The present disclosure is directed to sealing data using chain of trust key derivation. In at least one embodiment, a chain of trust may be used to derive sealing keys for sealing data on a device. The device may comprise, for example, at least a memory and processor. The processor may be to at least load code modules from the memory. Following the loading of a code module, the processor may further be to measure the code module, determine a sealing key corresponding to the code module, wherein the sealing key is determined based at least on a prior sealing key corresponding to a previously loaded code module and the measurement of the code module, and seal data corresponding to the loaded code module using the sealing key. Since the sealing keys are state dependent, a method for authorized migration of sealed data during software upgrades is also disclosed.