The trusted solution for issuing certified documents to the blockchain, checkable in just a click

Project Information

Smart Certificate

Grant agreement ID: 837292

DOI

10.3030/837292

Project closed

EC signature date 18 January 2019

Start date 1 December 2018

End date 31 March 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

CVTRUST
Belgium

Periodic Reporting for period 1 - Smart Certificate (The trusted solution for issuing certified documents to the blockchain, checkable in just a click)

Reporting period: 2018-12-01 to 2019-03-31

Summary of the context and overall objectives of the project

Although ~25% of applicants lie about their experiences and expertise in their CVs when applying for a new job position, there is no secure and effective tool to detect fraud in the recruitment sector, putting pressure on both recruiters and applicants. Due to lack of trust in the recruitment sector, honestly earned degreed are devalued, making recruitment processes complicated, eventually damaging the reputation of education institutions and training organizations.
CVTrust has created Smart Certificate 2.0 a universal stamping machine that builds TRUST by digitally generating and sharing any kind of certified document, making its verification accessible online with just 1-click. The SaaS solution is based on a patented business method and includes secure and decentralized technologies guaranteeing the integrity, authenticity and validity of digital documents and so makes fraud impossible. Smart Certificate 2.0 revolutionizes the education and recruitment sectors by solving all the different needs related to credentials´ certification and validation in a unique, centralized, 100% trustable platform, available both in a website and in an app.
A feasibility study is needed to confirm that there is a real market opportunity whilst the conditions for the commercialisation are beneficial.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Creation of a work plan of technical activities needed to complete the innovation, divided in three main areas: product design, app development and back-end optimization.
According to the market analysis, the global e-learning market is expected to reach $398.15 billion by 2026 from $176.12 billion in 2017. Corporate e-learning sectors are expected to grow at the fastest pace.
The freedom-to-operate demonstrates that CVTrust is not-infringing patents or pending patent applications of others. CVTrust has decided to protect its software in every target market through copyright.
The business plan demonstrates that the business idea is profitable and it has a positive impact: moving from a traditional business approach to a pure SaaS model will allow to create a universal label of trust for the education and recruitment sectors.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The evolution of Smart Certificate will allow CVTrust to generate €66.75M of revenues during the period 2021-2025, and a total net profit of €49.86M. Moreover, the project will have a remarkable impact on CVTrust´s performance by 1) making the solution accessible to any kind of institution, 2) expanding to new markets, and 3) creating job opportunities.

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