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.

20 Things You Didn’t Know About Ethos
Avneesh Agawral
10 Things You Didn’t Know About Avneesh Agrawal
20 Things You Didn’t Know about Flipkart
Spencer Kimball
10 Things You Didn’t Know about Spencer Kimball
Credit Card
10 Reasons We Like The Divvy Business Credit Card
Tesla
The Top Five Stock Picks Targeted at Climate Change
Credit Card
The 20 Best Travel Credit Cards of 2021
Wine
20 Things You Didn’t Know About Vinovest
Los Angeles
The 20 Best Day Trips from Las Vegas
Indiana
The 10 Best State Parks in Indiana
flea market
10 Reasons to Check Out The Mile High Flea Market
10 Reasons to Check Out the Red Barn Flea Market
What is an Interference Engine and What is it Used For?
Volkswagen Passat…Chattanooga, Tennessee
Why Volkswagen Stopped Producing the Passat in the U.S
A Closer Look at Aston Martin’s Valhalla Supercar
Does Peugeot Still Make the 308?
A Closer Look at the Creux Automatiq Ghost V3 Mono
Seven Fridays
A Closer Look at the SevenFriday’s P1C/04 Caipi Watch
Doxa Sub 200 Whitepearl
A Closer Look at the The Doxa Sub 200 Whitepearl
Montblanc Summit
A Closer Look at the Montblanc Summit Lite Smrt
How Cote De Pablo Achieved a Net Worth of $6 Million
How Upchurch Achieved a Net Worth of $4 Million
Charlene de Carvalho-Heineken
The 10 Richest People in The Netherlands
How Kelly Osbourne Achieved a Net Worth of $20 Million