IOHK Invests $ 500,000 To University Of Wyomings Blockchain Research And Development Lab

IOHK, the software company behind Cardano, declared on Feb. 14 a donation of $500,000 in Cardano (ADA) to help and promote 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 stated that IOHKs donation would be applied to aid faculty and graduate students in enhancing practical applications for real-world blockchain use cases. He stated:

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 established by Ethereum co-founder Charles Hoskinson, is built around the ethics of peer-reviewed academic research.

The company is authorized to open-source software development, like hardware for authentication, cryptography, and measures against duplication. For instance, New Balance is utilizing IOHKs Cardano blockchain to validate its products for customers.

According to Professor Caldwell, IOHKs donation will mainly help with researching practical applications of blockchain technology, like tracking the provenance of goods, supply chain management, and the advancement of smart contracts. He told:

Our group of researchers will work on several 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 would work in association with IOHK, stating that the team will be operating jointly with Hoskinson and others on the IOHK research team. He emphasized:

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 noted that while UW has been providing blockchain-linked courses from Jan. 2018 (Rock The Blockchain Vote being the first), the university has been capable of supporting students on an educational level. The investment from IOHK will ultimately enable this to evolve. He stated:

Our students now have the opportunity to help define, develop, and improve the future landscape of blockchain technology. Many research funding opportunities are 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, capabilities, and needs of our students, researchers, and IOHK partners.

IOHKs remarkable donation to UW also presents Wyomings potential as one of the foremost and most accepting regions in the world for the development of blockchain technology.

In Jan. 2019, Wyoming enacted two house bills to build a regulatory framework to promote blockchain and cryptocurrency innovation. Follo ...

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