Blockchain Research Wing At MIT Funded By China Entrepreneur Feng Hanbr>
Feng Han, co-founder of Elastos, a blockchain company behind the creation of a decentralized Internet infrastructure, has made a personal donation of $5 million USD to the 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 is one of China’s foremost blockchain thinkers. At Tsinghua University, he initiated the postgraduate modules on the cyber intelligent economy and blockchain. Feng’s book, Blockchain: On Quantum Wealth, was a 2017 best-seller on Amazon China. He also led the translation and editing of Blockchain, Blue Print of a New Economy in 2014, which was the first book about blockchain in China. Feng is an advisor to the Huawei Research Institute, blockchain development at Alibaba, and is also a member of the Tencent Talent Pool.
“I am excited to facilitate the development of blockchain ecosystems through partnerships with organizations and universities, similar to MIT,” said Feng. “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.”
In an additional effort to expand Elastos’ footprint outside of the blockchain landscape, the company also announced the onboarding of a new advisor, Stanford Professor Dr. Lei Xing, the Jacob Haimson Professor of Medical Physics and Director of Medical Physics Division of Radiation Oncology Department at Stanford University.
“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,” Feng said. “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 Feng donation enables MIT 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.