Discover more from Silvermint
Decentralizing Science Research
DeSci Uses Blockchain Technology to Crowdfund Scientific Breakthroughs
The potential of blockchain technology as a solution for problems in a variety of industries tends to get lost behind the much louder crypto currency scandal cacophony. But blockchain solutions for “catastrophic cuts in funding” for scientific research could be a significant use case for this kind of technology. Dimitry Mihaylov writes in The Daily Hodl:
DeSci is an innovative blockchain use case that establishes a public infrastructure for creating, crediting, distributing, funding, reviewing and storing scientific knowledge transparently and equally. It is a decentralized ecosystem where scientists and researchers are incentivized to share their knowledge and research with the broader public.
DeSci is established based on the fundamental concept that scientific knowledge should be available and accessible to anyone. DeSci serves two distinct functions.
Firstly, it makes the research process transparent and makes the research information publicly accessible so everyone can benefit from it. Secondly, it directly connects scientists and researchers with innovative investors without requiring a centralized intermediary.
Funding has been the biggest challenge for scientific research in the 21st century. Several transformative projects have fallen in the past two decades due to insufficient funding or lack of investments.
In 2021, for example, revolutionary research on the application of AI in treating maternal health was shut down in Brazil due to the government backtracking from its initial $106 million funding. Similarly, several critical climate change research initiatives have been canceled in Canada in the past two years.
Blockchain technology has a unique potential to solve this problem by unlocking new streams of investments for such projects and creating a sustainable next-gen ecosystem of decentralized science.
We at Silvermint believe in the potential of blockchain technology to change the world and applaud these kinds of creative solutions to problems caused by centralization.