Cornell University and the University of Rochester are developing a blockchain technology that allows for decentralized applications to be built on top of the Cornell network.
The Cornell University team announced the technology at the National Cybersecurity and Communications Forum in Washington, D.C., on Monday.
The blockchain, which was developed by Cornell’s College of Engineering, is intended to provide a common-purpose, secure, and scalable platform for developing applications and services that require no central authority.
The technology will enable a wide range of applications that require the use of multiple data centers.
Cornell’s team is also exploring new ways to leverage the blockchain in the real world, such as the implementation of digital assets in the financial services industry.
Cornell is the first institution to use the Cornell-designed blockchain technology.
“We are exploring various ways to harness this technology in real-world applications, and Cornell is one of the first institutions to build on the Cornell platform,” said James Scott, dean of Cornell’s School of Engineering.
“It’s not just for financial services.
It’s also important for other kinds of applications like health and education.
This is a very important technology and it’s being used across a variety of industries.”
The Cornell-developed blockchain will be used to build an immutable ledger of digital identities, said Cornell graduate student Anja Sussmann.
The platform will be powered by an Ethereum smart contract.
Cornell has partnered with Blockchain.info to develop the blockchain for use by the Cornell University network.
Cornell University has been experimenting with blockchain technology for some time, and Scott said the Cornell team is already working on developing the blockchain at Cornell.
“In fact, we are developing the first public version of the system,” Scott said.
“The goal is to make the Cornell blockchain the first truly decentralized application on the blockchain and one that is both secure and scalable.”
The technology is being developed for use in the Cornell university network.
“This new version of Cornell is built on the same core principles as Cornell’s current version,” Scott added.
“So if you’re using Cornell, you can be confident that it will be secure and interoperable with Cornell’s network, and that you’ll be able to securely transact on Cornell’s blockchain.”
The system will not rely on any central authority, Scott added, and the Cornell developers believe the Cornell ecosystem can become a global hub for distributed, peer-to-peer financial transactions.
“I think this new version will enable Cornell to become the leader in blockchain technology, a leader in the world of financial services, and an innovator in the fields of education and health,” Scott told The Associated Press in an email.
“For Cornell, this is a win-win scenario.”
The new Cornell-built blockchain will require users to install a node on the network and access it via the Cornell Wallet app, Scott said, but he did not specify how.
The application is available for download from the Cornell website, and users can view a prototype of the blockchain here.
Scott said Cornell will launch the CornellWallet app later this year and will work to make it available on other universities.
“While the Cornell Blockchain is currently in its infancy, we intend to roll it out across the entire Cornell network, including Cornell, Cornell Graduate School of Education, and our Graduate Center,” he said.
The team also is working to integrate Cornell’s Cornell Wallet technology into Cornell’s own existing blockchain.
Cornell Graduate University President Thomas H. Kelly said he is confident that the Cornell wallet technology will be the best possible solution for Cornell University.
“What we see in the research we’re doing is that there’s a lot of value in building a network around a common set of cryptographic algorithms,” Kelly said.
Kelly added that the technology can be easily extended to the Cornell campus, with Cornell students having full access to the blockchain.
“If Cornell graduates want to build a blockchain system on Cornell, they’ll have a Cornell wallet,” Kelly added.
Cornell was ranked No. 5 on the list of top 25 universities in the 2016 global universities by the United Nations Economic Commission on Sustainable Development.
The university is working with other universities on blockchain solutions and is also working on the creation of a blockchain platform for Cornell faculty and staff.
Cornell also announced in March that it would become the first school to offer a blockchain-based academic accounting system, and has begun work on a blockchain payment platform.
The University of Phoenix, which is headquartered in Phoenix, Arizona, is also building a blockchain solution.
The company’s new system will allow users to deposit their personal information on a shared blockchain, and also allow students and faculty to transfer money between the systems.
The new system is scheduled to launch in 2019.
The latest news about Cornell’s Blockchain project can be found at this link.