A state-owned financial university in Russia has announced that it will be storing diploma records using blockchain technology. In a statement released on Tuesday 26, the university confirmed that starting September they will be storing all diploma records using the blockchain technology which will make it easy to confirm the authenticity of their issued diplomas through their website. Already, the university has successfully recorded every issued diploma from over the past ten years on a distributed ledger. Now the university intends to store all diplomas using blockchain technology in the foreseeable future.
Diplomas Will Have A Unique Identification Encrypted
The university is going to assign every diploma with a unique identification encryption using the SHA-256 algorithm. This is the same Secure Hash algorithm that is used as the base for the Bitcoins network’s proof of work algorithm. The financial university’s announcement isn’t a light one, given that the university is ranked as the fifth strongest university in Russia. The university might have just set a trend that will see more Russian universities storing their diploma records using blockchain technology.
However, although this will be a first in Russia, the first university to adopt this technology and store diplomas in digital form was the Massachusetts Institute of Technology (MIT). Their announcement to store diplomas on a decentralized platform came in October 2017, making them the very first university to adopt the technology. At the time the MIT registrar and associate dean, Mary Callahan, said;
From the beginning, one of our primary motivations has been to empower students to be the curators of their own credentials. This pilot makes it possible for them to have ownership of their records and be able to share them in a secure way, with whomever they choose.
Since the university set out on this project, many universities have been involved in various blockchain-based researches, with many of them getting grants from popular blockchain and cryptocurrency related companies. There’s however not been a lot of adoption or development in terms of issuing or storing of digital diplomas by these universities.
One significant advantage of storing the diplomas on a blockchain is that the records will continue to exist even if the school dissolves. On top of this, they will be easily accessible to the owners and their potential employers, making it faster and more efficient to confirm their authenticity. It also goes without saying that the owner doesn’t have to live in fear of losing their diploma, unlike the paper format that could easily be lost.
In just a few days, the Russian government is expected to legislate on its first major crypto and blockchain-related bill. It is expected that the bill will see the country regulate cryptocurrencies per the request of the president, Vladimir Putin. The bill, dubbed ‘Digital Assets Regulation Bill’ was introduced last year by the president and will see Russia take a more assertive position on cryptocurrencies through a legal framework.
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