IOHK Donates $500,000 to University of Wyomings Blockchain Lab

IOHK, the software company behind Cardano, announced on Feb. 14 a donation of $500,000 in Cardano (ADA) to support and develop the University of Wyomings (UW) Blockchain Research and Development Lab.

Professor James Caldwell, Assistant Professor Mike Borowczak and Philip Schlump will co-direct the Advanced Blockchain Research and Development Lab.

Professor Borowczak told Cointelegprah that IOHKs donation will be used to support faculty and graduate students in developing practical applications for real-world blockchain use cases. He said:

This funding is meant to directly stimulate and develop a highly qualified workforce in the blockchain sector. Student researchers from undergraduate and graduate levels are at the core of this initiative. Our research and development lab focuses on grounding all work in theory, while developing real-world products.

IOHK, which was founded by Ethereum co-founder Charles Hoskinson, is built around principles of peer-reviewed academic research. The company is committed to open-source software development, such as hardware for cryptography, authentication and measures against counterfeiting. For example, New Balance is using IOHKs Cardano blockchain to authenticate its products for consumers.

According to Professor Caldwell, IOHKs donation will specifically help with researching practical applications of blockchain, such as supply chain management, tracking the provenance of goods and the advancement of smart contracts. He said:

Our group of researchers will work on a number of projects related to advanced smart-contract development, hardware design and verification for cryptographically secure authentication devices.

Professor Caldwell also mentioned that UWs Blockchain R&D lab will operate in partnership with IOHK, noting that the team will be working closely with Hoskinson and others on the IOHK research team. He explained:

We expect to send students to visit the Blockchain Technology Laboratory at the University of Edinburgh, which serves as the global headquarters for IOHKs various university collaborations. This arrangement should work well, since IOHK is at the cutting edge of blockchain technology, and their research model and goals fit perfectly with an academic Computer Science Department.

Professor Borowczak further pointed out that while UW has been offering blockchain-related courses since Jan. 2018 (Rock The Blockchain Vote being the first), the university has only been able to support students on an educational level. The funding from IOHK will finally allow this to evolve. He said:

Our students now have the opportunity to help define, develop, and improve the future landscape of blockchain technology. There are many research funding opportunities developing in the blockchain space - the difficulty is finding mutually beneficial partnerships that enable, balance, and respect academic research, student development, and the need for industry return on investment. This partnership leverages the strength, ...

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