The present disclosure provides systems and methods for deriving a key from a basekey built-in a chip is provided. In an exemplary embodiment, there is provided a method for deriving a key from basekey built-in a chip that may comprise obtaining a basekey built-in the chip and a current version number when the chip starts up and runs read-only boot code, and performing iterations on the basekey via a one-way function to obtain a derived key of the current version. The number of times of the iterations is equal to the difference between a maximum version number and the current version number.