Algorand and Monash University want to further develop blockchain technology
The Algorand Foundation has partnered with Monash University Australia to promote blockchain in education and practical application. The foundation will support two blockchain applications at the university: a blockchain-as-a-service application for academic performance records and the development of a prototype blockchain as the basis of a pharmaceutical supply chain. Both projects are supported by the foundation’s multi-year 250 million Algo-Token scholarship.
Joseph Liu, professor and director of the Monash Blockchain Technology Center, explained the two applications in more detail. The first project will research and develop a blockchain-based system for issuing and reviewing university diplomas. This application, he added, will provide strong support for the security of the education sector.
The second project should benefit the pharmaceutical industry. According to Liu, it will investigate whether a blockchain can be used “to create a robust, transparent and accountable pharmaceutical supply chain”. Such a system would have several advantages, according to Liu. This includes better cost efficiency, a better auditing process and increasing society’s confidence in pharmaceutical logistics.
According to Jason Lee, COO of the Algorand Foundation, the two institutions are working together as Monash University presents projects that are ideally suited for wide-ranging applications of blockchain technology.
He added :
“This third-party funding will help Monash University develop two unique blockchain applications, a trusted credential issuing and verification system, and a robust, transparent and accountable pharmaceutical supply chain that demonstrate the value of blockchain technology. We are delighted to be partnering with Monash University given their exceptional achievements in the field of blockchain innovation. “
The Algorand and the university want to release synergies
The Monash Blockchain Technology Center was founded in 2019 as part of the Faculty of Information Technology. It brings together the knowledge and skills of world-leading university experts to research and develop blockchain technology. The center hopes to use the results of these actions to create applications with significant industrial and social impact.
In addition, the center develops new technologies that can be applied to blockchain systems. In order to promote further education in the blockchain area, the center has included relevant blockchain topics in the curricula of various faculties. Targeted training courses on the subject of blockchain are offered in several branches of industry.
The Algorand Foundation remains true to its goal of developing a global blockchain ecosystem. In addition to the recent partnership with Monash University, the foundation has funded other academic education and research projects. One of them is the Algorand Fintech Innovation Hub at the University of Cape Town.
People and institutions interested in supporting their blockchain projects can apply via the Algorand Foundation’s website.