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Russian University to Store Diploma Records on Blockchain

In Russia, on 26th June a State University recently announced through its official statement that it would be using Blockchain technology to store diploma records. The Financial University under the Government of the Russian Federation revealed through a statement and a tweet that the institution has saved “all diplomas issued over the past ten years” with the help of the distributed ledger technology. The ultimate aim of this decision is to enable the potential employers to check the authenticity of any digital diploma(s) on the university’s website.

The statement further added that all the diplomas have individually encrypted identification using the SHA-256 algorithm. The same secure hash algorithm is used as the base for Bitcoin’s proof-of-work algorithm. The University, ranked fifth strongest university in Russia, has become the first higher education institute in Russia to use Blockchain technology to offer digital diplomas, which have been publicly encrypted. The famous Massachusetts Institute of Technology (MIT) provided digital diplomas using Blockchain in the month of October 2017 and in the process became the first university in the world to do so.

On 1st July 2018, the Government of Russia is expected to pass the significant crypto and Blockchain related legislation “On Digital Financial Assets.” During the month of May, the Russian Parliament with a uniform resolution approved the first reading on the soon to be released crypto regulations. These regulations define cryptocurrency and token as property and hive basic instructions regarding crypto and Blockchain, and how to deal with them.