MIT uses Blockchain tech to issue diplomas

Blockcerts generates a public-private key pair after a student downloads it and registers for the program, and then sends the public key to MIT, who writes it into the digital record and adds a one-way hash to the bitcoin blockchain. Afterwards, the application saves the private key of the user proving his/her ownership of the diploma. In this way, the MIT pilot provides the students with autonomy over their own records

Chris Jagers, Co-founder and CEO of Learning Machine, stated that  “MIT has issued official records in a format that can exist even if the institution goes away, even if we go away as a vendor. People can own and use their official records, which is a fundamental shift.”

Jagers also commented on blockchain-based applications when he said “It really is transformative. And it could be as big as the web, because it affects every sector. It’s not just academic records. It’s being able to passively know that digital things are true. That creates a whole new reality across every sector.”