According to Andrei Varnavsky, Head of the Financial University Blockchain Laboratory , the students of the Faculty of International Finance were the authors of the idea to upload the Financial University graduates diplomas into blockchain.

The idea has been just beneath the surface but Alexei Tetyushin, Valery Mdivani and Nikita Klypin found a quite sophisticated solution to the issue. The University will try and make the verification service available on the University corporate web site. For each diploma, a unique identifier was created based on the information about the students full name, series and number of the document and other data. The diploma data was then encrypted using SHA-256 algorithm. In this way, a unique identifier for each diploma, that is, a diploma hashtag was created. All diplomas encrypted data has been uploaded into the blockchain. As a result, each diploma has a unique marker in the blockchain, which is countersigned by the University. This is a means of protection against the third parties tampering. Such counterfeited documents cannot be verified and regarded valid. This solution would allow the Financial University to take a closer look at employers needs and promptly render a document authenticity verification service in a convenient way.

Today, the Massachusetts Institute of Technology, University of Melbourne, University of Glasgow, and Tomsk State University are also engaged in the blockchain technology introduction process. However, no university provides public access to the diploma data, while protecting the data cryptographically. As early as of next September, the employers will have an opportunity to verify the graduates diploma authenticity via the corporate website www.fa.ru by clicking on the Blockchain Diploma Verification button. They will be able to see whether the diploma has been issued and when the entry was created.