A Russian national university announced in an official statement that it will use blockchain technology to store graduation diploma records.
According to a statement from the Financial University of the Russian Federation’s government and a tweet, the agency used the distributed ledger technology to record “all diplomas issued in the past 10 years”. The goal of the report is that, starting in September 2018, future employers will be able to check the authenticity of any digital diploma on the university website.
According to the statement, all diplomas include a unique identifier that uses the SHA-256 encryption algorithm. The SHA-256 algorithm is a secure hash algorithm and is the basis of the Bitcoin network proof-of-work (PoW) algorithm.
The financial university in Moscow ranks fifth among the “strongest” universities in Russia. According to reports, it is the first higher education institution in Russia to provide publicly encrypted digital diplomas using blockchain technology.
In October 2017, the Massachusetts Institute of Technology (MIT) became the first university in the world to use a blockchain to provide a digital diploma.
The Russian government will pass the “Digital Financial Assets” Act on cryptocurrencies and blockchains on July 1. In late May, the Russian parliament, the State Duma, unanimously passed the first reading of the forthcoming cryptocurrency regulation bill, which defines cryptocurrencies and tokens as assets and handles encryption. The currency and its underlying technology blockchain provide general instructions.