Decentralized Society: Student’s Soul Using Soulbound Tokens

Abstract

While the web3 is used to form a decentralized society and focuses particularly on financial transactions in the form of transferable tokens rather than ensuring trust among its entities. With this paper we discuss how non-transferable tokens referred as soulbound tokens (SBTs) can be used to make individuals more credible by having their affiliations encoded in the form of souls to ensure trust within the network. More specifically we discuss how the credentials of students regards to their academic achievements and their credibility can be stored and verified in an decentralized society which shall provide more privacy and security than a centralized system which shall eventually lead to have a higher credibility of data.