Celebrating Black History Month: Advancing FinTech and Blockchain Innovation at HBCUs

As we celebrate Black History Month, we reflect on the remarkable strides that Black Colleges and Universities (HBCUs) have made in financial technology and blockchain innovation. At the forefront of this progress is the National FinTech Center at Morgan State University, dedicated to equipping HBCU students and faculty with the knowledge, tools, and opportunities to lead in the rapidly evolving world of FinTech and blockchain.

The National FinTech Center was established in 2018 as a visionary initiative aimed at bridging the digital divide and fostering innovation in financial technology among HBCUs. Recognizing the critical role that FinTech and blockchain would play in the future of finance, the center was designed to serve as a hub for education, research, and industry partnerships, ensuring that HBCUs could participate in and shape the FinTech revolution.

In 2019, the Center received a significant boost when Ripple, a global leader in digital asset infrastructure, provided multi-year funding through its University Blockchain Research Initiative (UBRI). This partnership enabled the Center to expand its mission, providing resources, faculty training, and student development programs across multiple HBCUs. As a member of Ripple’s UBRI network, Morgan State University and the National FinTech Center have played a leading role in integrating blockchain education into HBCU curricula, fostering a new generation of innovators and entrepreneurs.

Building a FinTech Future at HBCUs

With Ripple’s continued support, the Center has been able to develop and launch transformative programs that empower students and faculty across a network of more than 65 HBCUs. This funding has facilitated:

• Curriculum development to integrate blockchain and FinTech education into business, finance, and technology courses.
• Scholarships and fellowships for students pursuing careers in digital finance.
• Internships and mentorship programs that connect students with leading FinTech companies.
• Annual FinTech and blockchain conferences to foster a collaborative ecosystem for knowledge-sharing and industry engagement.
• Student competitions and hackathons for inspiring students to develop real-world applications of blockchain and FinTech solutions.

Collaboration with Hyperledger Foundation and LF Decentralized Trust: Transforming Blockchain Education

The National FinTech Center has also formed a strategic partnership first with Hyperledger Foundation and now with LF Decentralized Trust, further strengthening its commitment to blockchain education. This collaboration has provided open source blockchain tools, industry insights, and training programs that allow students and faculty to explore real-world blockchain applications.

Through this partnership, the FinTech Center has facilitated a series of educational initiatives, including faculty development programs, curriculum integration efforts, and hands-on workshops designed to expose students to cutting-edge blockchain applications. By leveraging LF Decentralized Trust’s extensive network of industry professionals, the Center has been able to connect HBCU faculty and students with global blockchain practitioners, enhancing their knowledge and career readiness in the FinTech space.

One of the most impactful initiatives has been the "Build Your Own NFT with Hyperledger Fabric" workshop, held in March 2022 in collaboration with Chainyard. This hands-on training guided participants through the process of creating and trading Non-Fungible Tokens (NFTs) using Hyperledger Fabric, demonstrating the expansive use cases of blockchain beyond cryptocurrency. The workshop also introduced best practices in smart contract development and decentralized asset management, providing faculty with the necessary tools to bring these concepts into their classrooms.

After the workshop, David Boswell, Senior Director of Community Architecture at LF Decentralized Trust, highlighted the importance of this initiative and the work that resulted:

"This app is specifically aimed at helping professors teach blockchain concepts... a simple demo that lets people get experience with creating and trading digital assets."

Building on this success, the National FinTech Center was invited to join Hyperledger Foundation as an Associate Member, reinforcing its leadership in blockchain education at HBCUs. Its continued membership in LF Decentralised Trust provides the center with additional resources, including access to exclusive industry events, mentorship from blockchain experts, and collaborative opportunities with enterprise-level blockchain projects.

“The National FinTech Center is a valued member of LF Decentralized Trust and partner in blockchain education. Diversity is a key component of a healthy open source community. Working with the National FinTech Center to build expertise creates opportunities not just for the students and professors but for the organizations building and deploying the next generation of technologies.” - Daniela Barbosa, Executive Director of LF Decentralized Trust and General Manager of Decentralized Technologies at the Linux Foundation

LF Decentralized Trust’s support in event programming has significantly enhanced the reach and impact of the FinTech Center. By hosting regular webinars and industry panels, the joint effort has helped attract several hundred attendees for each event. The key to the success of these initiatives has been the network of experts from dozens of global companies willing to share their expertise with HBCU faculty and students. These events have not only provided theoretical insights but have also included hands-on coding sessions, case studies, and real-world applications that allow students to develop essential technical skills in blockchain and decentralized finance.  The center’s commitment to providing practical, real-world experiences extends beyond workshops into national webinars, competitions, and annual conferences. These programs ensure that HBCU students and faculty stay ahead of industry trends and technological advancements.

Sean Bohan, Community Architect at LF Decentralized Trust, helps develop much of the programming. In his words,

“Working firsthand with the National FinTech Center and developers across the industry on workshops and events has been an effective and rewarding way to introduce new people into the community. It’s a reflection of the center’s focus on creating career pathways but also of the widespread interest by established experts in engaging and energizing HBCU students and faculty.” 

Highlighted Recent Events

• "How to Get a Job in Web3" Webinar (September 2024)
  • Led by John Carpenter from Ultra Commerce, this session provided insights into securing employment in the Web3 sector, focusing on essential skills, networking strategies, and emerging career opportunities.
• "Bitcoin and Ethereum ETFs" Seminar (September 2024)
  • Hosted by James Loperfido of Kissmetrics, this discussion explored the intricacies of cryptocurrency exchange-traded funds (ETFs) and their impact on financial markets.
• "The Path to the Metaverse" Workshop (October 2022)
  • This session provided participants with a deep dive into the history, evolution, and future of the Metaverse, covering its implications for finance, gaming, and social interaction.

The impact of the National FinTech Center is reflected in the experiences of faculty and students who have participated in its programs:

"The FinTech Center provided an invaluable opportunity to expose students to FinTech and blockchain on an advanced level. The students were mentored by FinTech industry leaders. This opportunity not only provided education but led to career development and enhancement." -  Millicent Springs-Campbell, Faculty at Spelman College

"During this program, I learned a lot—from dollar-backed stablecoins to crypto pairings to crypto’s origin story. I believe that investing in crypto is key to the next generation of entrepreneurs and has the opportunity to make life better for my family and my community." - Christina Coleman, Business Administration Major

As Black History Month honors the achievements and contributions of African Americans across all sectors, the National FinTech Center’s work stands as a testament to the power of education, innovation, and opportunity in shaping the future of finance and technology.

Through strategic partnerships with LF Decentralized Trust, and other industry leaders, the center continues to:

• Expand access to FinTech and blockchain education at HBCUs.
• Bridge gaps in financial literacy and economic empowerment.
• Create pathways for HBCU students to excel in the digital economy.

As we look ahead, the National FinTech Center remains committed to fostering the next generation of diverse leaders in blockchain, FinTech, and beyond. The work being done today will not only empower individuals but also transform communities and industries, ensuring that underrepresented voices play a crucial role in the financial systems of the future.

To learn more about programs, events, and opportunities, visit fintech.morgan.edu and LF Decentralized Trust.

About the author

Ali Emdad is the Executive Director, Research Centers at the Graves Business School, Morgan State University.