Blockchain became recently a commonly used term among technology and information groups. While it is still in early stages of development and adoption, blockchain shows promising results already in various parts of everyday life. In order for it to become more widely known, as well as developed further than its current state, Ripple (XRP) recently revealed a $50 million grant to several universities for blockchain research.
The most common use-case for blockchain technology at the moment lies within the fintech sector, where it’s being used as an alternative monetary system, as it can provide fast and secure transactions between individuals, companies and entities with no third party required to verify the transactions.
While this is an extraordinary use on its own, blockchain doesn’t stop there. It is possible to store not only cfunds under the form of ryptocurrencies, but information and data as well. You can, for example, save your medical records or music or photographs in a trusted blockchain system, and provide them to only those you see fit. In an essence, blockchain can be the milestone on which the Internet of Value can be built upon.
There are many cases that are already under the development radar, but we can be sure that there are also many cases that have not been even considered yet. That, among other reasons, is the purpose of this donation provided by Ripple (XRP). Placing the development and research in the hands of universities is the cornerstone in order for blockchain to evolve even further.
The common goal of universities is not only to educate individuals, but also to improvise and create new ideas, when required, as in this case, where technological breakthroughs make our need for innovation almost necessary. Therefore, Ripple’s decision to empower blockchain research through the education system, should make absolute sense.
According to a recent announcement, Ripple revealed 17 universities from all over the globe, that will take part in the University Blockchain Research Initiative (UBRI), a collaboration aiming to support and accelerate academic research, technical development and innovation in the blockchain, cryptocurrency and digital payments industrial sectors.
Under the UBRI, associated universities will be able to choose their own course of action, with certain goals being common point for multiple universities. More specifically, their aim is to research and develop techniques that will induce widespread understanding and innovation in blockchain, create a new curriculum on aspects surrounding blockchain and bring people interested in it together on a common ground.
Universities enlisted by Ripple as parts of the first wave of the series of academic fundings :
- Australian National University College of the Law
- CITP at Princeton
- CSAIL at MIT
- Delft University of Technology (Netherlands)
- Fundação Getulio Vargas (Brazil)
- Haas School of Business, University of California, Berkeley
- IIT Bombay
- International Institute of Information Technology, Hyderabad (IIIT-H)
- Korea University
- McCombs School of Business, UT-Austin
- The University of North Carolina at Chapel Hill
- The University of Pennsylvania
- UCL (University College London)
- University of Luxembourg
- University of Nicosia (Cyprus)
- University of Oregon
- University of Waterloo
These universities are located all over the globe and have different study focuses. The goal is to take the best of it all and help it create a suitable ecosystem for blockchain to thrive.
It is worth mentioning that the money granted by Ripple is going to be on dollars and not cryptocurrencies. Universities will have access to the money as soon as they are ready to start their research programs.
While being criticized for being “centralized” in a “decentralized” community, Ripple might just use exactly that aspect of its unique operating strategy to establish a thick bond between the DLT sector and the mainstream crowd.
Ripple already managed to have strong ties with various international banks, including central banks, fund transfer unions, such as MoneyGram, and WesternUnion, and now academic institutions. That could be exactly what the crypto community needs in order to be heard by the common public.
Let me guys know what you think on Ripple’s move in the comments below.