree upon the achievement of certain credit-targets, ensuring that the transfer and accumulation rules are applied equitably across all cases.