Two graduate students at University of the Cumberlands who received research fellowships to study emerging blockchain technologies have recently published their findings.

Greg Solt (Columbus, OH) and Arunkumar “Arun” Azhagudurai (Chicago, IL) are both students in University of the Cumberlands’ online Master of Science in Global Business with Blockchain Technology degree program. In summer 2022, they received a $6,000 research fellowship from Phemex, a crypto exchange located in Singapore, to study innovative topics related to blockchain. For months, both students participated in a personalized blockchain research module and worked wone-on-one with Phemex staff exploring topics related to smart contracts, blockchain applications, and their integrative potential in other industries such as supply chain and IoT (internet of Things).

Greg Solt published his findings in an article entitled “Tracking Bourbon on the Blockchain.” As his paper states, “The alcohol industry has developed two large and lucrative markets in the last few years… Since this market has become so large, there has become a larger counterfeit market for both bourbon and wine. The counterfeit market is robbing millions and millions of dollars from suppliers and consumers every year. This paper will explain the use of blockchain technology and how it can help to track these bottles.” 1

Using his research in Internet of Things (IoT) sensors, mobile technologies, radiofrequency identification (RFID), and the Ethereum blockchain and its smart contracts capability, Solt provides insight into how these technologies can bring better accountability, visibility, and efficiency to bourbon and wine supply chains.

Arun Azhagudurai’s article has four parts. As the introduction explains, “Part one will explore the concept of Industry 4.0 and how it’s evolved over time. Part two will discuss the eight essential emerging technologies that have the potential to disrupt the economy we know today. Part three will discuss the sustainable frameworks for smart cities by looking at industries such as health care, supply chain, manufacturing, finance, insurance, and real estate. Part four will relate the eight essential technologies and the concept of smart cities back to how they can help scale and service a living ecosystem for Industry 4.0.”2

Azhagudurai noticed the rapid expansion of digital technologies in recent years and how the technological advances are “reshaping the social and economic landscape around us.”2 Since the technologies are here to stay, he decided to study them and research ways in which they can realistically be used to best benefit humankind across various sectors.

University of the Cumberlands’ online master’s degree program in global business and blockchain technology is offered year-round at one of the lowest price points in the country. Learn more at