Blockchain Initiative

Distributed ledgers (i.e. blockchain technology) can be described as a new method of recording and storing information. A ledger is a place where events such as payments, land sale deeds, marriages and births, or any other transactions are recorded. Usually, a single central authority like a government or bank decides what goes on the ledger. Distributed ledgers rely on a network of nodes to come to a consensus on whether events can be added to the ledger. This is a disruptive concept, because it allows parties who don’t trust each other to transact and collaborate, creating a trust-less system of data and value transfer between users without the need of a central authority. Blockchain technology is used in many applications today, from digital currencies, smart contract platforms, or data storage, supply chain, healthcare, digital identity, and many other applications. The University of Texas Blockchain Initiative has three main goals: (i) to support faculty and graduate students research on blockchain across colleges at the University of Texas at Austin; (ii) to teach students the main concepts related to blockchain, cryptocurrency, and digital payments; (iii) to be the hub of knowledge for external relations with industry practitioners, policymakers, and media.