Louison Dumont, a 17 year-old entrepreneur, has partnered with venture capital investor and Draper Fischer Jurveson founder Tim Draper to launch Bitproof, a platform which enables individuals and organizations to digitally establish contracts and legal documents using the blockchain.
Currently, the startup is focused on creating digital seals and issuing cryptographic keys to create unique university diplomas, due to the rising number of fraudulent university certificates and documents. Today, it is ridiculously easy to counterfeit university diplomas because there is no public and readily available system in existence proving their validity.
The platform’s key tool SealX uses bank-grade encryption to issue cryptographic keys to authenticate and encode the document onto the Bitcoin blockchain. Bitproof’s SealX enables organizations to verify the documents transparently via the Bitcoin blockchain by searching the unique cryptographic keys encoded onto the diploma or the document.
Bitproof’s primary goal is to decrease the number of fraudulent university diplomas and to convince Ivy League universities and world-class academic institutions to issue digitally signed certificates. There’s a good chance that one of the first institutions to implement this technology would be Tim Draper’s very own entrepreneurship school Draper University, which offers its own