Russian Financial University to Use Blockchain For Diploma Record Keeping
Russian University to Use Blockchain, Aiming To Become Digitized
According to one of the news channel, it was announced that one of the states in Russia has declared to store the diploma records of the students with the help of blockchain technology. This declaration was made on 26, Tuesday. This implementation of storing diploma will start from the month of September which will make the university at ease.
By using blockchain technology it would be very easy to confirm the genuineness of the candidate and to issue their diploma on the website. The university has done a tremendous job by storing the last ten years diploma on a ledger and now it aims to be digitalized by sharing it on the blockchain technology. The university wants to keep up the pace with future.
A Unique Identification Code For Diploma Holders
The blockchain will be storing the diploma with a unique identification code for individuals. Every individual will have a unique encryption code which will run on a SHA-256 algorithm.
This version of the algorithm is previously used in Secure Hash. This university stands 5th rank in all over Russia. The university has done benchmarking and now the other university of Russian will follow this trend and try to become digitized by using blockchain technology.
Massachusetts Institute of Technology (MIT) will be the first to adopt digitalization across Russia. The idea of storing diploma on a blockchain came last year in October. University made a record of the first university to adopt this technology.
The Blockchain primary focus was to create awareness among students and educate them about the technology so that the institutions over the world can make use of it and can be more efficient in the ways of working. By adopting this technology, it will save time, money and resources which is very beneficial in long run.
Many universities are now in the race to adopt the blockchain technology and they are moving towards a better future! They are requesting the blockchain and cryptocurrency companies for approval. However, the storage of diploma on blockchain is the first concept to become live.
One of the biggest advantages of the diplomas on a blockchain is that even if the schools or college are not functional in future the records will be always accessible online and the school principal or students both can check the genuineness and authenticity.
So, from now on the owners can live freely without having any fear of losing the degree and certificates as it is preserved on the blockchain technology. Institutions are getting paperless as everything is on the blockchain which is very easy and convenient for all.
The President of Russia will have to regulate the cryptocurrencies and the Digital Assets Regulation Bill was also introduced by him in 2017. In some time, the Russians will be capturing the crypto markets and they have already started adopting blockchain for their business sectors.
Blockchain in future will be adopted by all the business sectors where it will be helping people in their day-to-day life to make their work easier and smooth.