What is The $50 Million Blockchain Research Program?

Block Chain

The cryptocurrency firm called Ripple has put up $50 million for the University Blockchain Research Initiative. Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain. So far, 28 schools have signed up to participate in the project, which makes sense because blockchain is a very popular topic at the moment.

Why Is There So Much Interest in Blockchain Anyways?

There are plenty of people out there who are interested in blockchain because of cryptocurrencies. After all, blockchain is the tech that makes Bitcoin as well as the cryptocurrencies that have followed in its footsteps possible, meaning that their rise has ensured its rise. In some cases, this interest is because people are fascinated by the potential uses of cryptocurrencies. However, there are also those who care about speculation and not much else, which is perhaps unsurprising considering the spectacular rise in the value of Bitcoin since its start. Regardless, it is important to note that blockchain has plenty of usefulness outside of the context of cryptocurrencies, which is fueling much of the interest in the tech shown by a wider range of parties.

This is because blockchain is a digital means that can be used to record transactions so that they can’t be erased later. Moreover, blockchain possesses a couple of other important characteristics as well, with one being how the transactions can be verified and the other being how everyone can gain access to the resulting ledger of transactions. On top of this, blockchain is decentralized, meaning that it can continue functioning even if there is no central authority overlooking the whole process.

As such, it isn’t hard to think that there might be other potential uses for blockchain. There are a lot of banks and other financial institutions that are interested in the use of blockchain. However, there are other parties in other sectors that have already started making use of the tech for their purposes as well.

What Are Some Ways that People Are Using Blockchain?

Of course, the single most famous use for blockchain is the facilitation of cryptocurrency transactions. This is critical because one of the central tenets of cryptocurrencies is the lack of a central authority that can oversee such matters to make sure that everything goes alright. On the whole, blockchain has served its purpose in this regard. It is still theoretically possible for someone to overcome blockchain’s resistance to having its recorded transactions being changed, but in practice, that would call for so much computing power that it is essentially impossible. As such, while there have been plenty of cryptocurrency scams, they have been carried out by exploiting vulnerabilities other than blockchain.

Other parties have been using blockchain for records as well. For example, there are businesses that use blockchain to keep records of the various places that their materials have passed through on their journeys from their initial production sites to the facilities where they are supposed to see use. This is important because businesses want to keep a watchful eye on the sources of their raw materials to ensure that they weren’t produced in an unethical way. Something that has become particularly important in an age when corporate social responsibility has become more and more popular.

Likewise, there are businesses in the food sector that are paying close attention to where their supply of food comes from. However, in this case, they aren’t interested in whether the food producers meet their ethical and environmental standards. Instead, they are much more interested in where their food is coming from so that they can find the source of the problem when a foodborne illness pops up, thus enabling them to eliminate the problem with maximum efficacy while minimizing wastage in the process. Assuming that this particular application of blockchain lives up to its promise, it could help the relevant parties protect the safety of our food while minimizing disruptions.

Other examples range from businesses seeking to combat counterfeiting by verifying the origin of products to businesses using blockchain to maintain the electronic health records of patients. These make up no more than a small number of the potential uses for blockchain, which can sometimes seem as numerous as the businesses that exist out there. As such, it is no wonder that there is so much interest in blockchain R&D even when it is unattached to commercial purposes.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Pat Brown
10 Things You Didn’t Know About Impossible Foods CEO Pat Brown
Dr. Deborah Birx
10 Things You Didn’t Know About Deborah Birx
Shakespeare
20 Shakespeare Quotes that Apply to Business
Bill de Blasio
10 Things You Didn’t Know About Bill de Blasio
American Airlines
Is American Airlines Stock A Solid Long Term Investment?
stocks
Is Fabrinet a Solid Long Term Investment?
Stocks
Is Antero Resources Stock a Solid Long Term Investment?
Chase
How to Prequalify For Chase Credit Cards
Riviera Palm Springs
The 20 Best Hotels in Palm Springs
Unicoi State Park
The 20 Best Things to Do in Helen, GA, for First Timers
St. Mark’s National Wildlife Refuge
20 Best Things to Do in Tallahassee for First Timers
Glenbow Museum
20 Things to Do in Calgary for First-Timers
Volvo's Polestar
Volvo’s Polestar May Be the Four-Door Electric Car of the Future
2021 Genesis GV80
10 Things You Didn’t Know About the 2021 Genesis GV80
2021 Hyundai Elantra 2
10 Things You Didn’t Know About the 2021 Hyundai Elantra
2020 Audi Q5 Hybrid
The 10 Most Efficient Small Hybrid SUVs
10 Things You Didn’t Know about Moller Watches
The Iconic No. 1 by TID
The 20 Best Minimalist Watches for Men
Brew Watches
10 Things You Did Not Know About Brew Watches
Phoibos Ocean Master PY005B 1000M Automatic Diver Watch
The 10 Best Phoibos Watches Money Can Buy
Jake Tapper
How Jake Tapper Achieved a Net Worth of $10 Million
Jared Padalecki
How Jared Padalecki Achieved A Net Worth Of $12 Million
Tati Westbrook
How Tati Westbrook Achieved A Net Worth Of $6 Million
Gwyneth Paltrow
How Gwyneth Paltrow Achieved a Net Worth of $100 Million