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University College London to explore blockchain opportunities with Hedera Hashgraph

University College London to explore blockchain opportunities with Hedera Hashgraph

University College London (UCL) has joined the Board of governors of the decentralized Hedera Hashgraph platform, which implements blockchain at the corporate level.

UCL founder Paolo Tasca, who previously served as a leading cryptocurrency economist at the German Central Bank Deutsche Bundesbank, said that UCL was the first academic institution to join the Hedera Hashgraph Board.

Tuska explained that the University is interested in joint research on blockchain, conducting experiments, as well as in practical application of the technology in various industries. Hedera Hashgraph’s Board of governors includes 39 international organizations from various industries, including Boeing, Deutsche Telekom, Google, IBM, and Swisscom Blockchain.

Hedera Hashgraph applies a decentralized management model, where each Board member manages a node in the open Hedera Hashgraph network and confirms updates in the Hedera platform code base.

The UCL research center, consisting of more than 180 employees, will interact with Hedera working groups to study the Hashgraph algorithm and the functionality of state-owned cryptocurrencies, which implies communication with Central banks in different countries.

UCL will share its own experience with the Hedera working group on legal and regulatory issues. To facilitate the implementation of the Hedera blockchain, researchers will work on projects using Hashgraph, and UCL students and partners will be able to participate in blockchain hackathons.

Tuska stressed that in addition to its own initiatives to implement blockchain in various industries, the center will pay special attention to educational projects and research in the field of technology, business and Economics, as well as studying the legal aspects of distributed Ledger technology.

UCL previously partnered with the European Commission and the International Association for the development of reliable blockchain-based applications (INATBA) to coordinate the work of blockchain-based solution providers to combat the effects of the COVID-19 pandemic.