Ripple has donated $50 million to top 17 universities in the world in order to kick developments in blockchain and cryptocurrency to high gear. The hope is that with enough funding, researchers will be able to boost the adoption of the network and make it much faster.
Ripple, has selected International Institute of Information Technology, Hyderabad (IIIT-H) as one of the two prestigious universities along with IIT Bombay from India for its University Blockchain Research Initiative.
Under the name of “University Blockchain Research Initiative,” Ripple has created a program that seeks to boost the adoption of the blockchain technologies. It’s worth noting that the donations will be given out in actual US dollars and not via the cryptocurrency that Ripple is offering. The company announced,
“We’re excited to announce the University Blockchain Research Initiative (UBRI), a collaboration with top universities around the world to support and accelerate academic research, technical development, and innovation in blockchain, cryptocurrency, and digital payments,”
Ripple, who will partner with 17 universities around the world, hopes that its university blockchain research initiative will help support academic research, and innovation in blockchain, cryptocurrency and digital payments. The entire list of universities includes:
1. Princeton University (Center for Information Technology Policy)
2. MIT (Computer Science and Artificial Intelligence Laboratory)
3. University of Pennsylvania (Wharton School)
4. Indian Institute of Technology Bombay
5. Australian National University College of the Law
6. Delft University of Technology (Netherlands)
7. Fundação Getulio Vargas (Brazil)
8. University of California, Berkeley (Haas School of Business)
9. International Institute of Information Technology, Hyderabad (IIIT-H)
10. Korea University
11. University of Texas at Austin (McCombs School of Business)
12. University of North Carolina at Chapel Hill
13. University College London
14. University of Luxembourg
15. University of Nicosia (Cyprus)
16. University of Oregon
17. University of Waterloo (Canada)
Professor P.J. Narayanan, director, IIIT-Hyderabad said,
“It’s gratifying to see IIIT-H’s research work being recognised through the UBRI, alongside some of the best universities in the world. We have always valued theoretical and applied research as well as industry connect from the very beginning. This programme enables both and we are looking forward to contributing to the blockchain area”.
Eric van Miltenburg, SVP of Global Operations at Ripple,
“The University Blockchain Research Initiative 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,”
Ripple possesses its very own cryptocurrency dubbed XRP, a coin that currently is ranked as the number 3 of the market by the market capitalization tracker site Coinmarketcap.
Although the primary purpose of the program is not to enhance the usage or performance of the digital coin of Ripple, the company specified that some universities involved in the study would use the products of Ripple and most likely the XRP token.