A computer scientist at Stanford has founded a newly-distributed ledger research initiative called Center for Blockchain Research. The project, dedicated to researching and changing the fundamentals of blockchain use, could help in revolutionizing the industry by improving the way companies and people interact and complete financial transactions on DLT platforms.

The center will be led by professors of computer science, David Mazieres, and Dan Boneh. It will also include David Dill, Tim Roughgarden, Alex Aiken, and John Mitchell. Joe Grundfest, who is a law school faculty, will also be a part of this initiative.

Boneh, who is the Rajeev Motwani Professor in the School of Engineering, stated:

“Blockchains will become increasingly critical to doing business globally. Stanford should be at the forefront of efforts to improve, apply and understand the many ripple effects of this technology.”

The center is designed to bring the top talents from the university and the industry together to develop best practices in the industry.

The scientists will primarily focus on research. They will also create courses to help students and working professionals understand the nuances of this technology. The courses will cover the use of distributed ledgers in intellectual property management, development of financial instrument and management of vital records.

Mazieres noted:

“Blockchain massively lowers the barriers to creating tradeable, digital assets. It allows individuals who don’t know each other, or even trust one another, to make irreversible transactions in a whole variety of fields in a safe and secure way.”

With the help of blockchain technology, transactions of financial or non-financial nature could become more transparent, traceable, and secure. Several companies are involved in creating blockchain tech for real-estate transactions and revolutionary voting technology.

The first five years of the company’s research program will be funded via donations from leading blockchain organizations. The list includes The Ethereum Foundations, OmiseGO, PolyChain Capital, The Interchain Foundation, Protocol Labs and DFINITY Stiftung.

Boneh remarked:

“This is a fascinating area of research with deep scientific questions.Once you get into the details you quickly realize that this area will generate many Ph.D. theses across all of computer science and beyond.”

The most popular use of distributed ledger technology is the development of cryptocurrencies, which could, among other things, be used by refugees to buy secure vouchers for food. It is helping several countries with monetary issues fight back against poverty and economic helplessness.

Blockchain tech is still in a nascent stage, and it could take several more years before the world discovers all of its potential use cases. The Center for Blockchain Research is a welcome step in this journey.

Stanford Computer Scientists Establish Center for Blockchain Research was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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