MIT to Raise $1 Billion Towards New College For AI & Blockchain Research


MIT Works to Become Leader in Artificial Intelligence, Expanding on Their Technological Knowledge and Notoriety

MIT has decided to make a $1 billion commitment to the progression of global opportunities and problem solving with artificial intelligence. At this point, there is no single monetary commitment that has been deemed larger towards computing and AI within American academic institutions.

The credit to a significant portion of the allotment is due to Stephen Schwartzman, who is the co-founder and CEO of Blackstone. He contributed $350 million, and MIT plans to honor him by opening a new facility – the Stephen A. Schwarzman College of Computing. This new college is meant to be an “interdisciplinary hub for work in computer science, Artificial Intelligence (AI), and data science. Furthermore, the school will work to:

  • Support the integration of computer and AI to every area at MIT, helping these other subjects to be influenced by the technology
  • Establish 50 new openings for faculty members within the college and other departments
  • Create a shared structure between the five MIT schools
  • Provide students with education about AI that will help them to responsibly apply it to their projects
  • Make changes in education and research, regarding both ethical and public policies

MIT President L. Rafael Reif said,

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all. In keeping with the scope of this challenge, we are reshaping MIT. The MIT Schwartzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools. Just as important, the College will equip student and researchers in any discipline to use computing and AI to advance their disciplines and vice-versa, as well as to think critically about the human impact of their work.”

Schwarzman reiterates a similar point, saying,

“There is no more important opportunity or challenge facing our nation than to responsibly harness the power of artificial intelligence so that we remain competitive globally and achieve breakthroughs that will improve our entire society. We face fundamental questions about how to ensure that technological advancements benefit all – especially those most vulnerable to the radical changes AI will inevitably bring to the nature of the workforce. MIT’s initiative will help America solve these challenges and continue to lead on computing and AI throughout the 21st century and beyond.”

Right now, the university offers multiple courses that deal with artificial intelligence and blockchain technology. They even released a report that dealt with the role of blockchain technology within the government, which was a collaborative project with IBM.

Along with the $350 million from Schwarzman, MIT managed to raise $300 so far towards their funding roles. Ultimately, they hope to reach $1 billion.

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