Stanford University has announced a new initiative to explore and better understand blockchain technology.

The Center for Blockchain Research is led by Dan Boneh and David Mazières, both professors of computer science at the university. It will address blockchain’s practical, legal and societal challenges, and develop a curriculum to facilitate its use across a variety of fields and applications.

“Blockchains will become increasingly critical to doing business globally,” said Boneh, the Rajeev Motwani Professor in the School of Engineering, and an expert on cryptography and computer security. “Stanford should be at the forefront of efforts to improve, apply and understand the many ripple effects of this technology.”

The center will bring together university scientists and industry leaders to develop best practices in this space. In addition, center scientists are also developing courses to help future students and working professionals use blockchain to develop financial instruments, protect intellectual property, manage records and more.

The centre’s initial five-year research program has received support from blockchain organizations including The Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital.