Ripple, Blockchain-Based Payment Network, To Grant $50M To 17 Universities For Blockchain, Cryptocurrency Research, Workforce Development
Ripple, Blockchain-Based Payment Network, to Grant $50M to 17 Universities for Blockchain, Cryptocurrency Research, Workforce Development
A payment network that operates using blockchain technology is contributing $50 million to 17 universities worldwide to invest in shaping the future workforce. Ripple, a network that facilitates global and instant exchange of payments between individuals, banks, and payment providers, announced the launch of the University Blockchain Research Initiative (UBRI). This initiative aims to support academic research, technical development, and innovation in blockchain, cryptocurrency, and digital payments through donations to university partners.
Ripple, the owner of the cryptocurrency XRP, recognizes the potential of blockchain technology to revolutionize the world and contribute to the "next industrial revolution." While cryptocurrency has faced skepticism from economists, the decentralized nature of blockchain technology makes it more secure than traditional methods of transactions and data storage.
In the current era of artificial intelligence and automation, Ripple believes that academia plays a critical role in driving technical innovation. By collaborating with universities, Ripple hopes to prepare students for the rapidly changing workforce and gain a deeper understanding of how cryptography and blockchain will impact the marketplace. The company’s senior vice president of global operations, Eric van Miltenburg, explained that engagement with universities is encouraging because they focus on the practical applications of blockchain and its benefits to the overall ecosystem.
The American university partners in this initiative include prestigious institutions such as the University of Pennsylvania, Princeton University, the University of Oregon, the Haas School of Business at the University of California, Berkeley, and the University of North Carolina at Chapel Hill. Each university will have the freedom to determine its research areas and focus, while Ripple will provide subject matter expertise and technical resources.
Ripple joins other Silicon Valley technology companies, including Salesforce, Netflix, and Facebook, in investing heavily in education. Earlier this year, Ripple donated $29 million to fulfill over 35,000 requests on DonorsChoose, a crowdfunding website for school projects, primarily in disadvantaged schools.
The University of Texas at Austin plans to use its UBRI grant to establish a center for analytics and transformational technology to support research on blockchain, cryptocurrency, and digital payments. The University of Oregon is funding a new program focusing on blockchain and cryptocurrency security.
The financial technology sector witnessed an 18 percent growth in global investment in 2017, reaching $27.4 billion. Ripple highlights the increasing demand for professionals with blockchain, bitcoin, and cryptocurrency expertise, as evidenced by a 151 percent increase in job listings with these terms on LinkedIn. With the job market evolving, Ripple recognizes the need to cultivate a skilled workforce. Currently, there are no specific degrees for students pursuing blockchain or cryptography majors, much like the situation with artificial intelligence and machine learning a few years ago.
Reports indicate that 85 percent of jobs that will exist in 2030 have not yet been invented, and nearly half of existing jobs in developed countries may become extinct over the next 25 years. Governments are unprepared for these changes, according to The Economist.
"We should ensure that graduates from universities are equipped with the necessary knowledge and skills for success," stated van Miltenburg. "The field of fintech and blockchain is still in its early stages, and although some people claim to understand it and its potential, if we were to go back 20 or 25 years and ask universities about the impact of the internet, they might have had some idea but would not have anticipated its current significance. There is an opportunity for universities to deepen our understanding and educate individuals about how blockchain will shape the world."
