WiSA (NASDAQ: WISA) has unveiled VerifyU, an innovative platform developed in partnership with Arizona State University (ASU) and its Luminosity Lab, designed to streamline the verification of academic credentials using blockchain and artificial intelligence technologies. This launch is timely, as the increasing number of higher education graduates—over 2 million bachelor's and 1 million master's or Ph.D. graduates in 2022—has heightened the demand for reliable accreditation validation systems.
VerifyU tackles the inefficiencies and vulnerabilities of traditional verification methods, where up to 70% of job applicants may present false information. By enabling real-time, secure verification, the platform aims to significantly cut down the time and costs associated with credential checks, offering benefits to employers, educational institutions, and students alike. The global education verification service market, valued at $110 billion, is expected to grow to $177 billion by 2030, presenting a substantial opportunity for VerifyU to establish itself as a key player.
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 need of efficient and secure verification solutions. Mark Naufel, Executive Director of the ASU Knowledge Enterprise, praised VerifyU for setting a new standard in credential verification, emphasizing its potential to ensure data integrity while reducing costs and processing times.
WiSA's Datavault has set ambitious goals for VerifyU, including licensing the platform to 20-30 educational institutions by 2025. This strategy, starting with ASU, aims to showcase the platform's ability to save costs and generate revenue for universities. Additionally, VerifyU plans to adopt a business model where students pay a one-time fee for lifetime access, ensuring sustainability and long-term value for users.
As the education sector evolves, VerifyU is positioned to significantly impact the way academic credentials are verified, offering a solution that meets the needs of institutions, employers, and graduates in an increasingly complex higher education and professional landscape.
