- Learning Machine raises a $3 million seed funding round to finance Blockchain diplomas.
- This system would link certifications to Blockchain with the aim of eradicating degree forgery.
Learning Machine Technologies, the Blockchain tech firm that co-developed a system for placing digital diplomas on the blockchain with the MIT, has announced that it raised a $3 mln seed round to grow its work as a leader in offering secure, recipient-owned and independently verifiable digital records.
PTB Ventures led the seed funding round with additional participation from Learn Capital and Omidyar Network. The seed funding round comes months after MIT revealed that it is in partnership with Learning Machine on the digital diploma initiative, which is based on the open-source Blockcerts standard.
Other academic institutions and organizations, including the University of Melbourne and Malta’s government, have launched their own Blockchain-based certificates. Natalie Smolenski, the vice president of business development for Learning Machine, stated that the software tool can be used to link academic certifications to various blockchains, which include BTC and Ether, with the aim of eradicating degree forgery.
According to Natalie, the system permits users to use any blockchain they want, considering that some users might prefer the public chain to a private one. She said:
“Right now, in part I think because blockchain technology is still relatively new, there are a lot of high or strong emotions about which blockchain is better than another and blockchain has kind of engendered these fierce loyalties”
“We don’t want to pick winners with blockchain. We do generally recommend users pick blockchains with a proven record but ultimately you don’t want to prescribe to customers which blockchain they should use. If they have strong feelings about Ethereum, they should use Ethereum; if they have strong feelings on bitcoin, they should use bitcoin; if they have strong feelings on a private blockchain they should use a private blockchain.”
Natalie concluded with a prediction that there would be an increase in the use of the technology by academic institutions and organizations with the hope that they would lean toward tapping open-source projects. She concluded:
“This is the future. By 2020 most institutions will be using blockchains in some way, shape or form and the question we have to answer right now is are the solutions going to be open-standard or are they going to be proprietary?”