Emergence and development of the blockchain technology, which is able to transform into "a most powerful disruptive innovation", shall definitely concern universities. Moreover, nowadays the blockchain technology meets the challenges that both the system of higher education and the entire society are currently facing. Advantages of the blockchain technology are decentralized open data, absence of forgeries, safe storage of information, and reduction of transaction expenses related to data checkup, control, and verification. This paper provides a critical analysis of application of the blockchain technology considering with its applicability opportunities and restrictions in education; it also aims to identify the consequences of its influence upon the development of education. The article analyzes real cases when this technology was applied, with the Massachusetts Institute of Technology (MIT) as an example. The MIT applied it to protect and validate the certificates that it issued. Another example is the Sony Global Education that forms individual data on its trainees' competencies and productivity; a third one relates to the University of Nicosia, which was the first to use smart contracts and accept cryptocurrency as a form of payment. The paper also considers the elements of the blockchain technology at universities (both in Russia and outside it), which participate in massive open online courses. It determines the scope of application of this technology in the Russian educational system. In addition, this article provides a literature review related to application of the blockchain technology; the review includes works by such renowned researchers as D. Tapscott, B. Bleir, A. Watters, A. Grech, A. Camilleri, M. Swan, A. Zaslavsky, etc. The paper analyzes the obtained findings of the survey that its authors have conducted among experts, professors, and specialists involved in accreditation. Thus, the paper provides an analysis of opportunities and restrictions related to application of the blockchain technology in higher education.