The University of Glasgow has partnered with Chinese technology firm Victory Bench Hyperledger to open the Moshan Blockchain Lab to explore the possibilities of blockchain.
As stated on the University of Glasgow website, over the next three years, university researchers will explore the potential of blockchain to securely store, verify, and exchange information. Together with VB Hyperledger experts, they will develop new algorithms and research methods to improve transaction scalability.
Particular attention will be paid to blockchain-based solutions that can be applied in the banking industry and the healthcare system, where confidentiality and fast information exchange are essential. The researchers intend to develop a system that, using blockchain, will help speed up and optimize data access and verification.
The University of Glasgow is also going to experiment with creating new protocols using the Proof of Work (PoW) consensus mechanism for mobile phones. This could reduce the carbon footprint of Bitcoin mining, while lowering the negative impact on the environment. The Moshan Blockchain Lab will be led by Dr. Lei Zhang of the James Watt School of Engineering, University of Glasgow.
“I am very pleased with the opening of the research laboratory. The blockchain has great potential, which is not fully realized. We will work with VB Hyperledger to address the challenges of this evolving technology and expand its usability. We have already started discussing this with partners of the university in the fields of computer science, education, health and finance, ”said Zhang.
VB Hyperledger Chairman Wang Bo said the lab will bring together talented scientists and specialists from China and the UK. Their research and development will contribute to the use of blockchain in industries such as computing, finance and communications. In addition, the Moshan Blockchain Lab will explore the possibility of interoperating 5G technology with the blockchain to reduce energy consumption. The Scotland 5G Center has expressed its willingness to participate in this initiative.
This is not the first time the University of Glasgow has shown interest in blockchain. Last year, the University of Glasgow’s University of Scotland Environmental Research Center (SUERC) began using the Everledger blockchain to track Scotch whiskey supply chains.
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