Image provided by Abhay Khanna for use in this article
Whether it’s through Bitcoin’s raging bull markets or through various memecoins like Dogecoin or Shiba Inu, cryptocurrencies have frequently made their way into the headlines over the last ten years. A key factor in catalyzing this “crypto gold rush” is blockchain technology: a decentralized public ledger used for transparent information sharing and transaction recording. In simpler terms, a big magic notebook everyone can write in and see, but nobody can edit.
VandyBlockchain Origins
The rise of blockchain technology has expanded its impact far beyond just the financial world, reaching academic spaces like Vanderbilt University. A prime example of this is VandyBlockchain, a student organization founded in 2017. The group went dormant after their founding year, but was brought back to life in 2021. Its primary mission is to foster interest in blockchain technology with an educational approach. According to current president Abhay Khanna, their refounding came at a critical moment when the 2021 cryptocurrency bull market ignited widespread interest in blockchain technology. Right before the 2021 bull market, on October 31, 2020, the price of one Bitcoin was $13,798.80. The price of one Bitcoin on October 30, 2021, one year later, was $61,855.90. Yes, you read that right.
Khanna described that as interest in the industry grew nationwide, VandyBlockchain offered itself as a hospitable and passionate community for all things crypto/blockchain related. Despite challenges early on, such as the club having no budget and a small executive team, the surging interest in crypto provided momentum for the organization to grow.
By fall 2023, the club had developed a formal cohort program focused on blockchain education. The program graduated 13 students and boasts a 100% internship placement rate. This marked a turning point for VandyBlockchain, solidifying their mission to prioritize education. They have also facilitated travel to conferences in Denver and Austin, further expanding their network. The club is planning on going to the Midwest Blockchain Conference this November, with nearly all expenses paid for. Not bad for an organization with $0 in funding just seven years ago.
VandyBlockchain will “create a culture here where people feel that they can engage with this technology in a very formal and interesting manner.”
Abhay Khanna, President of VandyBlockchain
When asked about the current interest in blockchain at Vanderbilt, Khanna credited both the ongoing buzz around blockchain globally and the increasing visibility of VandyBlockchain itself. He mentioned that the Wond’ry, Vanderbilt’s innovation hub, has also played a key role, with several members of VandyBlockchain participating in the Wond’ry’s ideated program or receiving entrepreneurial support. Simply due to the expanding nature of the space, there has been a stark increase in the amount of people with blockchain experience all over campus. In such a young field, the interest in the industry will continue to grow. VandyBlockchain seems to be the center of this growth. As Khanna said, VandyBlockchain will “create a culture here where people feel that they can engage with this technology in a very formal and interesting manner.”
VandyBlockchain Going Forward
While other STEM fields have been studied and taught for thousands of years, blockchain technology has existed for at most 30 years. The untapped knowledge in the field is immense, and nobody is able to predict where the industry will go. To facilitate the industry’s growth, academic institutions should begin offering courses. Khanna mentioned that at Duke University, their blockchain club teaches a class worth 0.5 credits. Could VandyBlockchain follow in their footsteps?
Vanderbilt has begun work on the College of Connected Computing, which will focus on computer science, AI, and data science. Perhaps blockchain technology and crypto will make their way into the curriculum of Vanderbilt’s new interdisciplinary college. Or, maybe the college will just add to the ever ongoing construction on campus, blocking even more sidewalks than imaginable.
For students looking to get into the space, VandyBlockchain’s cohort program is perfect. It is oriented for beginners with no foundational knowledge, allowing anyone to join.
Although the field may seem daunting with its futuristic jargon and complex underlying mathematical concepts, the Vanderbilt community is both welcoming and eager to help. Khanna preaches that for students looking to get into the space, VandyBlockchain’s cohort program is perfect. It is oriented for beginners with no foundational knowledge, allowing anyone to join. Furthermore, VandyBlockchain has an extensive alumni network in various positions within the industry, always available to provide both foundational and professional advice.
Looking forward, Khanna envisions blockchain making a significant shift in the next 5 to 10 years. Naturally, following the “technological cycle”, certain technologies become obsolete over time, such as pagers or telephone booths now. However, we also see certain technologies arise that become far more essential in our day-to-day living than anyone could have predicted. While the field is still in its early stages, Khanna predicts that some of the blockchain innovations we see today will fade, but key technologies—like Bitcoin—will likely become integral to the future of the internet, as they “have already withstood the test of time”.
Khanna highlighted the importance of institutionally focused applications, speculating that large financial and tech institutions will play a central role in the next wave of blockchain adoption. If billion dollar companies apply blockchain technology across backend aspects of their existing models, or crypto becomes so customary you can pay for your coffee with Bitcoin, there may be no limit to the blockchain revolution.
Conclusion
Whether you find yourself clueless about crypto or consider yourself a “crypto whiz” because you bought $50 of bitcoin, there is no denying its importance in our future. Along with AI, blockchain’s exact applications are undetermined. All we do know is that, somehow, blockchain will be crucial going forward, making it key to be educated in the field. Either through VandyBlockchain, or your own education, it is crucial to be informed and prepared for the inevitable blockchain boom.
