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Paving the way to innovations, Ripple announced a $50 million fund to support and encourage universities to research blockchain and digital currencies, including UCL, MIT, Princeton. ц

The exciting news sky-rocketed XRP’s positions in the stock exchange markets by 4%.

On Monday, Ripple broke the news that the University Blockchain Research Initiative (UBRI) gathers 17 of the world’s best universities which will lead the way to the development of new technologies based on Ripple’s solutions, based in Australian, Brazil, Canada, Europe, India and South Korea.  

This gives universities the chance to propel a new line of cryptocurrency revolution, based on the academic researches and the project participants. 

Eric van Miltenburg, Ripple’s Senior Vice-President of Global Operations, commented: "Academia has traditionally been a critical driver of technical innovation. The University Blockchain Research Initiative is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce."

Alongside with the fund, the initiative includes working closely with the MIT’s Computer Science and AI Lab’s scientists on blockchain, cryptocurrencies and security. Furthermore, the Center for Information Technology Policy at Princeton is launching an educational programme focused on the digital currencies world and their influence on today’s market mix.

Despite Ripple’s developments and innovative solutions, as well as the significant interest and capitals in starting a business in the crypto sector, this fund demonstrates that the crypto space is still at an early stage. 

The fund can help to find solutions for some critical issues like processing power, privacy, and energy use.

Van Miltenburg believes that despite the high-level interest and activities in the blockchain world, it remains disconnected from the real use examples and cases, which will help to identify the benefits for the business and the society.

He added: “While Ripple won't dictate research parameters, we are excited to play a role in helping to support faculty and student-led projects that explore increasingly useful applications of blockchain and cryptocurrencies."

 

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