INTRODUCTION – R&D
Research and development can be defined as a series of investigative actions that a person or a group chooses with the desired result of a discovery or an invention that will create an entirely new product or service, or strengthen an existing product or service with additional features.
Research refers to any new science or thinking that will result in a new product or new features for an existing product. The development portion refers to the actual application of the new science or thinking so that a new or increasingly better product or service can begin to take shape for the benefit of humankind and society.
R&D in EDUCATION
This aspect of R&D further adds to the process of education and learning by introducing new concepts and principles in subject matter. Many a times, these discoveries and inventions become part of education curriculum and courses are developed around the same. These new entries get integrated into both science and business curriculum. Several universities offer labs and facilities with specialized equipment that support research needs of faculty and industry. It’s very common to observe around the world that these labs often get sponsored by companies and corporates. Reason is obvious, R&D (Research & Development) plays a very important role in the success and sustainability of business in general.
R&D in BUSINESS
It is the R&D function that provides a platform for creativity and innovation to flourish in an organisation. Innovative break throughs have happened only because of painstaking efforts of the R&D function. Perseverant efforts are needed when one is in pursuit of research. R&D helps a business to have a competitive edge over its competitors. It is the R&D function that develops plans much ahead other functions. The R&D function needs to have a clear foresight about future problems that need solutions. R&D (in its development role) can act as a catalyst for speeding up the growth of organisation by way of introducing break through products in the market.
At Crypto Central, we intend to establish and develop a Crypto & Blockchain technology lab that will cater to education, research & development processes. Initially, way forward is to establish strategic partnerships with universities and colleges to introduce education programs leading into research & development. At the point of seeking funds for research & development, corporates and companies can be explored to sponsor these facilities which in turn can also help them in campus placements with experienced and well-groomed graduates in crypto & blockchain technologies.
BLOCKCHAIN & CRYPTOGRAPHY
According to Wikipedia – A blockchain, most sought after and talked about technology is a continuously growing list of records, called blocks, which are linked and secured using cryptography. At the heart of any blockchain application is the concept of a distributed ledger. Thousands of copies of the ledger are distributed across the blockchain network nodes. For a block of new information to be added to the chain it must be validated and confirmed by a consensus of nodes on the network. Trust is placed in the network as opposed to a central authority such as a bank or government agency.
More specifically, a blockchain is a concatenated string of blocks each containing transaction or other information. Included in a blockchain are:
- The blocks; lists of documents, transactions or other data added to the distributed ledger over some time.
- The chain; a linked series of blocks. Hashing1creates a digital fingerprint for each block, including previous block information, thus securely linking it to its predecessor.
- The network; a network of peer-to-peer nodes that validates each new block to be added to the chain.
In a scramble to harness new technologies to propel innovation around the world, artificial intelligence, robotics, machine learning, and blockchain technologies are being explored and deployed in a wide variety of contexts globally.
Although blockchain is one of the most hyped of these new technologies, it is also perhaps the least understood.
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