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"When a college goes out of business, all of its alumni can suddenly find themselves in an unexpected dilemma: How can graduates prove they actually earned their degrees when no one is left at the institution to send academic transcripts to prospective employers or graduate schools? That scenario is one reason that a group of nine universities, led by the Massachusetts Institute of Technology, today announced a collaboration to build a system that would let institutions issue digital diplomas and credentials in a way that can be verified without needing to check with a human registrar. The idea is to encourage widespread use of digital credentials across all kinds of academic institutions, and even at more informal places of learning, so that students end up taking ownership of how to communicate their learning to employers."

"Our mission is to create a trusted, distributed, and shared infrastructure that will become the standard for issuing, storing, displaying, and verifying academic credentials, digitally."