- Industry experts agree that blockchain technology will have far-reaching effects and changes on the traditional financial system.
- Ripple’s technologies could help accelerate this change and drive the adaptation of the blockchain worldwide.
Professor Naoyuki Iwashita is a leading Japanese economist and financial expert and professor at Kyoto University. Since the 1990s, he has been advising the Japanese central bank on how to make the encryption of its systems secure and sustainable. Iwashita was also instrumental in establishing the legal framework for virtual currencies in Japan, creating the conditions for Bitcoin, XRP, and Co.
In an interview with Ripple, he describes that blockchain and digital assets must be integrated into the curriculum as a state-of-the-art interface between engineering, business and law. Professor Iwashita argues that traditional institutions, such as banks and governments, are in the midst of a major change caused by new technologies and players.
This impending instability challenges people and institutions from different disciplines alike to create this transformation sustainably. According to Iwashita, the Japanese education sector must undergo a fundamental change, as the potential of the blockchain holds great advantages for the country’s progress.
In his opinion, the study of the blockchain should be promoted worldwide and be interdisciplinary together with business, law and other related disciplines. Students should be encouraged to think differently about education:
Students should be able to use their knowledge of blockchain to tackle major problems such as climate change or global refugee populations. I welcome the use of digital resources to drive financial inclusion worldwide.
Ripple promotes universities worldwide and regulation
Ripple launched the University Blockchain Research Initiative (UBRI) in the middle of this year, which supports educational institutions worldwide with financial resources, knowledge and personnel to train their students in blockchain technology. Professor Naoyuki Iwashita implements this initiative locally and supports students from all over the world. As part of the partnership, the Japanese university is the first educational institution in the country to set up an XRP Validator Node to verify and process transactions in the ledger.
Another major obstacle to the development of the Fintech and Blockchain sector is the unclear legal framework. Ripple has been active in this field for many years and has set up a subsidiary in Washington D.C. specifically for this purpose, which is solely concerned with progress in the area of regulatory efforts. The aim is to establish direct contact between politicians and key decision-makers in order to promote further development.
In October of this year, Ripple joined a regulatory initiative designed to help regulators around the world fully understand the blockchain. The more knowledge can be passed on to companies and regulators, the faster existing laws can be changed and new legal frameworks can be put in place.
Ripple is broad-based and supports many initiatives in education and regulation. It remains to be seen how quickly these developments can be driven forward. The price of XRP has been moving sideways (+ 0.76%) in the last 24 hours to a price of USD 0.2152. XRP shows the worst performance within the 10 largest cryptocurrencies (by market capitalization) since the beginning of the year.