Wan project receives $1.5 million from Australian company for blockchain research

Advancing Blockchain Innovation

Resources fuel progress, and Purdue’s Industrial Engineering Lab is taking a major step forward in blockchain research. Thanks to a Blockchain Lab grant of $1.5 million from CollinStar Capital Pty Ltd, the Purdue Blockchain Lab will explore new blockchain applications. Led by Associate Professor Hong Wan, this lab is the first in the U.S. to approach blockchain from an Operations Research perspective.

Project Goals and Focus Areas

Wan’s project, Blockchain Pioneer Research with Applications in IoT, AI, and Big Data, aims to enhance security, transparency, and efficiency in various industries. Since blockchain technology is still evolving, the Purdue Blockchain Lab will investigate key areas such as:

  • Benchmarking blockchain systems
  • Simulating blockchain networks
  • Using blockchain for supply chains
  • Integrating blockchain with AI and Big Data

How Blockchain Works

A blockchain is a distributed database that prevents unauthorized changes while maintaining data integrity. By creating a public, tamper-proof ledger, blockchain ensures that all digital transactions remain secure and verifiable. Consequently, this technology is shifting the digital economy from a centralized model to a more open and scalable system.

Blockchain operates based on three key principles:

  • Veracity – Multiple copies of the transaction history are verified by consensus, ensuring accuracy.
  • Transparency – All transactions are publicly recorded, making them accessible to market participants.
  • Disintermediation – It uses a peer-to-peer network instead of a central authority.

Expert Team and Research Contributions

Wan is leading a talented team of experts. The lab’s co-director, Dadi Xing, is joined by Purdue faculty members Vaneet Aggarwal and Mario Ventresca. Each researcher brings a unique focus:

  • Wan – System characterization and simulation
  • Aggarwal – Distributed systems and cloud computing
  • Ventresca – Complex systems and algorithmic game theory

Additionally, researchers from Penn State, Rutgers Business School, and CollinStar Capital are contributing to the project.

The Blockchain Lab grant will support several research positions. Graduate students and post-doctoral researchers interested in joining the project can apply to Hong Wan at 315 N. Grant Street, Grissom Hall Room 392, West Lafayette, IN, 47907, or contact hwan4@ncsu.edu.

CollinStar is a Melbourne, Australia, asset management company with full-set, specializing in blockchain infrastructure, digital currency investment and relevant consulting services. Its Global Investment Research division includes economics, portfolio strategy, derivatives and equity and credit securities around the world, and its research reports help investors better understand the issues and trends that affect companies, industries and markets.

Writer: DeEtte Starr, starrd@purdue.edu

Source: Hong Wan, hwan4@ncsu.edu