November 2, 2020
Wyoming is a known pioneer state for primates. In recent years, the state has passed groundbreaking legislation to create a regulatory environment to promote the growth of blockchain applications and diversify the economy. To aid this effort and train the incoming workforce, the University of Wyoming is launching a new Center for Blockchain and Digital Innovation.
Simply put, the blockchain is a digital record of transactions in which each transaction added to the chain is validated by multiple computers. Blockchain technology enables cryptocurrencies and digital assets, but it also has many other uses, such as supply chain management and payment systems. Many large companies already use the technology, but blockchain and cryptocurrency will become much more ubiquitous in everyday life.
“This technology will fundamentally change the way businesses and consumers operate in the future, just as the Internet did,” says Steven Lupien, adjunct professor of finance and director of the new UW center.
There are only a handful of universities nationwide with such blockchain centers, including Arizona State University, University of Arkansas, Carnegie Mellon University, Columbia University, Cornell University, Duke University, the University of Michigan, the Massachusetts Institute of Technology, Stanford University, and the University of Texas-Austin.
“UW is rarefied,” says Caitlin Long, blockchain leader and UW alumni, who served on the Wyoming Blockchain Task Force and chairs UW’s WyoHackathon. “We are working with some of the best science universities in the country.”
Working closely with state lawmakers such as Rep. Tyler Lindholm and Senator Chris Rothfuss, Long was instrumental in the legislation passed by Wyoming.
“It’s about economic diversification,” he says. “It’s always about jobs and bringing in capital outside the state. Now we will have employers looking for UW graduates. “
The UW Center for Blockchain and Digital Innovation presents an interdisciplinary approach between UW colleges – including the College of Business, the College of Engineering and Applied Science, the College of Agriculture and Natural Resources, and the College of Law – as well as the college of state community. The center will focus on promoting innovation; applied research and education; technological development; economic development and employment growth; and corporate commitment.
“This new center supports three of the four pillars we have established to guide the university: being more computational, interdisciplinary and entrepreneurial,” says UW President Ed Seidel. “We truly appreciate the support of our external partners who have helped UW be at the forefront of this exciting technology. The university is committed to helping drive future economic development in Wyoming and this center has tremendous potential to do so. “
In February, UW received a $ 500,000 gift in Ada cryptocurrency from IOHK (Input Output, iohk.io), a leading international tech company, which was doubled to $ 1 million by state correspondence. The donation, among the largest cryptocurrency gifts to a public university, helped create a blockchain lab in the College of Engineering and Applied Science that will work in partnership with business partners.
“One of the most important things is to train our students to be prepared for this new era that is coming to our state,” says Dave Sprott, Dean of the College of Business. “So our first step is to start a college-level minor that will be open to any major by next fall.”
From there, the university will work to develop technical degree certificates and a Bachelor of Law and Masters degree.
Part of the state’s groundbreaking legislation allows for a new type of bank that can hold digital assets. These banks are known as Special Purpose Depository Institutions (SPDI), and on September 16, the Wyoming Banking Division approved Kraken Financial’s request to create the world’s first SPDI. A second SPDI application, this one submitted by Avanti Bank & Trust, was approved on 28 October.
In announcing the Banking Division’s action, Governor Mark Gordon said, Wyoming today became the first US state to approve a bank card for digital assets. The new Wyoming card will allow those who use digital assets, such as cryptocurrency, to access trusted financial services, protect consumers, and allow businesses a way to store digital assets securely. … I am proud that our state is leading the way and has built the facility for this historic announcement. … Wyoming is taking its rightful place globally as a fintech leader.
Read more about UW’s new Center for Blockchain and Digital Innovation in the winter issue of UWyo Magazine and stay tuned for more press releases regarding Lupien’s appointment as director of the center and UW’s blockchain partnership with the University of Arkansas.
