We have often talked about the huge potential of the blockchain network, and how companies and institutions throughout the world are actively researching blockchain technology. Now, it seems like the Massachusetts Institute of Technology, commonly known as MIT, which has issued diplomas to over 200,000 students since its creation, has just started issuing graduate diplomas via a special, blockchain-based app.
The Blockcerts Wallet App, which is the hero of the story, uses blockchain technology in order to grant students access to easily-verifiable, tamper-proof versions of their diplomas, which can be shared with potential employers throughout the world with ease. In a recent press statement, the CEO of Learning Machine, a company involved with the creation of the Blockcerts Wallet app mentioned 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.”
The app uses the exact same feature of the blockchain network used to verify bitcoin transactions when verifying the legitimacy of blockchain-stored diplomas. Once an individual decides to download the app, public and private keys will be generated, along with a one-way hash that will be added onto the blockchain. The public key is then inscribed directly into the digital copy of the diploma, to prove ownership. When a student would like to share his diploma with a potential employee, a simple link or digital file can be sent to receive instant confirmation of its authenticity.
While MIT continues to issue paper-based diplomas to all of its students, blockchain-based digital diplomas are bound to make verifying credentials and sending copies to potential employers much easier.
It finally seems like blockchain technology is put to good use, by eliminating the beta, and actually having it conduct real-world applications. Still, there are numerous other research projects being carried out: for instance, the Centre for Disease Control and Prevention is studying how the blockchain could be used to handle fallouts associated with epidemics, whereas airline companies are studying how the blockchain network could be used to better keep track of repairs and maintenance on-board planes. China for instance, is considering the idea of using blockchain technology to collect taxes.
Based on everything that has been outlined so far, what do you think about MIT offering blockchain-based diplomas and the other projects in the sphere? Let us know your thoughts in the comment section below.