VeChain Foundation Announces Partnership With the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub, Accelerating Blockchain Governance Research
December. 18 2020, Singapore — Since its initial launch in January 2018, VeChain’s global innovative research grant program, VeResearch, has been one of the major driving forces behind our blockchain-related technological progress, cooperating and co-developing solutions with leading global research bodies for the betterment of VeChainThor and the advancement of the entire blockchain industry.
With the goal of integrating blockchain into all possible frontiers and pioneering new ways for the world to do business, the VeChain Foundation is proud to announce that the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub has joined the VeResearch program to address issues such as governance and other technological hurdles facing the industry.
Founded in 1887, RMIT is a global university of technology, design and enterprise and the largest dual-sector education provider in Australia. RMIT was ranked 10th globally in the 2020 Times Higher Education (THE) Impact Rankings. The University is also ranked eighth in Australia for employer reputation, among other accolades both historically since their establishment in the year 1887 and in recent years.
VeChain & RMIT Blockchain Innovation Hub: A World Class Collaboration
The RMIT Blockchain Innovation Hub is the world’s first research centre focused on the social science of blockchain and unites a world-class team of economists and social science researchers, including Professor Jason Potts, chief investigator of the ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S) and editor of the Australian government’s National Blockchain Roadmap. It also features Dr. Chris Berg, frequent TV media commentator and scholarly contributor, appearing in the Australian Journal of Political Science. The body consists of other professional researchers who, together, focus on the institutional possibilities, challenges and implications of applications of blockchain across fields such as legal/compliance, economics and healthcare.
Working closely with the head of VeResearch, Chief Scientist Dr. Peter Zhou and VeChain’s Senior Blockchain Researcher Dr. Zhijie Ren, the group intends to enhance current studies on blockchain governance models and accelerate the standardisation of blockchain governance consensus.
The collaborative work will initially focus on developing a framework for evaluating and comparing governance systems of public blockchains. Specifically, the team will develop a theoretical understanding of the trade-offs and dimensions of decentralization for public blockchains. Based on the framework, the next step of the study will be to design governance models to better incentivize various stakeholders to participate in the governance process and ultimately use the research to promote and further mass adoption of blockchain technology.
Blockchain Governance Consensus: A Key For Unlocking Enterprise Mass Adoption
As a long-term research goal, the joint research team will investigate governance models that are suitable for enterprises, with respect to the future regulatory environment and readiness of individual enterprises. This collaboration with yet another leading global university further cements VeChain’s role as a harbinger of public blockchain standards and sees it, once again, set forth the building for the mass adoption of blockchain technology among governments, enterprises and educational research facilities.
Dr. Peter Zhou stressed that, “Blockchain governance plays a vital role in growing a healthy and sustainable blockchain ecosystem. This research collaboration is going to answer some of the most important and fundamental questions about blockchain governance and will contribute to the long-term growth of VeChain’s ecosystem and to achieving our goal of mass adoption.”
Dr Chris Berg, Co-Director of the RMIT Blockchain Innovation Hub, commented that, “ The RMIT Blockchain Innovation Hub is excited to be working with one of the world’s leading blockchain platforms to explore and research governance models for public blockchains. With this important research we are hoping to build towards a general theory of blockchain governance contributing to VeChain’s ecosystem and providing benefit to the broader blockchain community”.
The partnership of VeResearch with RMIT University will further advance research on underlying blockchain governance mechanisms and explore the potential growth scenarios enabled by its advancement, while expanding the reach and awareness of the VeChainThor ecosystem towards even more sectors.
VeResearch continues, successfully, on its mission to build a global grant program that engages in research with academic communities and contributes to framing high-level practical responses to industrial challenges. Following the enablement of new data marketplace opportunities for VeChain by Michigan State University, the program has worked closely with multiple high-profile academic bodies such as the University of Oxford, Dartmouth College, Tsinghua University, and South China Normal University across research areas encompassing blockchain consensus, token economics, cryptocurrency market predictions, smart contract security, blockchain-based ecosystem design and more.
About RMIT Blockchain Innovation Hub
RMIT University, based in Melbourne, Australia, is known for applied leading-edge research that engages with business and technology. The RMIT Blockchain Innovation Hub is the world’s first research centre on the social science of blockchain
The RMIT Blockchain Innovation Hub is an interdisciplinary team of researchers in economics, political-economy, organizational theory, law, sociology, politics and communications. The Hub seeks to develop a deeper understanding of crypto-economics, business strategy and adaptation to blockchain technologies, maps the blockchain economy, and identifies the public policy challenges that will hold back or accelerate this economic revolution.
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About VeChain Foundation
Launched in 2015, the VeChain Foundation has worked tirelessly to build the bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to best-in-class public blockchain platform using Proof of Authority consensus, boasting advanced technical features, governance structure and economic model.
As the ecosystem enabler, the Foundation’s mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles. Through the development of a suite of innovative tools such as Multi-task transaction, fee delegation and VeChain ToolChain™️, VeChain has been able to substantially lower the barriers to entry for businesses and developers alike.
VeChainThor has already been applied across a diverse array of use cases, aiding the daily operations of corporations and creating new value and efficiencies. Alongside key strategic partners PwC and DNV GL, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org
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