Ripple Invests $50 Million in UBRI, Plans For Blockchain Technology Academic Research
Ripple Invests $50 Million in UBRI As A Stepping-Stone Towards Understanding Blockchain Technology
Ripple (XRP) has recently announced its partnership with the University Blockchain Research Initiative (UBRI), which was done as an attempt to conduct research on blockchain technology and cryptocurrencies. The decision was finalized with Ripple’s enormous investment of $50 million as well as its technical resources, which will be provided amongst 17 universities involved in the UBRI.
— Ripple (@Ripple) June 4, 2018
With the increased attention given to blockchain technology and its associated cryptocurrencies, Ripple and UBRI believe that researching into this relatively new industry is fundamental. The project’s 17 universities involved come from across the globe, namely, that of Australia, Brazil, Canada, Europe, India and South Korea.
It has come to our attention that the likes of Princeton University, University of Pennsylvania, Australian National University College, CITP at Princeton, IIT Bombay, IIIT Hyderabad, University of Oregon, Korea University and CSAIL at MIT will be part of this effort.
The universities involved, including students, faculty, and technologists, will have control over how they will execute the research as well as the area of blockchain that interests them the most.
This partnership was ultimately in place to create a platform in which technology students will have more access to opportunities. In order to do so, Ripple and UBRI believe that the necessary R&D will help to better understand blockchain technology and how it can be utilized to bring innovation for the future.
In a blog post, the reason for choosing universities as the main players of research was discussed. In particular it stated that:
“Universities uniquely offer an independence and rigor that the private sector cannot. They are also responsible for training the workforce of the future, helping to address the demand for technological solutions and talent to solve the world’s hardest financial problems.”