Cryptocurrency has a lot more applications that being just a form of digital currency. The technology underlying various cryptocurrencies including bitcoin can have far reaching applications than the ones that have been exhibited so far.
The potential use of cryptocurrency technology is still being researched. The Imperial College of London is one of the Universities that has taken upon itself to play its part in exploring further uses of crypto-tech than what is currently in use. Majority of the research will be carried out at the Imperial College Centre of Cryptocurrency Research and Engineering (IC3RE).
The Cryptocurrency Research and Engineering Center is receiving monetary support from the University’s Faculty of Engineering and the Department of Computing. While these two departments are contributing the seed fund required for the research, there is an additional research grant provided by the Engineering and Physical Sciences Research Council to help further in-depth research in the area.
It is not just the Imperial College that is involved in such research. Even in the United States, the National Science Foundation is also funding such research in multiple universities. Currently Cryptocurrency technologies are widely used for creating alternative payment options and it has also been successful in digital rights management, smarts contracts and more.
The fintech sector also seems to have its own set of interests in the sector. Many international banks have already come together to join forces to create a blockchain network connecting all these banks. Once the network is created, the banks will be able to send funds over blockchain to the beneficiary bank account in no time. By doing so, they will also be able to reduce the cost associated with conventional fund transfers by cutting out the transaction fee, which is otherwise charged by Central Bank and SWIFT network.
The Imperial College’s Cryptocurrency Research and Engineering Center will be researching more on the technological aspects of these cryptocurrencies, design and social research.