Tech Giants are funding the launch of a research lab at UC San Diego to unravel the mysteries around the blockchain. It is a new way of writing software that is sweeping industries around the globe.
The new academic center is called BlockLab. It includes about 20 persons who will be digging into the technical, business and legal questions surrounding the fast-moving new technology. The laboratory is financially backed by tech titans like Dell, IBM, Intel, and others.
Some tout the blockchain as a revolutionary concept. It is the purest form, and it is a way to distribute data across lots of servers in a fixed, can’t be hacked. The concept is attracted by many as they say it is a foundational way to exchange information without the help of third parties.
This is being modeled with crypt currency like bitcoin, but the implications of that model exchange are not well cleared. Currency is the only first application developers have found for the blockchain. Researchers and the startups around the world are not revealing new ways to use the technology from recording location data and the transacting real estate purchases to establishing digital identity systems.
Co-Founder, the lead Scientist of the Center for Large-Scale Data Systems at the San Diego Supercomputer Center completely agrees with De Bruin’s view, which is why he’s launched BlockLAB, serving as the research group’s director.
Short said that the internet is the obvious example of the technology. The Academic Lab will be studying the big questions surrounding blockchain which includes how blockchain is going to impact on the data architecture. Replacing shared databases and the other technical implications are potential. The lab will also interrogate the legal foundations of contracts and the other technical issues which arise from the algorithm contracts . BlockLAB will also analyze the potential business and economic impacts of the evolving blockchain marketplace.
These topics are highly interesting to every tech giant like the firms sponsoring new lab. There is an important motivation for all the firms to not to be late on something that can have a big promise. Firms that were late on the web spent a lot of money to get updated.
Most of the cities, San Diego, has an emerging blockchain community. Local startups using the tech as the foundations for their business which includes Edge, XYO Network, Altcoin, eSmart, LunaDNA, Polyswarm, and others