WiSA (NASDAQ: WISA) has unveiled VerifyU, an innovative platform developed in partnership with Arizona State University (ASU) and its Luminosity Lab, designed to modernize the verification of academic credentials through blockchain and artificial intelligence technologies. This launch is timely, as the number of higher education graduates continues to climb, with over 2 million bachelor's degrees and more than 1 million master's degrees or Ph.D.s awarded in 2022 alone, underscoring the need for more efficient and reliable verification systems.
The current process of verifying academic credentials is often fraught with inefficiencies and vulnerabilities to fraud, with studies suggesting that up to 70% of job applicants may falsify their resumes. VerifyU addresses these challenges by enabling real-time, secure verification, thereby reducing the time and cost associated with traditional methods. This advancement is particularly relevant given the global education verification service market's projected growth from $110 billion to $177 billion by 2030, at a compound annual growth rate of 10% from 2024 to 2030.
ASU's Luminosity Lab, a hub for technological innovation, is the first to partner with VerifyU, highlighting the platform's appeal to academic institutions in search of secure and efficient credential verification solutions. Mark Naufel, Executive Director of the ASU Knowledge Enterprise, praised VerifyU for setting a new standard in credential verification, emphasizing its benefits for educational institutions and employers alike by ensuring data integrity and reducing costs.
WiSA's Datavault has set ambitious goals for VerifyU, including licensing the platform to 20 to 30 educational institutions by 2025. This strategy aims to extend the platform's reach and transform the verification of academic qualifications across a wider array of universities. The partnership with ASU serves as a proof of concept, showcasing the platform's potential to save costs and generate revenue for institutions.
VerifyU also introduces a sustainable business model, charging students a one-time fee for lifetime access to the platform. This approach not only ensures a steady revenue stream but also offers enduring value to graduates as they navigate their professional journeys. As the demand for dependable credential verification grows, VerifyU is positioned to become a key player in the future of academic credential verification, meeting the needs of educational institutions, employers, and graduates in an increasingly complex higher education and professional landscape.
