Elastos is happy to announce that our co-founder, Feng Han, has made a personal donation of $5 million USD to Massachusetts Institute of Technology (MIT) to establish the university’s blockchain research wing. The collaboration with MIT provides the academic institution with the means to establish the “Initiative on the Digital Economy (IDE) Blockchain Pillar and Activities Fund,” which intends to foster the development of a diverse range of blockchain projects, connecting emerging talent with thought leaders in the industry.

Feng Han said, “I am excited to facilitate the development of blockchain ecosystems through partnerships with organizations and universities, similar to MIT. Leaders throughout the blockchain landscape should seize opportunities to support research and development of the industry, to ensure it matures in a regulatory compliant, transparent, and responsible manner. This is not the last incubator that I hope to establish to shape the parameters of a healthy blockchain ecosystem.”

Han continued, “The space is at a crossroads when it comes to the saturation of the industry, with no way to decipher legitimate projects from ones attempting to scam investors. By inserting ourselves into the development of the blockchain ecosystem and working with notable educators, such as Dr. Xing, we hope to prove our dedication to fostering meaningful applications of this technology — and ultimately, solve real world problems.”

The pillar enables the university to focus on the various aspects of business applications of blockchain technology, specifically: developing innovative applications of blockchain technology in supply-chain traceability and auditing (with a particular interest in Food Safety), producing periodic industry reports summarizing new developments and the state of the blockchain industry, and exploring potential applications of quantum computing and quantum information in the blockchain sector.

“It is imperative for blockchain leaders to take steps into the mainstream education track to build a sustainable landscape for this technology. We cannot simply sit on the sidelines as individual companies and attempt to tackle large-scale issues, but instead must come up with a solution that leads to mainstream adoption as a community,” Han concluded.