VeChain Foundation inks partnership with Royal Melbourne Institute of Technology Blockchain Innovation Hub

by | Jan 21, 2021 | Blockchain | 0 comments

With a view to integrate Blockchain technologies for governance purposes, VeChain Foundation has announced that the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub has joined the VeChain Foundation’ VeResearch program to address issues such as governance and other technological hurdles facing the industry.

The company in a statement said that the RMIT Blockchain Innovation Hub is the world’s first research center focused on the social science of Blockchain and unites a world-class team of economists and social science researchers. The body consists of many professional researchers who focus on the institutional possibilities and challenges on Blockchain applications across fields such as compliance, economics and healthcare.

The new group will work closely with the head of VeResearch, Chief Scientist Dr. Peter Zhou and VeChain’s Senior Blockchain Researcher Dr. Zhijie Ren and intends to enhance current studies on Blockchain governance models and accelerate the standardization 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, the statement adds.

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 mass adoption of Blockchain, it adds further.

Speaking on this development, 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.”

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 further cements VeChain’s role as a harbinger of public Blockchain standards and set forth the building for the mass adoption of Blockchain among governments, enterprises and educational research facilities.

“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,” Co-Director of the RMIT Blockchain Innovation Hub, Dr Chris Berg said.

VeResearch continues 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.

It has worked closely with multiple high-profile academic bodies such as Michigan State University, University of Oxford, Dartmouth College, Tsinghua University, and South China Normal University across research areas encompassing Blockchain consensus, token economics, crypto currency market predictions, smart contract security, Blockchain-based ecosystem design and more.

The RMIT 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. Its team includes researchers in economics, political-economy, organizational theory, law, sociology, politics and communications.

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