McCombs Will Receive $2 Million From Ripple For Blockchain Technology Research
The McCombs School of Business will get $2 million from the Ripple currency exchange company for the next five years to finance research study in blockchain innovation technology by the Blockchain Initiative of the school.
Ripple’s senior vice president of global operations Eric van Miltenburg mentioned: “Academia has traditionally been a critical driver of technical innovation. Our support of McCombs is an acknowledgment of the important role the school has the potential to play in advancing our understanding and application of cryptography and blockchain technology.”
UT is one of 17 international academic beneficiaries including MIT and Princeton, to acquire part of a $50 million donation from Ripple.
Blockchain is a technique of saving data, information and records in a digital network instead of a physical bank or government agency. Adopters of blockchain declare this technique is a better secure method to save records it needs the consensus of everyone using the network in order to change and modify the data.
The largest ordinary use of blockchain technology is via cryptocurrency operations such as Bitcoin. Nevertheless, the technology has many other ways of utilization, among them storing medical records.
The Blockchain Initiative is a project within the framework of McCombs that promotes analysis and innovation in blockchain technology within UT. The initiative began after McCombs organized and held its first Blockchain conference in the spring of 2018. In the process of the conference, McCombs introduced in 300 people, among them Ripple company representatives and students and faculty of different universities.
