Universities will be critical in driving blockchain research

Universities host some of the world’s brightest minds, and these institutions will be pivotal in the progression of blockchain research.

The central focus of universities is education, and when university departments are funded to enable them to make groundbreaking developments, it only makes sense that they will play a key role in driving new technology.

Here are some key reasons why universities will be critical in the research of blockchain technology.

Partnerships

One reason why universities will become essential to the advancement of blockchain research is partnerships.

Coin Rivet recently reported that Ripple has partnered with 11 top universities, providing funding to help drive blockchain research. Ripple is the company behind the popular XRP cryptocurrency.

The partnerships are part of the University Blockchain Research Initiative (UBRI). The purpose behind the initiative is to enhance the blockchain ecosystem. The UBRI first launched in June 2018.

The partnerships include universities in New York, Singapore, and Sao Paulo. By partnering with universities across the world, they are helping to spread blockchain research globally and driving the mainstream adoption of the technology.

Placing upcoming generations at the forefront of blockchain research is one way to ensure consistent developments.

Coin Rivet also reported on how Russia will be including blockchain technology in their main university exams this year.

Blockchain courses

A recent study by Coinbase revealed 42% of the world’s top universities are now offering blockchain courses.

The top universities include world-leading institutions such as Stanford and MIT.

Renowned education institutes such as Stanford and MIT taking a vested interest in blockchain research is surely indicative that blockchain is becoming a central topic for research and exploration.

Other global universities such as the University of Gibraltar, the University of Edinburgh, and the Tokyo Institute of Technology are also offering courses and qualifications in blockchain.

Distributed Technology Research

The Distributed Technology Research (DTR) initiative includes Stanford, MIT, and the University of California, Berkeley, and it aims to create a cutting-edge cryptocurrency known as ‘Unit-e’.

Pramod Viswanath, a researcher on the project and professor at the University of Illinois Urbana-Champaign, states the team have deconstructed the underlying blockchain technology behind most cryptocurrencies, and in doing so, they claim to have “improved almost every aspect of it.”

DTR is a non-profit foundation that has received financial support in the shape of a hedge fund by Pantera Capital Management LP to develop decentralised technology.

The project is well under way and is yet another demonstration of how universities have a vital role to play in the space.

Lack of education

The biggest barrier stopping people from entering the crypto/blockchain space is a lack of education.

A recent eToro survey highlighted that 44% of investors are cautious to invest or trade with crypto because they do not know enough about cryptocurrencies.

While the survey is primarily concerned with trading and investments, it stands to reason that the same people do not know a great deal about blockchain technology either.

In fact, if you walk the streets and quizzed random people, the likelihood is that they won’t know a lot about crypto and blockchain. This is directly correlated with a lack of educational resources available to the public.

Unless you specifically go looking for information, you are not going to find it.

This is a dynamic that universities can change. By placing blockchain research into their syllabuses, more and more people will become exposed to the space.

Consequently, a lot more research can be conducted to improve upon the technology we currently have.

Interested in reading more about the urgent need for education in the blockchain space? Learn more about what Mati Greenspan, a senior market analyst for eToro, has been saying about the need for more awareness.