Posted on Dec 12, 2019 in Alumni News, Career/Life, and News
A spring semester gift to the University of Kansas is already paying dividends.
On Feb. 7, Silicon Valley financial technology company Ripple awarded a $2 million grant to KU as part of the University Blockchain Research Initiative. The program focuses on accelerating academic research, technical development and innovation in blockchain, cryptocurrency and digital payments at top universities.
Ripple is led by Brad Garlinghouse, c’94, who serves as CEO of the San Francisco-based cryptocurrency and digital-payment processing firm.
One of the programs benefiting from the grant is the KU Blockchain Institute, a student-led organization that focuses on advancing KU’s standing in the fast- developing field of blockchain. The group is open to students from all disciplines, including engineering, business, economics, mathematics, science, health care and technology.
Daniel Jones, a senior from Owasso, Oklahoma, is president and co-founder of the KU Blockchain Institute. His interest in blockchain was sparked by attending industry conferences and studying abroad.
“I was able to network with seasoned professionals who seemed adamant that blockchain technology would be a huge disruption for their industry,” Jones says. “I remember thinking, ‘If these executives are so worried about this technology, maybe I should check it out.’ Incumbent firms may see blockchain as a major disruption, but the KU Blockchain Institute sees blockchain as a serious opportunity for student entrepreneurs to challenge the status quo.”
Daniel Jones, Brad Garlinghouse and Jack Schraad, co-founder and vice president of the KU Blockchain Institute
Since its launch in August 2018, the KU Blockchain Institute has hosted three large conferences, including an October 2019 conference on cybersecurity. Speakers from FedEx, Lockheed Martin, the University of Arkansas and IBM attended, as well as Garlinghouse.
So what exactly is blockchain?
“Blockchain uses applied mathematics and cryptography to create trust in any transaction,” Jones explains. “Blockchain is a verifiable data structure that creates trust or traceability through a transfer of value. The transfer of value takes place through a transaction around a digital asset. A digital asset can represent any piece of physical property or store of value.”
“Using distributed ledger technology, blockchain creates a direct peer-to-peer exchange system for the transfer of value. Blockchain is to value what the internet is to information.”