Monash Uni Wins Algorand Boost to Drive Green Blockchain Innovation

Blockchain Innovation

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Categories: Cryptocurrency

Monash Uni Wins Algorand Boost to Drive Green Blockchain Innovation

Melbourne's Monash University has been named one of 10 global winners of the Algorand Center of Excellence (ACE) programme. The award is a joint US$50 million funding boost to promote eco-friendly blockchain technology, education and innovation. Monash's Blockchain Technology Center will partner with Singapore-based Algorand Foundation to jointly develop two applications.

A blockchain-as-a-service app for academic credentials, as well as a prototype for blockchain as a pharmaceutical supply chain provider. Joseph Liu, Associate Professor and Director of the Monash Blockchain Technology Center, elaborates on the future functions of these apps. Academic Credentials App aims to develop and explore blockchain-enabled trusted credential issuance and verification systems.

While the second project will navigate the possibilities of leveraging blockchain technology to provide a robust, transparent and accountable pharma ceutical supply chain. The Algorand Foundation seeks to develop a global blockchain ecosystem, and its grant and development award funding mechanism supports other education and research projects in education.

Monash is only one branch of Algorand's efforts; Not only will this mentorship and training connect Australia to Pacific communities through workshops, competitions and community interactions, but it will also provide support, opportunities and resources to ensure long-term community sustainability beyond the lifetime of the ACE programme. This is not Algorand's first notable partnership.

In May 2022,the company's native currency rose to $ALGO, following the announcement of a sponsorship and technical partnership deal by the International Federation of Association Football (FIFA). As FIFA's official blockchain platform, Algorand will provide a blockchain-backed wallet, develop FIFA's NFTs and help further implement blockchain technology

The day after the announcement, $ALGO jumped from US$0.58 to $0.73, a 25 percent increase. Last month the National Bank of Australia (NAB) announced its participation in a new project with several foreign banks to use blockchain technology to offset carbon emissions. Canadian Imperial Bank of Commerce, UK bank and insurance company NatWest, and Ita Unibanco of Brazil will join NAB to launch Project Carbon – a voluntary pilot that will enter the carbon marketplace.

When we think of blockchain, most of us think of the cryptocurrency market. While cryptocurrencies exist on blockchains, they're far from the only application available.

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