Tech tycoons like IBM and Intel are taking Blockchain Technology more seriously than its miners. They have started funding a UC San Diego based Blockchain research lab –BlockLAB to further understand the technology from close. The lab will study the technical, legal and business aspects of this technology for creating more robust applications in future.

The academic team of the BlockLAB has 20 individuals. The purpose is to deep research into the technical, business and legal aspects of the technology.

Speaking on this, Etienne de Bruein told that the technology is still in its initial phase. He is the founder of a tech leadership group – 7 CTOs. He further explained how BlockLAB is going to help companies to understand the true potential of this technology in its full form.

James Short, the research group director of BlockLAB said that the lab will analyze the implications of blockchain shared databases and other technical effects. Also, it will focus on examining the economic uplift of the businesses running on this distributed ledger network.

BlockLAB will create periodic meetings to discuss the possible implementation of this technology along with other technologies. Though these meetings would not be public but interested candidates can contact James to be a participant.

San Diego also owns a blockchain community, like most other cities globally. The company aims to unravel the mysteries around blockchain and to use them efficiently in near future.