The VeChain Foundation announced that it was partnering with the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub. The partnership is aimed at addressing issues facing the blockchain industry such as governance and various technological hurdles.
Details Of VeChain Foundation & RMIT Partnership
RMIT will join VeResearch, a global research grant program that VeChain launched in 2018. Since its launch, VeResearch has been one of the leading drivers of progress in the blockchain sector. VeResearch works with leading global research bodies to develop solutions for VeChainThor and the global blockchain industry.
About The RMIT Blockchain Innovation Hub
The research center was the first of its kind during launch. Its sole focus is on the social science that drives blockchain technology. It comprises an elite team of social science researchers and economists whose focus is the challenges and institutions opportunities for blockchain technology. Their research focuses on various fields such as healthcare, economics, and compliance.
The research center will work closely with Chief Scientist Dr. Peter Zhou, the head of VeResearch, and Dr. Zhijie Ren, the Senior Blockchain Researcher at VeChain. The goal is to enhance current studies of governance models for the blockchain sector. Additionally, they will focus on the acceleration of blockchain governance standardization.
The initial focus will be on the development of a framework to evaluate and compare different governance systems for public blockchains. They aim to develop a theoretical understanding of the dimensions and trade-off for public blockchains. In the next step, they will design governance models that incentivize various stakeholders to participate in the governance process. The final goal of the collaboration is to promote the mass adoption of blockchain technology.
Blockchain Governance Consensus Is Crucial To The Enterprise Mass Adoption Of Blockchain
The long-term research goal of the collaborative effort is to investigate the governance models best suited for enterprises. Their research will focus on the readiness of enterprises and the future regulatory environment. The joint research will help to cement the role of the VeChain Foundation as a leader in the standardization of public blockchain governance. It will help fuel the mass adoption of blockchain by enterprises, academic research centers, and governments.
What Leaders Said
According to Dr. Peter Zhou, blockchain governance is crucial to the growth of a healthy and sustainable blockchain sector. He added that the joint research effort would provide solutions to some of the most fundamental issues regarding blockchain governance. According to Dr. Zhou, it would also contribute to the long-term growth of the VeChain ecosystem and help them achieve their goal of mass adoption.
Dr. Chris Berg, the Co-Direction of the RMIT Blockchain Innovation Hub, said that they were excited to work with VeChain to explore governance models for public blockchains. He added,
“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 blockchain sector is still young and highly fragmented. Standardization of governance models could go a long way in helping to achieve enterprise mass adoption of the technology.
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