There is a running joke in the crypto space about Blockchain.
It goes like this.
A room full of attendees at a conference are asked by the speaker if they believe Blockchain is the technology of the future. They all raise their hands. The speaker then asks who among them could explain, “What is Blockchain?” No one raised their hands.
Recognizing that while many people understand the importance of the technology, few know how to define it. So Stanford computer scientists created the Center for Blockchain Research.
Let’s discuss.
In a statement about the initiative, it is noted that the center is dedicated to researching and understanding a technology that “promises to fundamentally change how people and companies make deals and complete financial transactions over the internet.”
The leader of the group is Dan Boneh. He is widely regarded as an expert on cryptography and computer security.
“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 beneficiaries
A goal of the center is to bring university scientists and industry leaders together to develop best practices for this burgeoning and potentially transformative field. Also, the center’s scientists want to crate courses “to help future students and working professionals use Blockchain to develop financial instruments, protect intellectual property, manage vital records and more.”
The other leader on the project is David Mazières. He had the following to say about it.
“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.”
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Recognizing Blockchain’s challenges
The Stanford computer scientists recognize the challenges of the Blockchain technology. The operators for the center seek to provide solutions to these challenges.
On the list of challenges that need to be addressed are how to:
- scale the technology to billions of users
- ensure that data is trustworthy and accurate while still keeping certain details private
- maintain high levels of security without using so much computing resources that the cost of electricity becomes a limiting factor for new applications.
Boneh said:
“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 PhD theses across all of computer science and beyond.”
The center’s initial five-year research program is being underwritten by gifts from Blockchain outfits The Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital.
This article appeared first on Cryptovest