IIT Bombay gets Algorand funding for blockchain research

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Vishu
Vishu Verma
Assistant Manager
Updated on Sep 30, 2022 18:07 IST

The institute has received Algorand grant for strengthening its research work in blockchain technology. 

Indian Institute of Technology (IIT) Bombay has constituted a team that is a part of one of the 10 teams selected by the Algorand Foundation under the Algorand Centres of Excellence (ACEs) programme, said a report published in Times Now. 

The team is being led by Manoj Prabhakaran, Department of Computer Science and Engineering.  IIT Bombay has received Algorand grant for strengthening its research work in blockchain technology. Blockchain is a distributed digital database that is shared using a computer network. It records transactions and tracks ownership of assets such as cryptocurrencies, land records and goods in the supply chain. 

What is Algorand? 

Algorand is a company that works with the aim of not harming the environment. The company designs blockchain technology by reducing power consumption. The reduced power consumption reduces the carbon emission too. Algorand Foundation attempts to grow a carbon-negative ecosystem using Algorand blockchain technology in various areas. 

Algorand Centres of Excellence programme 

The aim of ACE programme is to award $50 million, which comes to nearly INR 400 crore. It will be awarded among the 10 teams over five years. At present, over 550 participants are representing a total of 46 countries in Algorand programme. The winners have been selected by an international panel which consists of 27 experts from diverse disciplines.  

The Algorand blockchain technology uses a design and protocol that requires less computational power than other cryptocurrency implementations, such as Bitcoin and Ethereum, making Algorand carbon-negative. 

Considering the claim of Algorand, it dedicates a part of every transaction fee for the purpose of carbon offsetting. The aim of company is to aid research in green blockchain technology. In order to be a step closer to the goal, the company is setting up Algorand Centres of Excellence (ACE) across the globe.  

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About the Author
Vishu Verma
Assistant Manager

Vishu is a writer, an artist, a cat and an ardent music lover. She loves to read, sketch and explore new places in her leisure time. She has nine years of experience in print media.

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