Key Highlights
- To advance the growth of blockchain technology, universities implement physical and visual research hubs.
- Blockchain firms fund university research hubs for the development of blockchain technology.
To advance blockchain technology, universities implement virtual and physical research hubs through educational and scientific knowledge.
To adopt blockchain technology, the demand for organizations is increasing rapidly. The latest findings from market research and advisory firm Custom Market Insights found that the global blockchain technology market size was valued at $4.8 billion in 2021. Yet, by 2030, this amount is expected to reach $69 billion.
Tim Harrison, vice president of community and ecosystem at Input Output Global (IOG), the developer arm behind the Cardano blockchain, told Cointelegraph that the blockchain ecosystem had witnessed different risks from projects that have taken a “go fast and break things” approach last year.
He also said that these companies run these risks for themselves and that mistakes and failures can negatively impact their end consumers. As such, Harrison believes that peer-reviewed research can help prevent such situations while resolving issues that continue to linger from earlier iterations of blockchain development.
Blockchain Firms Fund University-led Research Hubs
Harrison noted that recently IOG funded a $4.5 million Blockchain Research Hub at Stanford University to ensure that blockchain projects are thoroughly researched moving forward. According to Harrison, hubs aim to enrich the body of scientific knowledge within the blockchain and distributed ledger industry while driving a greater concentration on fundamental research.
Although the Blockchain Research Hub at Stanford was just announced on 29th August 2022, Aggelos Kiayias, chief scientist at IOG and a professor at the University of Edinburgh, told Cointelegraph that he trusts the center will help the industry solve current challenges collectively.
For example, Kiayias, one of the blockchain firms, pointed out that IOG previously donated $500,000 to fund research for blockchain scalability with Stanford. It was an important initiative, as blockchain scalability remains one of the biggest issues hampering industry adoption. Yet, Kiayias noted that Stanford’s new Blockchain Research Hub would take this further since the funded projects will come from researchers from various disciplines and backgrounds.
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